St George cuts credit card rates

After The 1% rate cut announced by the RBA earlier this month, St.George - a subsidiary of Westpac Banking Corporation, has cut rates on its Vertigo credit card by half a per cent, bringing the interest rate down from 11.89% to 11.39%, pushing it to the top of our tables. It has also cut the cash advance rate from 20.49% down to 19.99%.

The St.George Vertigo Credit Card has many other attractive features, which include 0% on balance transfers for the first 6 months, up to 55 interest free days allowing you to pay off your balance over a period that suits you, a low annual fee and extremely competitive interest rates.

St.Geroge was also one of the 5 main banks in Australia to quickly react following the Reserve Bank's decision to cut the cash rate, lowering its standard variable home loan interest rate from 6.89% to 5.89%, which came into effect at the end of last week.

Andrew Moore, the General Manager Retail Bank Distribution at St.George said: “St.George is very pleased to be able to pass on the full RBA rate cut, providing customers with a significant reduction in their home loan interest rate, which will come as a welcome relief for many Australian households. We also hope that this move will continue the trend of encouraging first home or prospective buyers back into the market."