Don’t just settle for a 19% credit card rate

Banks are maintaining credit card interest rates of more than 19 per cent despite falls in official lending rates.

Since mid-year official interest rates have fallen by half a percentage point but the banks have done nothing on their credit card rates.

Banks have barely moved their credit card rates over the past two years despite a 1.75 percentage point reduction in rates.

Choice banking spokesman Matt Levey said there were other low-fee and low-rate options for consumers who were often lured towards high interest rate cards through reward programs. The Australian Bankers Association said people should shop around to find a product to suit.

Source: The West Australian