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Westpac pauses credit card interest charges

27 April 2020 6:00AM

Westpac will allow customers impacted by COVID-19 to pause credit card interest charges and repayments for three months, comparison site RateCity has reported.

The bank will not charge interest on new purchases or cash advances. It will not charge interest on an existing revolving balance and it will not require any payments for the three months.

RateCity reports several other banks have also made changes to their credit card arrangements to assist customers.

Commonwealth Bank has waived late fees and given customers the option of moving onto instalment payment plans.

NAB has reduced minimum monthly payments to 0.05 per cent of the closing balance or $5, whichever is greater, for three months. It has waived late fees and cut the rate on its Low Classic card by 100 basis points.

ANZ has given customers the option of moving to a card with a lower interest rate.

ING of offering a repayment pause of up to six months. Inactive cards are having their balances transferred to an instalment plan with an interest rate of 9.99 per cent.

HSBC is offering a repayment pause of up to six months.

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