Rate relief limited
Rate relief appears confined to mortgage customers, with not one credit card lender cutting interest rates in the week since the Reserve Bank's 25 bps, with some actually increasing.According to bank interest rate data published through InfoChoice, several credit card providers have lifted interest rates: the Wizard Clear Advantage adding 2.75 percentage points for purchases and cash advances, with the new rate at 18.49 per cent; the GE Money Low Rate MasterCard by two percentage points since the beginning of September to 14.99 per cent (on purchases); and the Citibank Clear Card purchase rate is up 50 points to 12.49 per cent, with the cash advance rate jumping 275 points to 20.74 per cent.Business lending relief is starting to filter through, with the Members Equity Residentially Secured Business Loan the biggest faller so far, down 46 points to 9.33 per cent, although the Small Business Loan increased 29 points to 9.64 per cent.Adelaide Bank has cut 25 points from four business lending products including the business overdraft. Commonwealth Bank also cut some overdraft rates by 25 bps.Savings & Loans, Australia's second largest credit union, has been one of the few organisations to cut borrowing on non-mortgage products across the board.