With the lowest interest rates, we have ever seen and Covid 19 destroying peoples livelihoods, why are Citibank still allowed to charge 22% and Westpac 19% on their credit cards?

They were charging those high amounts when the cash rate was 7.5%, and now it is at almost zero.

Charging people this astronomical rate, especially for long term customers, is absurd.

Credit card interest rates need to be frozen during this outbreak and properly reviewed afterwards to make them fairer for people caught in debt traps.