ANZ raises rates of interest on choose bank cards once more

ANZ, Australia’s fourth-largest bank card issuer, has elevated rates of interest on sure bank cards by 0.50 proportion factors, following a earlier hike that noticed charges rise by as much as 1.25 proportion factors, RateCity.com.au has reported.

Particulars of ANZ’s charge will increase

The speed improve impacts choose ANZ bank cards, with the financial institution additionally providing one-off annual charge waivers, cashback, rewards, and frequent flyer factors on sign-up for varied playing cards.

Sector-wide development of rising rates of interest

This charge hike by ANZ isn’t an remoted incident, with NAB and Latitude Finance additionally lately growing their bank card charges, reflecting a broader development amongst lenders to lift prices for shoppers.

With six lenders having raised charges on 25 playing cards within the final six months, the common rate of interest for bank cards stands at 18.14%, although choices for lower-rate playing cards beneath 10% stay out there from 12 lenders.

Time for a bank card check-up

Sally Tindall, analysis director at RateCity.com.au, suggested bank card customers to assessment their playing cards, cautioning in opposition to the excessive prices of rewards and frequent flyer playing cards, which now carry rates of interest as excessive as 20.99% amongst three of the massive 4 banks.

“For those who’re one of many thousands and thousands of Australians with a bank card in your pockets or in your cellphone, do a fast 10-minute check to be sure you’ve obtained the precise card to your funds,” Tindall mentioned.

“Signing as much as a elaborate rewards card may really feel like successful lotto initially, significantly in case your new supplier showers you in rewards factors, however the longer you permit that card sitting in your pockets unchecked, the much less doubtless you might be to be getting worth for cash.

“Bank card firms usually are not charities. Sure, some folks can efficiently recreation the bank card system and are available out forward, however in case you haven’t performed a well being test in your bank card lately, there’s each likelihood the system is definitely gaming you.”

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