(Australia) – The ANZ Banking Corp has announced significant fee increases on two of Australia’s most popular credit card products.ANZ announced that fees for the Qantas ANZ Visa Card will increase from $27 to $40, while the gold card fee will rise from $67 to $95.
Fees for ANZ’s co-branded Telstra Visa card will increase from $19 to $26 a year, while the annual rewards program fee will double from $11 to $22 per account.
The ANZ has cited the increased cost of administering its loyalty program, but consumer groups claim the fee rises are a response to the Reserve Bank’s moves to open up the credit card market to new competition.