Westpac to pocket huge $$ from card charges

Westpac claim that their new interest charged on interest fee on their credit cards will cost their average card customer about 67 cents per month. Consumer groups say the charge is ‘sneaky’ and, in aggregate, could constitute huge money for the bank.

Westpac posted a 33 per cent rise in first-quarter cash profit last month to $1.6 billion. Westpac wrote to customers yesterday advising that the additional interest charges would apply from June.

Source: Sydney Morning Herald