NAB has announced an array of credit card reforms.
The National Australia Bank (NAB) has announced that credit card transactions that attract the highest interest rate will be paid off before those with a lower level.
This news comes as part of host of amendments to the way payments and balance transfers will be managed on the organisation's Aussie credit accounts.
More than 1.5 million NAB customers should be in line to benefit from the reforms, which are designed to deliver lower interest payments to consumers.
And the firm noted that if the other banks in the country followed its lead then Australians would save around $225 million a year in fees and interest.
Lisa Gray, NAB personal banking group executive, said: "Consumers may be unaware that typically across the finance industry their credit card repayments are used to pay off balances attracting the lowest interest rate first."
This comes after the organisation pointed out last month that "sensible" credit card law reforms would help customers.
By Joe Letts
