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Banks defeat ban on high credit card fees

13/09/2011

The government will not support Independent Senator Nick Xenophon's Private Member's Bill that would mean ASIC could apply for a court order to annul or reduce unreasonable credit card fees.

The banker’s association argued the fees were good for the market as they promoted innovation.

While the Government will not support the Bill, from July 1, banks will have to reveal how long it would take consumers to pay off their credit card debt and how much extra it would cost if they met only minimum repayments.

And banks will have to use extra payments to pay off the debt that costs the most interest.

Source: Perth Now



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