BankWest has relaunched its low rate credit card to help Australians get their debt under control with its Lite MasterCard at 9.89 per cent p.a. (excludes cash advances).
The BankWest Lite MasterCard now leads the low rate MasterCard Australian credit card market with the following features:
- a low ongoing rate
- 6.99 per cent p.a. on purchases for the first twelve months (for a limited time)
- 2.99 per cent p.a. on balance transfers for the first six months
- up to 55 days interest free
- annual fee of $59
BankWest Chief Executive Retail Ian Corfield said the Lite MasterCard was introducing greater competition in the credit card space for the benefit of consumers and the bank would continue to rollout market leading products and increase competition in the Australian banking industry.
"We promised we would provide customers with a better deal and intensify the competition in the market when we announced our 160 branch east coast expansion, and this is just one of many products that is offering this," he said.
"Consumers need to be smarter about getting their debt under control. Many don't take enough interest in their bank statements to know what rate they are getting and if they are paying too much," Mr Corfield said.
Denis Orrock General Manager of independent research firm InfoChoice.com.au agrees and comments, "With interest rates under continued pressure and the budgets of Australian consumers continuing to tightened it is time that consumers paying interest on outstanding credit card debt stopped kidding themselves and take steps to 1) reduce the amount of interest they are paying and 2) make meaningful steps towards taking control of their financial situation."
"The Lite MasterCard offers cardholders the opportunity to reduce their interest rate for the long term whilst they prepare to take control again. For far to long Australian consumers have been apathetic towards understanding finance and demanding a better deal. $40billion in credit card debt and a national limit exceeding $100 billion indicates that consumers' apathy reigns supreme and the major banks seem to be the chief beneficiaries of this attitude," he said.
Mr Corfield said BankWest's growth strategy included expanding and reinvigorating its product line.
"Our Lite MasterCard has performed very well since we launched it in 2005 and it remains a key part of our strategy to acquire customers nationally," he said.
Go to www.bankwest.com.au today for a Lite application form and to see more of BankWest's award winning products.
