NAB drops late fee for credit card users

NAB will cut fees for reliable credit card users as part of fee changes across 50 products.

NAB sign on building

File photo Source: AAP

NAB is removing 50 fees from various products including late payment fees for reliable credit card customers.

Customers who made their minimum credit card repayments on time for 11 previous months will have a $15 late payment fee waived from July, a move that will benefit about 20,000 customers.

Other changes include removing a $10 monthly fee for NAB Connect, which is for business customers, and another nine fees related to the service - benefiting about 65,000 customers.

NAB chief customer experience officer Rachel Slade said the change was in response to customer complaints.

"We have more than 400 fees across our operations and we see a big opportunity to radically reduce this number by simplifying the way we charge fees, and in many cases, removing them altogether," Ms Slade said in a statement, with hundreds more fees to be addressed over the next two years

The move is one of a number of changes by NAB following the banking royal commission, which itself came after a 2015 parliamentary inquiry into the Australian credit card market.

Last year law firm Slater and Gordon filed a class action against NAB and MLC Limited on behalf of customers who were mis-sold NAB Credit Card Cover.

NAB have taken action, or are in the process of taking action, on 26 of the final royal commission report's recommendations.


Share

2 min read

Published

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world