Credit card fees are going up

Average credit card annual fees went up last year, along with many other fees levied by banks and other financial institutions.

The Reserve Bank survey of bank fees shows that, on average, fees grew by 3.5 percent during the 2015 financial year to around $12.5 billion in total, the highest rate of growth in fee income in three years.

Credit card fee increases averaged 6.6 per cent and annual fees on non-reward cards rose 4.7 per cent.

If you are paying too much in fees on your credit card, compare fees and other costs and shop around the market on