Chairman of Aussie, Mr John Symond, today urged credit card consumers to urgently check their interest rates and seek a low rate card, following reports that some providers have lifted their rates over the last month.

He said, “Australian credit card holders are wasting thousands of dollars by sticking with multiple or high interest credit and store cards, instead of consolidating their debts into a low rate credit card or personal loan.

“Most credit card holders are paying a premium for frequent flyer points and other add-ons when they should be focusing on getting a great low rate. By cutting up their store cards and other high rate cards, card holders can consolidate their debt and lower their monthly repayments with low interest rate cards”, added Mr Symond.

The Aussie MasterCard® is now delivering great savings to more than 100,000 customers with a low interest rate of 11.99 per cent - less than half the rate of many store cards.

The card offers a market leading 0% per annum on balance transfers and 55 interest free period on purchases.

Total credit card debt in Australia stands at more than $40 billion, with close to 14 million cards in circulation - each of which carries average debt worth around $3,000.

Mr Symond concluded, “In the run-up to Christmas it is becoming crucial for credit card holders to seek a better deal with a low rate card as they are wasting money through the use of high cost cards”.