11 September 2019
Latitude Financial is slashing the interest rate for purchases on its Low Rate Mastercard to 9.89 per cent, lower than the credit card rates offered by any of Australia’s major banks.
It will also be the lowest interest rate for purchases offered on any Mastercard-branded credit card in Australia.
This latest rate reduction of 2.1 per cent to the Latitude Low Rate Mastercard is part of Latitude's commitment to delivering better value for customers and follows a recent cut to Latitude's Low Rate Personal Loans to 9.99 per cent.
The interest rate for cash advances on the Latitude Low Rate Mastercard will also drop by 2.1 per cent.
Latitude Financial Chief Customer Officer, Australia, Greg White said while other banks were lifting credit card rates, Latitude was excited to be delivering better value to consumers, particularly on price.
"The Latitude Low Rate Mastercard has always offered incredible value including additional features like complimentary insurance, which no other low rate card can match. The 9.89 per cent interest rate for purchases is another way we can help customers manage their credit, which we believe is the responsible thing to do," he said.
"Today's announcement follows last week's launch of our new digital payments platform LatitudePay and our decision last month to cut our Low Rate Personal Loans to 9.99 per cent on secured loans.
"These are among the first of a series of exciting announcements Latitude will be making over coming months as part of our commitment to help consumers throughout Australia and New Zealand meet their financial goals."
The 9.89 per cent interest rate for purchases will apply to new and existing customers from 25 September 2019.
It follows the recent introduction of additional customer benefits to the Latitude Low Rate Mastercard including complimentary price protection, purchase protection and extended warranty insurance.
Latitude Financial is a leading payments, instalments and lending business, with 2.6 million customer accounts and more than 1,950 merchant partners across Australia and New Zealand.
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