Credit card fees 'should be removed'

A significant number of Australians have been a target of debit and credit card crime, new research shows.In a global study carried out by ACI Worldwide, some 15 per cent of people claim to have been the victim of card fraud over the past five years. Such

Fees for late credit card payments should be abolished, it has been claimed.

Calling for such Australian banking moves, Christopher Zinn, of consumer group Choice, states that such fees are unfair as the cost banks incur when consumers do not make a repayment on time pales in comparison to the actual amount charged.

"Just because you might be a day late paying your credit card bill, does that really mean that the bank faces a fee of $35? Of course not," he tells ABC News.

Mr Zinn's comments come as the National Australia Bank recently revealed it was to scrap the $30 fee it imposes each time one of its saving account or personal transaction customers goes into their overdraft.

The Choice representative points out this is "showing leadership to the rest of the banking community" and such a move should be applied to credit cards also.

Calls for the removal of credit card fees could help those looking to make the most of their money, as AMP financial planner Tony Rigby recently advised that borrowers carefully check their statements to see what areas they are spending on plastic.

Written by Kate Guthrie