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January 21, 2014

BNZ offers 1% interest rate a year for credit card customers with debt

Bank of New Zealand (BNZ) is offering 1% interest rate a year, down from the previous rate of 5.95%, for borrowers shifting debts to its HomeAdvantage credit card.

By Verdict Staff

Bank of New Zealand (BNZ) is offering 1% interest rate a year, down from the previous rate of 5.95%, for those borrowers who are shifting debts to its HomeAdvantage credit card.

Launched in November 2013, the HomeAdvantage card came at a time when banks were following the Reserve Bank’s restrictions on high loan-to-value ratio (LVR) mortgages, reported interest.co.nz.

In order to avail a HomeAdvantage card, customers must have any type of BNZ home loan with an LVR of 80% or less, and a BNZ transaction account.

BNZ has also reduced the balance transfer rate on all its other credit cards, including its Business First Visa card, which is reduced from 8.95% to 3.99% for a period of 12 months that is extended from six months previously.

Other banks that offer balance transfer rates on credit cards include Kiwibank that offers 2.99% for six months, ANZ offers 2.99% for 12 months and Westpac offers 5.95% permanent rate.

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