Tuesday, July 8, 2008

Australian Card Fees Soar

The ePaymentsnews Network reports that a recent study conducted by MWE Consulting in Australia shows that credit card fees have increased nearly 170 percent in the past five years.

In some cases annual fees for reward cards, the most popular form of credit among Australians, have grown by 40 percent over the last five years. The study suggests that this increase in rates is most likely caused by the switch from standard cards which have an average annual fee of USD 29 to no-frill low-rate cards which have an average annual fee of about 48 USD. Merchant fees also saw an increase, moving from 21 percent of total business bank fees in 1997 to 26 percent in 2007.

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