Woolworths cuts credit card rates

Aussies on the hunt for a cheap credit card during these difficult economic times may do well to pop into their local Woolies next month as it drops its interest rates.

From February 1st, the company will offer a new rate of 17.99 per cent, down a full 100 basis points, in addition to a 12 month annual fee holiday.

Commenting on the new cheap credit card offer, Woolworths head of Everyday Money Dhun Karai said: “In the current economic climate we are committed to ensuring our Everyday Money <a href=”//mozo.com.au/credit-cards">Credit Card customers continue to benefit from a competitive interest rate and a rich rewards programme."

The new credit card attracted a lot of interest when it launched because of its novel points-based rewards scheme which offers incentives to loyal shoppers.

Woolworths is expecting to weather the downturn fairly well and expects to meet 2008 sales targets.

It looks to be doing decidedly better than its UK counterpart, which closed its doors for good earlier this week.ADNFCR-1761-ID-18961229-ADNFCR