GE Money offers zero interest on balance transfers

GE Money dropped the transfer rate on credit card balances to zero for its low rate MasterCard. The interest rate on balance transfers reverts to the standard rate of 10.99 per cent after six months. The annual fee is $58 and there’s up to 55 days interest free. The standard interest rate on the plain old GE Money MasterCard is 20.25 per cent, while GE charges an interest rate of 17.5 per cent on the Coles Myer Source card. GE Money chief executive Tom Gentile said: “Offerings to consumers have really deteriorated. Banks have raised their fees, reduced loyalty programs and passed on charges to customers. We are going to offer an alternative.”