Commonwealth Bank Announce More Interest Rate Cuts
Posted December 18th, 2008
and last modified May 19th, 2011
Commonwealth Bank were the first to cut rates after the RBA officially reduced theirs. Today, they announced new purchase rate cuts which will commence as of 19th December 2008.
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The new interest rates are as follows:
The Commonwealth Bank Low Rate MasterCard
Purchase Rate: 12.64% > 12.24%
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The Commonwealth Bank Low Fee MasterCard
Purchase Rate: 19.39% > 18.99%
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The Commonwealth Bank Awards Card
Purchase Rate: 20.14% > 19.74%
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The Commonwealth Bank Gold Card
Purchase Rate: 20.14% > 19.74%
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The Commonwealth Bank Platinum Card
Purchase Rate: 20.14% > 19.74%
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It is completely up to each individual bank whether or not to cut their interest rates. Their decisions are independent of the Reserve Bank of Australia, adding real value to every time the Commonwealth Bank decide to slash rates.
Compare Commonwealth Bank Credit Cards here.
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Comparison of our Top Credit Card Offers
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 6 months (reverts to 10.99% ) | 4.99% for 9 months | $49 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 0% for 12 months with 3% handling fee | $99 | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 6 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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