Some Banks Want to Consign Credit-Card Interest to History
Updated Jan. 11, 2021 4:49 pm ET SYDNEY—Interest charges have been one of the defining features of credit cards for decades and so when an employee at a big Australian bank suggested getting rid of them, he was taking a risk. “He said, ‘Well, what about a no-interest credit card?’ ” said Rachel Slade, personal banking group executive at National Australia Bank Ltd. , recalling a feedback session at one of the lender’s Melbourne offices. “And everyone’s like, ‘What? That’s not how a credit card works.’ ” Worried about dwindling credit-card usage during the co...