ANZ and National Bank announced they will cut credit card rates by between 1% and 1.2%, effective March 12. ANZ said it will cut all of its rates by 1%, following a 1.25% cut in January, which was the only other cut in its credit card rates since the Reserve Bank of New Zealand began cutting the Official Cash Rate in July. National Bank said it will cut a number of rates between 1% and 1.2%. The 2.25% reduction in the banks' rates since July compare to a 4.75% fall in the OCR from 8.25% to 3.5% over the same period. For up to date credit card rates see here. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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