Consumers encouraged to seek best rates on credit cards

05 June 2015

Recently released figures from the comparison site Mozo, shows the average credit card debt standing at $4538, with the average card interest rate of 17.57 per cent. Further research by Mozo, found interest rate charges between providers vary greatly.

Community First Credit Union, a BCCM member, was found to have the lowest interest rate on the market via their McGrath Pink Visa card which has an rate of 8.99 per cent. The highest rate found in the market was 23.5 per cent.

In light of this, BCCM member Customer Owned Banking Association (COBA) have encouraged consumers to make sure they’re getting the best credit card deal and know what to expect with their repayments. Pointing to the latest Canstar figures, COBA stated that standard personal credit card interest rates from customer owned banks, credit unions and building societies are much lower than the big four banks.

COBA stresses to consumers that a little research can have a positive effect to credit card bills into the future.