The Australian finance industry was again included in the annual 'anti-awards' of consumer organisation Choice. The annual awards, the Shonkies, name and shame the products and companies that are judged to have most taken advantage of Australian consumers in the previous year. NAB's nomination was in recognition of its "Low Rate" credit card, which had its annual rate increased from 12.99 per cent in 2012 to 13.99 per cent at a time when official interest rates have fallen to historically low levels (from 4.75 per cent in June 2011 to 2.00 per cent)."Not only did NAB fail to pass on the cash rate savings, they actually increased their "low rate" credit card interest rate," observed Choice. NAB's award is sure to attract the attention of the Senate economics committee, currently running an inquiry into credit card interest rates. More egregious were the payday lenders, as teh whole industryearned itself a Shonky."The fees, extra charges and interest rates that come with these flimsy financial Band-Aids are the stuff of nightmares," said Choice, before citing one case where the borrower paid an annual rate of 742 per cent. "Payday lenders are diabolical geniuses when it comes to undercutting the rules. A number of them offer $100 16-day loans, for instance, which would be a very poor borrowing decision given you'd have to pay back $124."