Major lenders and banks have begun discussions with the new federal government over the credit card reforms that were such an issue during the recent electoral campaign.

Representatives from the National Australia Bank (NAB) held such conversations last week, and the following Monday released brand new rules expected to assist cardholders. The bank previously made changes to its credit card and banking fees earlier in the year.

The move made by the fourth-largest bank in Australia is setting a precedent amongst the major domestic banks. NAB currently has 13 per cent of the credit card market; the bank hopes the new rules will increase its market share.

It’s also reported that executives from the Commonwealth Bank (CBA) were the first of such lenders to meet with officials, just after the new government was sworn in. Topics of conversation included credit card reform and the stability of financial markets. Cardholders with CBA are still awaiting reforms from that meeting to be announced by the bank.

Banks are attempting to work with the government, as the Labour Party emphasised credit card and banking reforms throughout the campaign, including prohibiting unwarranted credit limit extensions and fees charged on overdrawn accounts. Other political parties are also closing in on lenders, advocating further reductions in credit card and banking fees.

Australia and New Zealand Bank (ANZ) plans to meet with government officials later this week, to discuss impending changes as the bank would like government direction.

Despite the recent government grievances, the credit card industry is a significant one, as Australians rely on credit cards to make daily essential purchases. Australians pay $18 billion on credit card repayments each month.

Source: http://www.theaustralian.com.au\