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Young Australians are turning back to credit cards, but they’re not always a good idea.

Beware the hidden landmines in our credit card fees

Penalty interest rates are often wildly out of step with the Reserve Bank’s steadily falling cash rate.

  • Noel Whittaker

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ASIC chair Joe Longo (left) and commissioner Alan Kirkland urged CBA to rethink its stance on fee refunds.

‘Do the right thing’: ASIC raises pressure on CBA over refund refusal

The corporate regulator has invoked the “pub test” and warned it could consider legal action as it urges the country’s biggest bank to refund “excessive” fees.

  • Clancy Yeates
The corporate cop says banks will pay $60 million in refunds to customers eligible for lower-cost accounts.

Banks to refund millions in fees to more than 700,000 customers

The regulator is forcing banks to cough up more refunds to customers who were in high-fee bank accounts despite being eligible for cheaper products.

  • Clancy Yeates
Airline loyalty card schemes, which on sell data to brokers, are being investigated as part of a review of data broker practices.

Warning to Australians who use credit cards to earn airline points

The generosity of rewards schemes could be scaled back if a proposal to ban surcharges for card transactions goes ahead.

  • Elias Visontay
Commonwealth Bank is introducing two-factor authentication for desktop banking.

‘Convenience is at odds with security’: Why it’s going to be slower – and safer – to access your money

Payments experts say banks have been ‘slow out of the blocks on digital security’. The banks say they’re world leaders.

  • Madeleine Heffernan
Banks have cut some interest rates on savings accounts by more than the moves in the cash rate.

How banks are muddying the waters for savers as interest rates fall

In the past, lenders have fiddled with mortgage rates to prop up the bottom line. These days, analysts say they will look elsewhere.

  • Clancy Yeates
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Do teller … these customers may be digitally connected but they’ll still queue for an old-fashioned bank teller.

Remember bank tellers? I found one and defeated faceless banking in a single day

I visited my local bank – masquerading as a coffee shop – and coaxed them into taking my money. Why did it feel like I’d pulled off a heist?

  • Jo Pybus
A string of allegations has been made about HSBC’s failings to protect its Australian customers from scams.

‘Losses will continue to mount’: Bank staff’s security warnings before massive scam cost customers millions

HSBC customers lost more than $40 million to impersonation scams. The corporate regulator is suing the bank for failing to protect them.

  • Aisha Dow
In principle, negative gearing isn’t even a tax concession, so it shouldn’t be included in Treasury’s tax expenditure statement.

Australia’s inconvenient truth: Are we really in mortgage stress?

Despite the narrative of high interest rates crippling borrowers, most mortgage customers didn’t seize on the February rate cut to reduce their monthly payments.

  • Elizabeth Knight
Suspected fraudsters are gaining access to thousands of Australian bank accounts each year.

No-ID-necessary accounts make Australians an easy target for fraudsters

Some accounts are stolen, some are bought and some are just plain fake, but all are used to reap millions of dollars from scams.

  • Aisha Dow

Original URL: https://www.watoday.com.au/topic/banking-products-hvm