Abolition of over-limit credit card fee 'helped NAB to win awards'

Abolishing the over-limit fee on credit cards has resulted in NAB being rewarded.

National Australia Bank (NAB) has won three accolades, partly thanks to it abolishing the over-limit fee on its credit cards.

The organisation's honours included the Banking Leadership Award, which was presented in the CANSTAR CANNEX Innovation Excellence Awards due to the bank reducing many of its extra charges.

Other fees it has eliminated include the $30 overdrawn extras on its personal transaction and savings accounts.

Lisa Gray, personal banking group executive at the company – which offers a range of NAB bank accounts – said she was pleased it had been recognised and hoped customers notice that it is beginning to stand for something different.

She added: "In the longer term we are committed to bringing more competition, choice and a fair exchange of value to bank customers."

Earlier this month, the NAB decided to up its standard variable interest rate by 0.25 per cent per annum after the Reserve Bank of Australia increased the official cash rate by the same amount.

By Emma North