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