A letter from the bank has forced a man to close his account following a sudden increase to interest on his credit card.

3AW listener Brett sent the letter to Neil Mitchell and said he was shocked to see his rates had gone up around 50%.

“It’s ridiculous,” said Brett.

Brett said he borrowed some money from a friend to close the account, telling Neil Mitchell he’ll just live without.

“I’m pretty disciplined, I think I can do it,” he said.

Neil said, “I’m not amazed this is happening, it’s the banks getting greedy again.”

“Is this the banks trying to recoup the Turnbull governments bank levy? Which isn’t even in law yet!”

ANZ have supplied the following statement to 3AW Mornings –

“We’ve made some changes to rates for a small number of customers who were not paying the full interest rate on their credit cards.

Customers are able to switch for free to our low rate cards which have the lowest interest rate of the major banks.

The reason for this change should have been clearer in the letter as well as the options for switching to a lower rate card and we apologise for that oversight.”

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See the letter from ANZ below