Central Banking

Banks in fight over card fees

AUSTRALIA - Banks and credit card issuers are in disagreement with the Reserve Bank of Australia (RBA) over credit card reforms.

The RBA says it has received 25 submissions to its consultative document into Australia's credit card system. Banks say the reforms will result in cardholders paying more for goods and services and losing interest-free periods. The RBA says the current system results in increased prices for consumers, irrespective of whether they use a card. Banks are particularly op