• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Rate relief limited

10 September 2008 4:13PM
Rate relief appears confined to mortgage customers, with not one credit card lender cutting interest rates in the week since the Reserve Bank's 25 bps, with some actually increasing.According to bank interest rate data published through InfoChoice, several credit card providers have lifted interest rates: the Wizard Clear Advantage adding 2.75 percentage points for purchases and cash advances, with the new rate at 18.49 per cent; the GE Money Low Rate MasterCard by two percentage points since the beginning of September to 14.99 per cent (on purchases); and the Citibank Clear Card purchase rate is up 50 points to 12.49 per cent, with the cash advance rate jumping 275 points to 20.74 per cent.Business lending relief is starting to filter through, with the Members Equity Residentially Secured Business Loan the biggest faller so far, down 46 points to 9.33 per cent, although the Small Business Loan increased 29 points to 9.64 per cent.Adelaide Bank has cut 25 points from four business lending products including the business overdraft. Commonwealth Bank also cut some overdraft rates by 25 bps.Savings & Loans, Australia's second largest credit union, has been one of the few organisations to cut borrowing on non-mortgage products across the board.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Finance regulation

  • States take up the cudgels on eConveyancing
  • Firstmac failed design and distribution rules
  • 'Minimal' bankruptcy reforms tabled by Dreyfus

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con
  • Credit quality dogs Zip turnaround

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use