Westpac cuts credit card rates

Westpac New Zealand today announced cuts of between 0.60 per cent and 1.20 per cent. to its main consumer credit card products.

The cuts bring interest rates for purchases on its standard and gold credit cards down from 21.15 per cent to 19.95 per cent.

Westpac's low interest credit card rate for purchases has been cut to 13.50 per cent.from 14.10 per cent, and its premium Titanium credit card rate has been cut to 16.15 per cent from 17.15 per cent.

The interest rate that applies to cash advances from credit cards has been cut 0.95 per cent to 22.95 per cent.

The move follows the Reserve Bank's decision on Thursday to cut the official cash rate from 5 per cent to 3.5 per cent and the bank's governor Alan Bollard's request to banks to pass on the lower rates to customers.

Westpac said the new credit card rates would apply from February 17.

- NZPA