Does court ruling mean credit card fees are back

The Federal Court has ruled that high credit card late payment penalty fees are not illegal. The decision may be appealed to the High Court.

Much of this judgment applies to historical fees. ANZ has abolished 27 different fees – before the class action law case started. A spokesman for ANZ said the bank has no plans to reintroduce any new fees, despite the Federal Court decision.

Source: Banking Day

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