Victorian Treasurer Tim Pallas wants credit card interest rates cut – NEWS.com.au

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…

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