COVID-19 : Calling On Banks To Reduce Credit Card Fees/ Interest Immediately

COVID-19 : Calling On Banks To Reduce Credit Card Fees/ Interest Immediately

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HELEN Golisano started this petition to Josh Frydenberg (Treasurer) and

With COVID-19  sweeping the world wreaking havoc both physically and financially on everyone, as hundreds of thousands of people either die or lose their jobs, businesses and even homes, we feel it is time for Financial Institutions to STEP UP and be realistic. 

The prevailing level of credit card interest rates relative to official interest rates
has been a source of considerable consumer frustration, both in Australia and in other countries for many years.

Headline interest rates on credit cards have been largely unchanged in recent years, despite the massive decline in the Reserve Bank’s target for the cash rate, suggesting issuers have not been passing on funding cost reductions to credit card borrowers.! Surely they cannot justify these high interest rates now.

It is time for ALL Financial Institutions to lower their interest rates on ALL credit cards NOW to assist Australians through these uncertain and desperate times.

The official cash rate has never been lower so we must ask ... Why are Credit Card Interest Rates still so High?  

Treasurer we need you to have the Banks reduce their interest rates as soon as possible to assist Australians through these uncharted times, they can easily afford to do this and the Australian public deserves you to stand up and do this ASAP.! 

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