Credit card ‘not best way to borrow’: CBA

(Australian Associated Press)

Commonwealth Bank chief executive Ian Narev says people concerned about high credit card interest rates have to understand there are better ways to borrow.

“The number one thing we generally do to say to people is credit cards are not a good thing to borrow on,” Mr Narev told a parliamentary committee hearing on Tuesday.

“The facility is there, it’s very important for some people but there are opportunities to maintain financing at lower rates with different products.”

Mr Narev said credit card rates are set based on the bank’s loss experience “through the cycle” and said customers who found the Commonwealth were not the cheapest on rates “will make the decisions they make”.

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