The banking sector’s self-governing body has found that banks do not have the best interests of credit card customers at heart when pushing credit limit increases or issuing new credit cards.
The Code Compliance Monitoring Committee report found that banks are not inquiring about customers particular circumstances, financial situations or ability to pay back credit balances when offering credit limit increases or issuing new cards.
These findings come as banking customers in Australia are being slugged a staggering $5.5 billion in interest charges a year.
At the same time, Malcolm Turnbull is claiming that his house of reps committee ‘big fix’ to all the issues in the banking sector is holding the banks to account, but the evidence shows a very different picture.
For way too long banking customers have been ripped off when it comes to credit cards.
Hidden charging, high interest rates, high annual fees, expensive rewards programs, exorbitant late payment fees and inappropriate lending practices have resulted in customers being slugged unfairly whilst the banks make millions in credit card profits.
Report after report is finding that the banks do not have the best interests of customers at heart but the Prime Minister continues to defend the banks instead of showing leadership and delivering the credit card reforms that the Government promised almost a year ago.
TUESDAY, 21 FEBRUARY 2017
Senator Katy Gallagher is Labor's Shadow Minister for Small Business and Financial Services.