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Credit card fees up from tomorrow.

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Media Release by…

ALAN GRIFFIN MP Shadow Minister for Consumer Protection & Consumer Health

31 October 2003


From tomorrow, Commonwealth Bank and ANZ customers will be paying even more fees on their credit cards.

These fee increases come on top of the massive full-year profits that both the ANZ and Commonwealth Bank recently announced.

The latest increases that Commonwealth Bank customers will be slugged with include:

É Annual fees for ‘no awards’ credit cards rising from $24 to $30 - a 25% increase;

É Late payment fees also rising 25% - from $20 to $25; and

É A brand new fee of $15 to be charged for each additional cardholder.

The fee increases that will hit ANZ customers from tomorrow include:

É Late payment and overlimit fees rising from $25 to $35 - a massive 40% increase.

É Conversion rates for foreign currency tripling from 0.5% to 1.5% for the ANZ First Visa Card and the ANZ Gold Visa Card.

É Annual fee for the ANZ First Free Days Visa Card rising from $26 to $30 - up 15%.

According to Price Waterhouse Coopers analysis, total bank fees in 2002 were $7.8 billion with household fees at $2.7 billion. The latest fee increases introduced by the Commonwealth Bank and the ANZ suggest that the fee

grab will continue to grow.

With credit card fees on a seemingly never-ending upwards spiral, it is high time that the Treasurer heeded Labor's repeated call for the ACCC to formally monitor bank fees and charges. Without formal scrutiny, the banks clearly think they can get away with anything.

For further information please contact: Melanie Sherrin : (02) 6277-4374 or 0412 219 018