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Banks propose credit card review

A PROPOSAL from six Australian banks to review the process and methodology of setting credit card interchange fees has been approved by the Australian Competition and Consumer Commission.

The proposal from the Commonwealth Bank, ANZ, Westpac, BankWest, the Bank of Queensland and St George also includes a review of the restrictions on entry to credit card schemes imposed by existing membership rules.

The ACCC informed banks in March that the process of setting interchange fees breached the Trade Practices Act. It is now taking court action against the National Australia Bank.

Credit card interchange fees are charged on the transmission of information from a merchant’s bank to a purchaser’s bank following a credit card transaction.

ACCC chairman Allan Fels said the commission would not take court action against the six banks while the review was proceeding satisfactorily.

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