Supermarket giant Woolworths Ltd will cut its Everyday Money Credit Card interest rate by 100 basis points.
The new interest rate of 17.99 per cent per annum, down from 18.99 per cent, will be effective for new and existing customers from February 1.
The card currently offers an introductory rate for existing customers of zero per cent per annum on all purchases until February 1.
"The Everyday Money Credit Card is a competitive new entrant in the Australian market," Woolworths head of Everyday Money Dhun Karai said.
"In the current economic climate we are committed to ensuring our Everyday Money Credit Card customers continue to benefit from a competitive interest rate and a rich rewards program."
The card offers one point for each dollar spent anywhere, two points for each dollar for purchases in Woolworths group stores, and three points for purchases on Woolworths Select products.
The points can be converted to a voucher or Everyday Money Shopping Card, which can be used in stores owned by the retailer.
The card has no annual fee for the first year and $49 per year thereafter.
There is a 5.99 per cent interest balance transfer rate for six months.
In October, the retailer lifted first quarter sales amid a challenging environment and said it would deliver full year sales to guidance.
Woolworths shares were 28 cents lower at $25.82 at 1318 AEDT.
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