Michael Horan reports on consumer credit card fee increases in Australia.
Research by leading financial monitors infochoice.com.au for The Sunday Telegraph shows five banks, including three of the “big four”, increased fees by up to 50per cent since July. It also reveals the four major banks cut credit card interest rates by as little as 0.75 per cent despite an official rate cut of two per cent.
The new fees could add hundreds of dollars to the cost of simply having a credit card.
Commonwealth Bank customers will now have to pay an annual fee of $59 — up from $45 — to use a “Classic” Visa, MasterCard or Bankcard. Gold card users will have to pay $114 — up from $82 — for the privilege of extra benefits including a rewards program and a higher limit.