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Last week the Reserve Bank dropped the Official Cash Rate (OCR) to 2.25 percent, the fifth drop in 12 months. But credit card interest rates remain stubbornly high.
General interest rates are at their lowest in decades but consumers are still paying up to 20 percent for credit cards.
We think it’s time the banks addressed this. Credit card rates should be linked to the OCR and banks should pass on rate changes to cardholders.
Use our letter to send a message to your bank.
[Credit Card type]
I’m not happy with my credit card interest rate.
Your top credit card interest rate of about 20 percent is too high and has been this way for too long.
The Reserve Bank has dropped the Official Cash Rate (OCR) several times in the past year, most recently in March.
You drop your home loan rates in response to OCR changes. Why aren’t you dropping my credit card rate?
I’m calling on you to give your credit card customers a fair go and reduce the gap between your rates and the OCR.
Here are the contact details for the major banks below:
Visit www.bnz.co.nz/contact/email and paste the letter in the details section of its online form.
Visit https://westpac.custhelp.com/app/ask/es/25 and paste the letter in the message section of its online form.
Do you need to put a complaint in writing? Use these draft letters as a guide.
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This information is available to Consumer members only.