NAB: Credit card reforms have helped customers save millions

NAB has hailed recent reforms to its credit card rules for helping customers to save lots of money.

Consumers who have taken out a credit card with NAB have saved lots of money thanks to recent reforms, the bank has said.

According to the financial services provider, its decision to reduce late payment fees and scrap over-the-limit charges has helped its customer base save approximately $60 million, the Australian reports.

Lisa Gray, head of the personal banking division at NAB, stated that the changes were introduced last year, before calling on other companies to adopt similar moves.

"The other banks should not be waiting for new laws to reform their credit card practices," she commented.

Ms Gray was speaking after the lower house of parliament backed plans to reform the Australian credit cards system, which includes proposed reductions to over-the-limit fees.

This comes after Bill Shortan, the country's assistant treasury, told the Sydney Morning Herald that moves to stop people being invited to increase their credit limit is another positive step forward.

By Joe Letts