Bank card rates fall

Press, 2 June 1984, Page 23

Bank card rates fall

The National Bank and the 12 trusteebanks have dropped their Visa card rates to 15 per cent, and the Westpac Banking Corporation has also dropped its bankcard rate to 15 per cent, in line with Govern-, ment requirements. The National Bank will drop its Visa card rate from 18 per cent to 15 per cent on current and future tranactions. A spokesman for the bank said accounts due to be sent out on Tuesday would give existing customers the benefit of the lower interest rate. The secretary of the Trusteebank Association, Mr Fred Burns, announced that the 12 trusteebanks had lowered their Visa card interest

rates to 15 per cent from May 30, or earlier depending’on the billing date. Westpack Banking Corporation yesterday reduced its bankcard interest rate from 17 per cent to 15 per cent The new rate applies to existing as well as new credit card arrangements, the bank said in a statement The Bank of New Zealand, the other Visa cardholder, announced on May 7 it was cutting its card rate 3 per cent to 15 per cent from June 1. The ANZ Banking Group, Ltd, announced on Thursday that it was cutting the rate on all its bank cards from 18 per cent to 15 per cent on both existing and new accounts.