Kevin Rudd Encourages Credit Card Comparison

PM Kevin Rudd has stated that banks have no reason to charge excessive credit card interest rates, especially with the recent implementation of the federal government funds guarantee.

In October 2008, the government released a 700 billion dollar program to guarantee deposits to cover 3 years for Australian banks, credit unions and building societies.

On Friday 12/06/09 a representative of the Australian Chamber of Commerce questioned Mr. Rudd as to why banks had permission to set interest rates up to 35%.

“I think it is time to restrict the financial annual percentage rates which are being charged by both major and minor banks. Australian’s simply can’t afford it in the present economic state.” said Kevin Rudd. “Interest rates have huge variations – it truly pays to shop around“.

While it may be fair to say that the interest on credit Australian consumers are forced to pay is rather hefty, variations in interest rates are justifiable depending on the credit card type.

A reward program credit card for instance will offer a 19.99% p.a. interest rate as standard, where a low interest rate credit card may offer 9.99% p.a.

It may not work to simply ‘cap’ interest rates as a whole, but more so cap rates depending on the credit card type.

Compare some of the most competitive low interest rate credit cards here.

Navigate and compare ‘Card Types’ and ‘Card Providers’ in the top left sidebar.

Related posts:

1. Credit Card Reward Program Comparison Improved
2. Credit Card Comparison: Comparison of Australian Credit Cards
3. Credit Card Rate Comparison
4. Savings Accounts Comparison: Compare & Apply For A Savings Account Online
5. Balance Transfer Credit Card Comparison

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
St George Vertigo	Editor's Choice: Low Interest Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.	2.99% for 6 months (reverts to 11.99%)	20.74%	2.99% for 6 months	$55	55
Coles Group Source MasterCard	The Coles Group Source MasterCard has no annual fee, a 0% p.a. balance transfer offer for 6 months, with a rewards program including savings on fuel and FlyBuys Points	19.74%	21.99%	0% for 6 months	$0	62
Bankwest Zero Platinum MasterCard	Editor's Choice: No Annual Fee Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers	16.99%	16.99%	1.99% for 9 months	$0	55