Will credit card interest rates ever come down?
A senate inquiry has been investigating credit card interest rates. Average credit card interest rates have not fallen since the global financial crisis, even though official interest rates and mortgage rates have fallen substantially.
However there are now discount credit cards in the market with purchase interest rates under 9 per cent. So don’t wait for banks and other lenders to cut their credit card rates. That possibly will not happen. Switch to a lower rate card today!