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Media Releases

Bank fees cost Aussies $11.3 BILLION in 2011

22nd of June 2012

Bank fee revenue highest on record: up $78 million on 2010. Households paid the most for credit card fees, making up one-third of bank fees. RateCity shows how consumers can avoid paying bank fees.

Credit reforms put card providers on edge

19th of June 2012

Card providers ramp up efforts to reduce negative impact on revenue. RateCity round up of credit card reforms commencing next month, and what they mean for card holders. Credit card holders should make a complaint and switch after July 1, if they are not happy with their provider.

Lenders continue to hold onto rate cut

16th of June 2012

32 lenders so far dropped standard variable home loan rates. Average rate cut was 20 basis points Vs RBA’s 25 basis point cut on June 5. RateCity expects lenders to creep up their variable rates this year.

Boost for home owners: cash rate falls to 3.50%

6th of June 2012

Reserve Bank lowers cash rate to 2 and-a-half-year low at 3.50%. Spending should receive a boost with $184 per month in pockets of households with a $300,000 variable rate mortgage after 4 rate cuts*. But many borrowers still paying more than they were in 2009 – average standard variable rate is 58 basis points higher than November 2009

Why are credit card holders being ripped off?

26th of May 2012

RateCity comparison found 4 credit card providers dropped rates since RBA lowered cash rate by 0.50%. 9 credit cards in fact increased rates by 0.50% this month. Card holders and retailers have a right to be angry with card providers.

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