Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @

Friday, July 22, 2005

Australia's Westpac Bows Out of The Credit Card Balance Transfer Wars

Australian credit card companies competing with Westpac's credit card products are offering some excellent credit card deals e.g. cards with a 0% introductory annual percentage rate (Intro APR) for six (6) months with no annual fee and a "go to*" interest rate that's less than 10%. Westpac is staying out of this "irrational pricing war" because "Balance transfer chasers, every six months, will just [transfer] their balance [to a new card]...As a bank that isn't exactly the way to make money." Despite all the great 0% balance transfer deals available to Australian credit consumers, Westpac is now offering a new low rate card that has a 10.75% APR and a fifty dollar annual fee.

Click here to read the full story

*The "go to" interest rate is the interest rate that a credit card company will charge once the 0% Intro APR period ends.

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