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Credit Card Charges Tumble To 9.95% p.a

Monday March 13

Credit Card Charges Tumble To 9.95% p.a

There’s good news today for the many New Zealand consumers still struggling to pay for Christmas on a credit card.

Phone and Internet banking specialist BankDirect has announced a new move to slash interest charges. BankDirect will this morning (Monday) unveil New Zealand’s lowest interest account for credit card users.

The bank’s new Low Interest VISA card is the first in New Zealand to offer a single figure (9.95% p.a.) interest rate. Most banks currently charge around 17%-18% for their standard cards.

BankDirect General Manager James Mitchell says the new move is a direct response to increasing consumer demand for more affordable banking. Single figure interest will mean annual savings of hundreds of dollars for some credit card customers.

“Many New Zealanders and consumer organisations are frustrated by what they see as unnecessarily high interest charges for credit,” says Mr Mitchell.

“We have responded with a completely new product which gives customers more choice. They can continue paying their monthly bill in full with their regular credit card account. Or they can opt for reduced interest by switching to BankDirect’s Low Interest VISA, and spreading the repayments over a longer period of time.”

BankDirect’s Low Interest VISA will have particular appeal for credit card users who choose to pay only the minimum monthly repayment. The card provides customers with an affordable alternative to other forms of credit, such as hire purchase or personal loans.

“This new product reflects our philosophy of providing customers with low cost banking based on the premise of “no branches, so lower overheads,” says Mr Mitchell.

The bank’s new low interest offer will be available immediately to existing and new customers. A six-month card fee of $30.00 will apply.

For more information, contact:

James Mitchell ----- Greg Ward
General Manager ----- Media Liaison
BankDirect ----- BankDirect
Phone: (09) 308 0308 ----- Phone: (09) 521 2410
Facsimile (09) 308 1027 ----- Facsimile: (09) 521 2732
Mobile: 021 636 820 ----- Mobile: 025 387 037

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