Interest rates lowered by RBA again
2 December 2008
The Reserve Bank (RBA) has lowered interest rates by a 100 basis points to 4.25%.
In the past few months, the RBA has continued to lower interest rates, now at the lowest they've been in almost seven years. Last month the RBA cut interest rates by 75 basis points to 5.25%.
Several banks have already indicated that they will pass on the reduced interest rates to their home loans. Many home owners will enjoy this early Christmas present, but the government is optimistic that the money saved by reduced interest rates will be returned into the economy to help stave off a recession.
Many Australians are hoping that this interest rate cut will also affect the interest rates on personal loans and credit cards, bringing them lower.
Many credit cards already have low interest rates, such as the Commonwealth Bank Low Rate credit card.
The Commonwealth Bank Low Rate credit card features:
- A purchase rate of 12.64%p.a.
- Up to 55 days interest free.
- A low annual fee of $48.
- A balance transfer rate of 5.99%p.a for the first five months.
- Additional cards are available.
- A competitive interest rate for cash advances - just 19.99%p.a.
Apply online for the Commonwealth Bank Low Rate credit card.
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