NAB plans to keep credit card rates steady

Tuesday 01 June 2010

Article by Mozo

National Australia Bank (NAB) has indicated it will not increase interest rates on credit cards following the Reserve Bank’s (RBA) decision to keep the official cash rate on hold.

The RBA opted to keep the rate at 4.5 per cent today (June 1st) in a move it described as "welcome relief" for debt-burdened Australians.

As the Courier Mail observed, Australia’s major banks have all suggested they will not increase their mortgage rates outside of the RBA cycle this month.

NAB spokeswoman Luisa Ford said: "There are no immediate plans to change rates for credit cards, personal loans and deposits."

Meanwhile Westpac spokesman David Lording confirmed the bank has no plans to move its standard variable rate ahead of RBA increases.

Last week, John Kavanagh, a finance columnist for the Sydney Morning Herald, noted that credit card issuers have tightened up the conditions they are offering on their products in recent months – making now a good time to compare credit cards.

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