This week in banking - The RBA keeps the cash rate steady

We look at the big news and latest offers to reach our desk in this week’s banking recap.

The RBA holds off on cash rate cut

On Tuesday afternoon, the RBA announced it would keep the cash rate unchanged for another month, despite growing expectations it would cut. This marks the 30th month in a row that the cash rate has stayed at 1.50%, the lowest it’s ever been.

But if popular sentiment is anything to go by, the next rate cut is just around the corner. Most analysts and commentators expect the board to make a move by August at the latest, and once more by the end of the year. Following reports of a slowing economy and weaker-than-expected inflation figures, it’s only a matter of time before they have to bite the bullet.

Bankwest shines in travel money awards

This week we announced the winners of the 2019 Mozo Experts Choice Travel Money Awards, and for the third time in a row, Bankwest was named our provider of the year. With multiple wins across eight categories, its range of cards should be on every traveller’s radar.

As Mozo Data Manager Peter Marshall put it, “We only give out Mozo Experts Choice Awards to the top 10% of products in each category and there’s competitive products entering the market all the time. That Bankwest continues to stand out with their range of travel cards is pretty impressive.”

IMT award winners unveiled

Along with our travel money card awards, we also rolled out our Mozo Experts Choice International Money Transfer Awards. Of all the IMT services we analysed, TranferWise and CurrencyFair were the top two performers, while Citi was crowned IMT Bank of 2019. 

$50 Myer gift card available to new World First customers

And if you’re looking to transfer some money overseas, IMT specialist World First has announced a great offer for new customers. If you sign up and make a transfer of AUD $5,000 or more by the end of the month, you’ll receive a $50 Myer gift card. Act soon and you could have your Mothers Day present all lined up.

And if you’re eager to check out the other IMT options out there, head over to our international money transfer comparison page for a look at what’s available.

Travel credit card comparisons on Mozo - rates updated daily

Search promoted travel credit cards below. Advertiser disclosure.
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    Mozo Experts Choice 2020
    American Express Qantas Discovery Card

    Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020.

    purchase rate
    annual fee
    balance transfer rate
    20.74% p.a.
    $0
    No current offer
    Go to site
    Details
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    Mozo Experts Choice 2020
    American Express Velocity Platinum Card

    Receive 50,000 bonus Velocity Points when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. New Card Members Only Enjoy a complimentary domestic return flight with Virgin Australia to selected cities, each year after your first card spend. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020 ^.

    purchase rate
    annual fee
    balance transfer rate
    20.74% p.a.
    $375
    No current offer
    Go to site
    Details
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    NAB Qantas Rewards Signature Card

    NABs fastest way to earn Qantas Points. 110,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. Access to 6 complimentary insurances when you make eligible purchases.

    purchase rate
    annual fee
    balance transfer rate
    19.99% p.a.
    $395 $295 in the first year
    0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
    Go to site
    Details
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    Virgin Money Virgin Australia Velocity Flyer Card - Purchase Rate and Balance Transfer Offer

    0% p.a. for 6 months on balance transfers and 0% p.a. for up to 14 months on purchases. Pay only half the annual fee in the first year and enjoy an exclusive $129 Virgin Australia Gift Voucher yearly.

    purchase rate
    annual fee
    balance transfer rate
    20.74% p.a.
    $129 $64 in the first year
    0% p.a. for 6 months and then 20.99% p.a.
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    Mozo Experts Choice 2020
    American Express Qantas Ultimate Card

    Receive 55,000 bonus Qantas Points when you apply, are approved, and meet the minimum spend criteria of $3,000 in the first 3 months. T&Cs apply. Available to new Card Members only.

    purchase rate
    annual fee
    balance transfer rate
    20.74% p.a.
    $450
    No current offer
    Go to site
    Details

^See information about the Mozo Experts Choice Travel Credit Cards Awards

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