Not Citibank,
they are increasing the rates on their cards by .5% on their Citi branded credit cards.
Obviously this must be because their cost of money has increased, as we know they have their customers interests at heart.
Starts October 1st
Although I guess most self respecting Ozbargainers will not get caught paying this, will they.
Or their default rate has increased
Ok.
Credit card interest rates have not followed the RBA official cash rate for a number of years. Financial institutions now charge whatever the market will bear.
If you are unhappy, then apply for a new credit card with a lower interest rate or look for a credit card with a 0% balance transfer offer.
Customers have the choice to change banks if they're unhappy.
But who can they blame for all of their problems then?
The new bank
Switching requires effort though. Easier to stay with the status quo and complain about it here.
@Meeb: Even worse though, this is the after interest-free period rates. Pay it off every month and the rate is still 0%.
@HighAndDry: Yeah, I've never had problems with interest rates due to the simple fact I always pay off the entire balance almost instantly after the transaction.
@Meeb: Yeah, just easier to complain. It won't solve anything, but it's easier than actually doing something.
…but that's so predatory. I feel I'm victimised by these opportunistic practices.
The government shouldn't allow the banks to operate like this as it only benefits the rich and the poor are forced to grow their debt through no fault of our own.
"exploitative!"
Yes! That too!
so you pay interests on your credit card?
you're doing it wrong
Who even pays interest on their CC?
Why is this post addressed to the RBA Governor? He has no control over Credit Card rates. Credit card rates have never strictly followed the RBA rate.
Plus who actually pays interest unless it was a mistake?
This post has the same level of intellect as news.com.au articles
Better still - Yahoo news
Anyone exposing themselves to credit card / pay day loan usurious interest rates, credit card and AfterPay late / dishonour fees only have themselves to blame. Pointing the finger at the RBA or its governor or indeed the Banks is lunacy.
Dont take it too seriously Bro,
I was tongue in cheek pointing out that while the RBA believes we need to drop rates, also he is quick to denounce banks for not dropping rates, so here's an example where he can also name and shame.
But hey its 5 days past the full moon, and I guess its still wearing off for me…. 😃
so here's an example where he can also name and shame.
He can, and absolutely no one would take any note because, again, credit card interest rates have a very tenuous relationship with the cash rate. The RBA would be far more interested in things like home loan rates.
I think it's due to the lack of iron fist Wayne Swan's watching eye.
Or their margins have increased.