Fed: Main points of the RBA's proposed credit card reforms

AAP General News (Australia)
12-14-2001
Fed: Main points of the RBA's proposed credit card reforms

In its draft report on credit card fees, the Reserve Bank of Australia said:



* Restrictions on credit card schemes do not serve the public interest.

* Businesses should be allowed to charge consumers extra for using credit cards.

* Supermarkets or other businesses should introduce their own credit cards, under the
supervision of the financial services watchdog.

* Banks should publish the fees they charge each other for processing credit card transactions
and the make-up of the fees.

* Credit card interest rates and fees could drop with more competition.

AAP kmh/daw/las

KEYWORD: RBA CARDS FACTBOX

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