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Average Credit Card Interest Rates Rise 25 June 2008
CreditMart.com.au recently analyzed 159 Australian credit card offers and found that the average interest rate on purchases has hit 16.4% and 17.74 on cash advances. Cash advance interest rates are generally higher than purchases as banks view card holders who use their card for cash advances as a higher risk than those who simply use the card as a convenient tool for making purchases.
During 2008 and have seen credit card issuers increase their rates in response the rate rises by the Reserve Bank of Australia and since 1st April 2008 the average interest rate on purchased has increase by .6% and .84% for cash advances.
A component of interest rates is risk, and if we see loan default rates within the Australian market increase over the coming months CreditMart.com.au believes the GAP between the purchase interest rate and cash advance interest rate will continue to rise mainly due to the increase in perceived rick associated with cash advances.
