Are ANZ Bank fees “unfair and unconscionable”?

Tens of millions of dollars will be returned to ANZ credit cardholders, after the Federal Court yesterday found late payment fees to be unfair.  But while “Banks unfair & unconscionable” is a great headline, closer inspection says this is more about a technicality of contract law than the banks doing something really nasty. The class action challenged a number…

Credit card surcharges to be… um, er… frowned upon?

Well, it’s been nearly 10 years since the Reserve Bank changed the rules to allow card merchants to hit you with a surcharge for using credit cards.  Last week, the RBA Payments System Board released the findings of its deliberations on whether it had worked out well. And finally, they have realised what most of us…

Lenders say they are doing it tough. Demand for new loans has dried up, we’ve had all the recent problems with the cost of funding, and there were reports recently showing that people are repaying their loans faster than ever. All this points to tough times for home lenders, and the point has even been…

Last week the RBA released a review of how the credit card market has changed in the last decade. Back in 2002, the RBA restricted the interchange revenue that card issuers could earn on each transaction. Their review outlined how this has cut value of credit card rewards schemes.  Well I think that was pretty…