The annual Best of the Best awards, now in their 14th year, recognised our low rate credit card for providing an interest-free period of up to 62 days – seven days more than other top rated cards listed – and its advertised rate of 10.49% being more than 100 basis points superior to the category runners-up.
This recognition from Money magazine demonstrates exactly how the bank is delivering on our promise to put ‘customers first’ and return value to customers through our products and services.
Our products are designed in a simple and flexible way that aims to meet the needs of our customers both now and into the future, and having a 62 day interest-free period makes our low rate credit card product very competitive and appealing.
Money Magazine has indicated about two out of three credit cardholders in Australia are ‘transactors’, meaning they pay off their card in full each month. The percentage of transactors in Australia has risen since the mid-2000s.
In August 2014, the RBA reported that credit card debit in Australia stood at $49.5 billion and $33.5 billion was attracting interest.
By providing a feature rich low rate credit card product, including the flexibility of interest free days, we’re adding significant value to customers at a time when cost of living is becoming more of a challenge.
The introduction of our balance transfer rate provides further incentives for customers to consider switching to an alternative credit card provider.