Virgin and Labor attack card fees

Virgin Money has supported calls by the Labor Party for the Australian Competition and Consumer Commission to formally monitor bank fees and charges. Labor's consumer protection spokesman Alan Griffin accused the banks of thinking “they can get away with anything” without ACCC scrutiny. Griffin criticised the Commonwealth Bank in particular for increasing fees on its credit cards. Rohan Gamble, Virgin Money's MD, said that charging customers annual fees for holding credit cards was “ridiculous” and labelled the practice as “blatant overcharging”. Virgin Money has received more than 300,000 applications for its no-frills credit card since it was launched in mid-2003.