Westpac announces credit card interest rate cuts

Westpac NZ announces credit card interest rate cuts

Sunday 1 February 2009
Press Release: Westpac New Zealand

Westpac New Zealand has announced cuts of between 0.60% and 1.20%p.a. to its main consumer credit card products. The cuts follow a 0.75%p.a. cut to credit card rates implemented in December, and bring interest rates for purchases on its standard and gold credit cards from 21.15%p.a. to below 20% at 19.95%p.a.

Westpac's low interest credit card rate for purchases has been cut to 13.50%p.a.from 14.10%p.a., and its premium Titanium credit card rate has been cut to 16.15%p.a. from 17.15%p.a.

The interest rate that applies to cash advances from credit cards has been cut 0.95% to 22.95%p.a.

The move follows the announcement on Thursday of across the board cuts to Westpac's home mortgage interest rates, and the announcement on Friday of a 1.00%p.a. cuts to the bank's base business lending rates and overdraft rates.

Westpac spokesman Craig Dowling said customers were looking for actions that demonstrate their bank is doing what it can to pass through relief on interest rates following significant cuts to the official cash rate.

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