According to my most recent credit card statement, the interest rate on my NAB low rate VISA dropped to 10.99%, down from 11.74%. That’s now lower than all the other low rate credit cards I am aware of, including both St George and Bankwest who’s low rate cards started at 8.99% prior to all the interest rate increases from 2007 into 2008. For existing customers, this is the lowest out of the majors – beating Aussie’s credit card which this month decreased from 11.74 to 11.49%. Some credit unions offer even lower interest rates.
As about one third of my mini-mortgage sized credit card debt is with the NAB, this is good news, and brings down the average interest rate over my whole debt to about 12.5%, saving more money in interest.
While decreasing interest rates on credit cards is good news, they still have not decreased at to the same degree as the central bank interest rate and mortgages.