Central Banking

RBA tackles hidden fees in credit cards

The Reserve Bank of Australia ruled on Monday 23 February that Visa's debit card was a payments system and covered by the Payment Systems Act, allowing the bank to set standards for the card.

Visa's general manager, Bruce Mansfield, said on Monday "we worked in a constructive and co-operative manner to try and resolve the Reserve Bank's concerns about Visa debit, so we are naturally disappointed that this process has been abandoned in favour of regulation".

The Reserve Bank last year forced cre