Banks fight new credit card laws

The big banks are believed to be resisting attempts by the federal government to make them scrap credit card over-the-limit fees, which for the major banks is about $9 each time a customer breaches the card's maximum, and ban the banks from offering customers unsolicited credit limit upgrades.

Customers will now have to approach the banks to increase their credit-card limits. The government is preparing to introduce the legislation, which sits alongside its move to scrap exit fees, before March 21.

Source: The Australian