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News by Jade Gailberger 4th Apr 2021 1:23 PM Credit card interest rates should be slashed with the cost of borrowing money at record lows, Victorian Treasurer Tim Pallas says. Mr Pallas has put the banks on notice in a bid to ease the financial burden on Aussies doing it tough during the pandemic. In a letter to his federal counterpart Josh Frydenberg and banking executives, Mr Pallas is demanding a review of the way credit card borrowing rates are set and regulated. He said interest rates on credits cards had remained around 20 per cent despite the 0.1 per cent cash rate. That is unfair, it is unreasonable, and it s unconscionable and it has to stop, Mr Pallas said.

Ian currieTim pallasJosh frydenbergNicole mcphersonBank governor philip loweSector unionVictorian treasurer tim pallasReserve bank governor philip loweSector union state secretaryCredit cardEditors picksஈயந் கியூரிநேரம் பல்லாஸ்நிக்கோல் மக்ஃபர்ஸந்வங்கி கவர்னர் பிலிப் குறைந்ததுறை தொழிற்சங்கம்