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New Maximum Interest Rate Cap The New Maximum Interest Rate Cap should be the same as the interest rate for Unsecured Variable Rate Term Personal Loans (calculated by the RBA) that is presently 14.4% p.a. being the benchmark unsecured term personal loan variable interest rate referred to by journalists from Finder, Mozo, RateCity, CHOICE, SMH/The Age, The Australian, Guardian et al. Some Cash Advance interest rates, together with associated Cash Advance Fees approached 30% less five years ago. A maximum interest rate Cap in the order of 14.4% p.a. would take an enormous burden off Credit Cardholders with only Level 1 and Level 2 Financial Literacy Capacity identified by the RBA as Revolvers, in particular Persistent Revolvers, that have unfairly carried the burden of paying for the Retail Supply Side of the Credit Card System for at least the last 20 years. The interest rates on Purchases with the below dozen 'low interest rate credit cards' are all below 14.4%. Some of these offer between 0% or 6.99% circa on Purchases for an introductory period around 9 months and or a Balance Transfer interest free period.
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