Wednesday, 10 June 2020 03:13

CHOICE blasts banks for ‘failing’ to pass on credit card interest rate cuts Featured

By

Consumer advocacy group CHOICE claims Australian banks have "pocketed" $6.3 billion over the last decade by failing to pass interest rate cuts onto credit card customers.

According to CHOICE CEO Alan Kirkland new analysis has found that “by failing to pass rate cuts on for credit cards, banks have effectively stolen $6.3 billion dollars from the pockets of Australians”.

In statement released on Wednesday, Kirkland said that “while the cash rate has dropped from 4.75% from 0.25% since 2011, credit card rates have remained stubbornly high”.

“Some banks - including ANZ, Bendigo, and St George - have even increased rates on credit cards.

“This is disappointing behaviour from an industry looking to restore trust after the scandals of the Banking Royal Commission,” Kirkland said.

According to Kirkland, “for many people, lower credit costs would have saved them from falling into a debt spiral and facing years of unnecessary hardship”.

“Banks have cut interest rates on mortgages as the cash rate has fallen. There’s no justification for failing to do the same for other credit products, especially now so many Australians have lost their job.”

CHOICE said it is also warning Australians about the banks that have lifted credit card rates up as their costs have gone down.


Subscribe to Newsletter here

NEW OFFER - ITWIRE LAUNCHES PROMOTIONAL NEWS & CONTENT

Recently iTWire remodelled and relaunched how we approach "Sponsored Content" and this is now referred to as "Promotional News and Content”.

This repositioning of our promotional stories has come about due to customer focus groups and their feedback from PR firms, bloggers and advertising firms.

Your Promotional story will be prominently displayed on the Home Page.

We will also provide you with a second post that will be displayed on every page on the right hand side for at least 6 weeks and also it will appear for 4 weeks in the newsletter every day that goes to 75,000 readers twice daily.

POST YOUR NEWS ON ITWIRE NOW!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

These days our customers Advertising & Marketing campaigns are mainly focussed on Webinars.

If you wish to promote a Webinar we recommend at least a 2 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://www.itwire.com/itwire-update.html and Promotional News & Editorial.

For covid-19 assistance we have extended terms, a Webinar Business Booster Pack and other supportive programs.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

BACK TO HOME PAGE

ZOOM WEBINARS & ONLINE EVENTS

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Research & Case Studies

Channel News

Comments