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More ANZ credit card fee increases.



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Media Release by…

ALAN GRIFFIN MP

Shadow Minister for Consumer Protection & Consumer Health 12 September 2003 MORE ANZ CREDIT CARD FEE INCREASES Hidden in today’s announcement of changes to the ANZ bank’s popular credit card loyalty programs is a series of unjustified and excessive fee increases. The ANZ maintains that only a handful of customers will be disadvantaged by the changes to its credit card loyalty program. However, the following fee increases are due to come in from 31 October 2003, whether the customer has a rewards program or not: � Late payment and overlimit fees rising from $25 to $35 - a massive 40% increase. � Conversion rates for foreign currency tripling from 0.5% to 1.5% for the ANZ First Visa Card and the ANZ Gold Visa Card. � Annual fee for the ANZ First Free Days Visa Card rising from $26 to $30 - up 15%. These changes are the latest example of one of the major banks using fee increases to claw back some of the savings that consumers were meant to receive as a result of the RBA credit card reforms. This is the second time in less than a year that the ANZ has increased fees relating to credit cards. Labor once again calls on the Treasurer to direct the Australian Competition and Consumer Commission (ACCC) to formally monitor bank fees and charges. Last year, Labor introduced a Private Member's Bill to authorise ACCC surveillance of the implementation of the RBA's credit card reforms, and has repeatedly called for the ACCC to be given the power to formally monitor bank fees and charges. When will the Treasurer realise that saying ‘please' to the banks is not enough to protect ordinary Australians from soaring bank charges? For further information please contact: Alan Griffin: 0419 353 476