Will credit cards get lower interest rates?
Thursday October 9, 2008
Many credit cards have very high interest rates. On Tuesday the RBA slashed interest rates by a full percentage and home loan owner have been jumping for joy ever since as banks begin to lower their interest rates. But will the interest rates of credit cards be lowered as well?
So far, there has been no effort by banks to lower the interest rates of credit cards. The average Australian has at least one credit card. The main problem is that most people are paying more interest than they need to.
Many credit cards have high interest despite the fact that it is surprisingly easy to find a low rate credit card. Banks offer credit cards that come with a variety of features. These include interest free days, reward programs, and low annual fees. People often sign up for credit cards that don't have features that they need or want. When you compare credit cards, you might be able to find a credit card that comes with features that will suit you better.
Use our credit card calculator to find out how much you could be saving if you switch credit cards.
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