NAB leads the pack on credit card reforms

13/08/2012

Mike Shurlin, NAB’s General Manager Cards and Personal Loans said the bank’s credit card reforms have saved its customers over $160 million overall.

“We've led the industry on these changes, and we've done it for our existing as well as our new customers. NAB is the only major bank to abolish credit card over-limit fees for all customers and we continue to charge the lowest credit card late payment fee of all the majors.”

The new information on credit card statements and the other associated credit card reforms are designed to help people make informed decisions about how much to pay off each month said Treasurer Wayne Swan

“There are some 15 million credit-card accounts in Australia - many families have 2 or 3 different cards - and these reforms will stamp out lender practices that see consumers pay more interest than they should.”

Source: Courier Mail