A survey has revealed the extend to which consumers were disappointed the Reserve Bank interest rate cuts were not passed on to credit cards.
Credit Card Finder’s Credit Card and Banking Survey of over 4,800 consumers, found that over 80 percent of those surveyed were upset the low interest rates were not passed on to consumer credit cards, with more than half calling for the Federal Government to create a ‘people’s bank’ to rival the big four banks.
The survey found that respondents named high interest rates, high annual fees and other fees as their pet hates.
However in spite of this, over 50 percent say they pay off their credit cards in full almost straight away in order to avoid debt, and in doing so, avoid the high fees.
Credit Card Finder product manager Jeremy Cabral said on the whole, respondents were very “financially responsible.”
Overall, 72 percent said they were happy with their bank’s service and 50 percent said they were happy with their card.
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