If you find yourself in the situation that you are unable to pay your credit card debt balance off each month then there are steps you can take to reduce your interest charges.
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Not all credit cards are created equally. And so it makes it that much harder to decide which credit card offer to choose. There are many factors you sh.....
Nab Cuts Interest Rate On Low Rate Credit Card 23 September 2008
Nab has cut the purchase interest rate on its Low Rate Visa Card by 25 basis points, making the new purchase interest rate 12.70% p.a.
CreditMart.com.au recently reported that since the last cut in the official cash rate by the RBA we have seen 9 credit cards increase their interest rates and only 2 credit cards drop their rates. Shane Stocks, the Managing Director of CreditMart.com.au stated:
“I believe more banks will start to cut the purchase rates on their cards however we might need to wait longer before we see any cuts in the cash advance rate. Banks have long held the view that cash advance transactions hold a greater default risk than purchase transactions. Given the current economic environment, the banks will be doing what they can to reduce their perceived risk on their credit card portfolios. Therefore as a component of the interest rate is perceived risk, I believe the banks will keep these rates high. This is also evidenced by the fact that over the past 6 months we have seen cash advance interest rates grow at a greater rate than those of purchases.”
