Westpac announced it would cut its business and standard consumer credit card rates by 50 basis points and its low rate card by 55 basis points following the Reserve Bank's 50 basis point cut in the Official Cash Rate to 3% on Thursday. The new business and standard consumer rates will be 19.45% and the new low rate card will be at 12.95%, Westpac said. The new rates will be effective on April 1. "The latest OCR change, we believe, provides an opportunity to address credit card rates again, and demonstrate our willingness to pass through benefits where we can," Westpac spokesman Craig Dowling said. To see a full list of credit card rates offered by institutions in New Zealand, click here. To see a piece on the use of low interest cards, credit card balance transfers, and use of other credit cards, see here.
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