Credit Card Fee Changes
Nov 2009: In the last star ratings we looked at credit card exception fees (over-the-limit and late payment fees), on the back of the RBA announcing that consumers paid $415 million in credit card exception fees in 2008. Since then we have noted some progress towards lower penalty fees for consumers.NAB initiated a string of changes by announcing in late July that they would abolish overdrawn fees on transaction accounts. More announcements followed from the other major banks, including some reductions to credit card over-limit and late-payment fees. Not to be outdone, nab extended their cuts to credit cards fees, and transaction account monthly fees. The major banks have taken varied approaches to changing their exception fees, but they have all either reduced, abolished, or given viable options to avoid them. We eagerly await the next round of RBA exception fee figures to see how this affects the consumers’ hip pockets. 
Credit Cards ... |
Australia | New Zealand
