Credit card interest rates on the rise
Despite the Reserve Bank leaving the cash rate unchanged since August, some credit card issuers have been putting up rates on their cards. According to the indicator lending rates' data series from the RBA, the average interest rate on a standard credit card went up five basis points to 19.6 per cent in November, and the average interest rate on a low-rate card went up 10 basis points to 13.05 per cent in October.According to Infochoice.com.au, only a handful of issuers have changed their rates in recent months. Last month, ANZ was the big mover, increasing the rate on its Frequent Flyer card by 60 basis points and on its First Visa Card by 35 basis points, and on its Low Rate card by 50 basis points.Bankwest put up the rate on its Qantas MasterCard by 50 basis points.Greater Building Society increased the rate on its Greater Credit Card by 225 basis points - from 9.25 per cent to 11.5 per cent.Citibank increased the rate on its Clear Platinum Credit Card by 100 basis points.