Church offering cut-price credit card
The Catholic Church and the ACTU are offering their members a credit card with the lowest interest rate in Australia at 10.99%.
Virtual Communities has partnered with St George Bank to introduce the low interest rate credit card after offering low-cost computer and Internet packages to the church and the ACTU for the past 18 months.
The move is tipped to force other financial institutions to offer similar no-frills, low-interest credit card.
The Church has endorsed the credit card by handing out pamphlets and application forms to its parishioners.
Church Resources Chief Operations Officer Martin Teulan said the card is a replacement option for people wanting to save up to a third off their credit card interest bill.
"We are simply making this offer available to our members, but the card is not designed for anyone who is in any financial difficulty," Mr Teulan said.
"By targeting specific groups like the Church, the money Virtual Communities saves on advertising is passed on to our members in the form of low interest rates."