bankmecu drops interest rate on credit cards, car loans and personal loans the full 25bps.
Australia’s first customer owned bank, bankmecu has dropped interest rates on credit cards, car loans and personal loans by the full 25bps.
bankmecu Managing Director Damien Walsh, said that as a customer owned bank we have a commitment to our customers to ensure our lending rates remain amongst the most competitive offered by any Australian bank.
“bankmecu’s 25bps interest rate cut on credit cards, car loans and personal loans sees these products remain in the top three listed on RateCity.” Mr Walsh said
“Our customers can be reassured that by cutting rates by 25bps on credit cards, car loans and personal loans, bankmecu is taking a responsible approach to banking by helping customers to reduce their level of personal debt and reduce cost of living pressures.”
“This decision on rates is in line with our responsible approach whereby bankmecu was one of the first financial institutions to offer a responsible approach to credit card finance. We will never conduct marketing to card holders encouraging them to increase their credit limit or level of spending.
We look forward to all other financial institutions who from 1 July 2012 will be forced to comply with a responsible approach to credit card finance under the new banking reforms.” Mr Walsh said.
“We continue to encourage all Australians to switch to customer owned banking and bankmecu,” Mr Walsh said.
Tips for managing credit card debt responsibly;
- Balance transfer high interest credit cards or store cards to a low rate credit card.
- Pay your credit card debt in order of priority by paying off cards with higher rates first.
- Make more than the minimum repayment each month.
- Avoid cash advances – link ATM withdrawals to your savings account
bankmecu’s Managing Director, Damien Walsh is available for comment.
Media contact: Stephanie De Campo (m) 0432 828 004