ANZ hikes card fees
(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.
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.
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