St George launches new “no frills” card

St George Bank has launched its “Starts Low Stays Low” Mastercard today with a rate of 11.45% p.a. compared to an average rate of 16.5%. St George says the low interest rate on its new credit card is not an introductory offer that will increase after a specified time. Instead, it is guaranteed to remain at the same amount. The Starts Low Stays Low card incurs an annual fee of $39 with 55 interest free days but does not have the benefits of a reward points program. BankChoice manager Lisa Montgomery says it is basically a “no-frills” card for those who are more interested in a lower interest rate over added extras such as reward points.