Federal Member for Wright, Scott Buchholz is chasing a better deal on credit card interest rates in his position as Member of the House of Representatives Standing Committee on Economics.
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Mr Buchholz said the Commonwealth Bank, ANZ and Westpac had all introduced reduced rate cards but the National Australia Bank was yet to jump on board.
“I took up this issue because I know that people don’t always have a mortgage or overdraft but most people, whether young, old, working or unemployed, do have a credit card,” he said.
“When cash rates trend up, most banks adjust their standard variables within hours, but when they trend down we have a situation where I have to drag the banks kicking and screaming to lower their credit card rates.”
Mr Buchholz said Westpac had introduced its Westpac Lite card with a rate of 9.9 per cent, ANZ had lowered it’s Platinum card rates from 13.8 to 11 per cent and the Commonwealth Bank had announced it would provide a similar card to Westpac’s low-interest, no-frills card.
“The Commonwealth Bank expects the new card to be on the market some time after Christmas and both Westpac and Commonwealth customers will have to opt-in for the new product,” he said.
“NAB executives are appearing before me on Friday and I intend to pursue them relentlessly.”
Mr Buchholz said progress so far represented a good win for people in the Scenic Rim and a great outcome for any Australian with a credit card.
“The people of Wright deserve to have their household pressures eased,” he said
“And it just happens that the entire nation will benefit from what we’re doing locally.”