Credit Cards Issuers Begin to Relent on Rates
17 February 2009
Credit Union Australia has just announced that it will follow the Reserve Bank of Australia's lead and cut off 100 basis points from it standard variable rate, dropping it to 5.62 per cent. This is good news for Credit Union Australia customers with hopes the cuts may continue to follow the Reserve Bank's lead.
The Reserve Bank of Australia had previously cut one per cent off the official cash rate while Credit Union Australia has stated that it will continue to review its other interest rates.
Additionally, Aussie Home Loans executive chairman, John Symond, announced that the company will maintain a renewed focus on growth for its credit cards and personal loans. Aussie Home Loans focus stems from its purchase of the Wizard franchise network before Christmas which it is presently integrating.
Aussie Home Loans have taken the fight to the big banks in the credit cards sector even after wholesale funding rose and the credit crisis unfolded.
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