Big banks introduce no interest credit cards

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Sky News contributor Peter Switzer says the introduction of no interest credit cards will “take the tailwind” out of the share price rises of Afterpay and Zip.

Both Commonwealth and National Australia Bank have both introduced no interest credit cards, which instead charge a monthly flat fee.

“What they’ve done is created cheaper credit cards, the average is about 16 or 17 per cent,” Mr Switzer told Sky News.

“It’s a big improvement on normal credit cards, it will compete a bit with Zip and Afterpay.”
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