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At least two of Australia's major credit card issuers recently increased interest rates on their cards. In July, ANZ Group increased its annual interest rate to 19.99% from 19.49% on some credit cards. Citibank also announced interest-rate hikes. The ANZ rate increase "was the result of sustained higher funding costs associated with the continued turmoil in global credit markets," an ANZ spokesperson tells CardLine Global. The rise in interest rates came as the Reserve Bank of Australia on 3 Sept. lowered its official cash rate to 7% from 7.25%. "Following the [Reserve Bank] cut, rates on our credit cards remain under review," the ANZ spokesperson says.
