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Vic government urges action on credit card rates By Malavika Santhebennur 07 April 2021
The Victorian government has asked the Commonwealth to explore the option of mandating a maximum margin between credit card interest rates and the cash rate.
Victoria’s Labor government has urged the federal government and the major banks to review credit card interest rates, stating that there are growing concerns that they are “excessive” and out of step with other interest rates.
Treasurer Tim Pallas and Finance Sector Union state secretary Nicole McPherson have urged the major banks and the federal government to take action immediately to avoid consumers being exposed to what they said was “an unreasonable or unfair financial burden from high credit card rates”.
Government Calls For Action On Credit Card Interest Rates miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
News by Jade Gailberger 4th Apr 2021 1:23 PM Credit card interest rates should be slashed with the cost of borrowing money at record lows, Victorian Treasurer Tim Pallas says. Mr Pallas has put the banks on notice in a bid to ease the financial burden on Aussies doing it tough during the pandemic. In a letter to his federal counterpart Josh Frydenberg and banking executives, Mr Pallas is demanding a review of the way credit card borrowing rates are set and regulated. He said interest rates on credits cards had remained around 20 per cent despite the 0.1 per cent cash rate. That is unfair, it is unreasonable, and it s unconscionable and it has to stop, Mr Pallas said.
Credit card move that could save thousands frasercoastchronicle.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from frasercoastchronicle.com.au Daily Mail and Mail on Sunday newspapers.