Regulation does not always mean that profits cannot be made. Banks make plenty from credit cards.
Australian banks save billions by failing to pass on interest rate cuts to credit card customers, CHOICE research finds
Since 2011, the Reserve Bank has cut the official cash rate from 4.75 per cent to 0.25 per cent (an historic low for Australia), but some credit card customers have received the opposite treatment to mortgage holders — with some card rates climbing above a staggering 20 per cent."By failing to pass rate cuts on for credit cards, banks have effectively stolen $6.3 billion from the pockets of Australians," CHOICE chief executive Alan Kirkland said.
Last year, ANZ chief executive Shayne Elliott told radio 3AW that credit cards were one of the bank's most profitable businesses, but data did not exist showing exactly how much profit was generated by credit cards.
https://www.abc.net.au/news/2020-06-10/australian-banks-billions-credit-card-customers-interest-cuts/12337328
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