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Comsumer Groups Slam Wizard’s interest rate rise

Consumer groups have slammed Wizard Home Loans’ decision to raise interest rates on credit cards a day after the Reserve Bank cut the official cash rate by a 0.25 per cent.

Wizard has increased the interest charges for new customers on its Clear Advantage Mastercard by nearly 3 per cent to just under 18.5 per cent.

On the weekend, Wizard announced it would cut its variable home loan rates by 0.25 per cent ahead of the official reduction by the RBA.

Nicole Rich from the Consumer Action Law Centre says the rise in card rates will hit people who are struggling to pay off their mortgages.

Source:
http://www.abc.net.au/news/stories/2008/09/03/2353969.htm