Sydney, 26 July, 2007: The Australian Bankers’ Association (ABA) yesterday wrote to the “The Daily Telegraph” regarding the article - Consumers caught by credit card creep¹.

The ABA asked for a correction because the article noted that St George and Commonwealth banks increased interest rates on their credit cards. This was incorrect. Neither bank has increased their credit card interest rates since the last interest rate rise by the Reserve Bank of Australia on November 2006.

Furthermore, the article stated that in the past 100 days the Commonwealth Bank has increased rates on its low rate Visa card by 0.1%. This was also wrong. The interest rate has not changed in the last 100 days.

The ABA welcomed the correction and apology in today’s newspaper on page two which corrected the mistakes.

For further information:
Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439