Banks probed on credit card fees
9:00AM Thursday May 03, 2007
The Commerce Commission has begun investigating banks over the fees they charge for late payments on credit card bills.
A spokeswoman said levies were being checked against the Credit Contracts and Consumer Finance Act, which says late payment fees must be "reasonable".
Payments have soared from about $10 seven years ago to to $49 today, on top of nearly 20 per cent interest rates for most credit cards. Most banks appear to charge about $25 a month for missed minimum payments.
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