Community First beats RBA to the punch
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Community First beats RBA to the punch - Community First Credit Union
| Community First Credit Union beats RBA to the punch with 0.25% p.a interest rate cut |
| Wednesday 1st August 2012 |
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| Community First Credit Union isn’t waiting for the Reserve Bank of Australia’s verdict on official interest rates next week, and has slashed the interest rate on its two credit cards by 0.25%p.a to 9.50%p.a |
| The new interest rate will commence 1 August 2012, and will apply to Community First Credit Union’s Low Rate Visa Card, and McGrath Pink Visa Card, and reconfirms the two credit cards as Australia’s cheapest ongoing rate ‐ now by about 0.75%p.a* “We can offer such competitive interest rates because we are a mutual organisation, owned by our members, who also happen to be our customers,” says John Tancevski, Chief Executive of Community First Credit Union.” “As a consequence, we don’t have the pressure that our competitors such as the big banks have to deliver large profits to pay dividends on shares to investors.” “That said, we deliver value to our members through superior service, an extensive range of products, lower fees and very competitive interest rates.” |
| Community First Credit Union credit cards can also potentially help consumers pay down their debts faster. According to the Federal Government’s MoneySmart website (www.moneysmart.gov.au), the average credit card balance in Australia is slightly above $4,900 as at the end of July 2012. If a card holder pays interest at 20% against a balance of $4,900, that works out at $980 in interest annually, excluding interest free periods. |
| “With the Community First Credit Union credit card, interest repayments on the same $4,900 balance are essentially halved to just over $465 per annum,” says Mr Tancevski. “That is a saving of more than 50% against the interest you’d pay with a credit card having a 20% plus interest rate,” says Mr Tancevski. “At Community First Credit Union, we are committed to making a difference to our member’s hip pockets with our extremely low rate credit cards.” Apart from its commitment to its members, Community First Credit Union is making a difference in the community with its support for charities such as the McGrath Foundation to help fund McGrath Breast Care Nurses in communities right across Australia and increase breast awareness in young women. |
| “If a member chooses the McGrath Pink Visa credit card, we will donate $20 dollars from the $40 annual fee to the McGrath Foundation,” says Mr Tancevski. “Then Community First Credit Union will continue to donate $20 from the annual fee for every year that a member chooses to use the McGrath Pink Visa credit card.” Mr Tancevski adds, “We are very proud the McGrath Pink Visa credit card is Australia's only credit card supporting Australian families experiencing breast cancer.” While Community First Credit Union is NSW‐based, people can apply for the credit cards from anywhere in Australia by visiting www.communityfirst.com.au or www.mcgrathpinkvisa.com.au or by calling 1300 13 22 77. |
| For further information or to coordinate an interview, please contact: Michael O’Reilly Community First Credit Union Head of Marketing P: (02) 9735 1778 M: 0438 217 204 E: mdoreill@communityfirst.com.au |
| *Based on interest rate research on leading comparator websites – Rate City / Infochoice / Mozo / Canstar ‐ 30/07/2012 |
