News on Credit Card Fees

Credit Cards In Australia News Just In

Its been reported that the Reserve Bank of Australia is considering to make some serious changes with the fees being associated with Credit and Debit Cards.

It was reported that this year some $40 Billion dollars has been spent on Credit Cards!
Last year fees earnt off credit cards hit $1 Billion dollars this is up 13%

The focus of the RBA will be heavily weighted on reviewing the fees banks charge eachother for the use of ATM machines. In my personal experience I have see my credit card issuer offering me free withdrawals from any of their atm machines, however if I withdraw money from a competing banks ATM machine I get stung with $1-$2 fees. This is crazy when you consider if your only pulling out $20 to buy a quick dinner your paying a staggering 10% to get to your own funds - crazy!

The figures I have mentioned may differ between banks and accounts so dont take my word for it, ask your bank and see how much a non approved bank withdrawl is going to cost you.