The interest rates have been reduced by the ANZ National Bank that it charges on credit cards.

The step taken by the bank has come at the time when it has been defamed for not cutting interest rates as fast as the central bank has cut interest rates, though banks have moved to cut mortgage interest rates.

ANZ announced, "The 1.00 per cent per annum reduction on its credit cards, effective March 12, follows a reduction of 1.25 per cent per annum in January."

It should be further noted here that 13.9% per annum would be charged on the bank's Low Rate Mastercard, the Everyday Rewards Visa and the Visa Platinum to 18.95% per annum and other credit cards to 19.95% per annum.

With effect from March 12, the National Bank will reduce the interest rates across a number of credit cards by between 1 % annum and 1.2 % per annum.