Fees making high jump

In Australia credit card fees increased 170% over the last five years with other household banking charges raised about 50% according to a study.

The fees related to the use of reward cards, the most popular form of credit among Australians jumped 40% for the five year period while standard cards fees increased 16%. As per the supposition made by the survey the total increase of fees is partially explained by customers’ shift from standard cards which had an average annual fee of $29 in 2007 to no-frill low-rate cards with an average fee of $48.