June 04, 2015
The Australia Prudential Regulation Authority has shifted it's focus from Home Loans to Credit Cards. With interest rate margins of 16%, banks are reaping in the income to a tune of $920 million per annum.
Industry expert Michelle Htuchinson from Finder.com.au suggests lenders are under pressure to produce more profit with 10 providers increasing rates or fees on Credit Cards.
They is now a call for an inquiry into the lender's practices.
Watch this space.