Reserve bank to continue credit cards regulation

Those looking to compare credit cards may be interested in the latest news from the Reserve Bank of Australia.

It held a meeting on August 21st, during which it was decided the financial institution would continue to regulate fees on plastic transactions.

The bank revealed it had been considering ceasing its involvement in such transactions, but stated lenders had failed to take the necessary steps to allow it to do so.

A statement released last year said industry participants could bring about such a situation by enhancing the EFTPOS system to allow it to compete with international credit card schemes.

It would also have accepted a voluntary promise from providers that transaction fees would not increase.

The Payments System Board at the bank had set a deadline of August 2009 for this to occur, but will now continue to regulate the situation.

Meanwhile, Australians who wish to purchase special numismatic bank notes will be given the chance to do so from September 7th until October 16th.

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