The Australian Tax Office will soon allow constituents to use credit cards to pay tax obligations owed to the government.

The decision is in response to a surge in internet and phone transactions during the first six months of the year. The government office believes more customers will pay their tax bills sooner, due to the ease and efficiency offered by credit card payments. read more..

Banks disagree with Labor’s election promise to prohibit penalty fees charged to credit card holders who exceed their credit limits.

Current regulations allow for penalty fees of up to $25. However, Labor has proposed banning credit card issuing companies from allowing a card to exceed its agreed credit limit, without the agreement of the card holder. read more..

AIA Australia will provide credit card insurance for Citibank’s credit card customers based upon a new five-year agreement recently signed. read more..

Three new financial products now offerred by Virgin Money, in conjunction with Citibank Australia, include an online savings account, a travel rewards credit card tied to the airline Virgin Blue, and another credit card with no annual fee. read more..

Credit card balances rose in May, driven by a combination of growing confidence in the jobs market and rising difficulty in making ends meet.

According to data recently released by the Reserve Bank, the average balance on credit cards rose 5% on an annual basis, the biggest surge in 25 months. On a monthly basis, the average balance in May rose to $3,248.60, an increase of $14.60 in the month. read more..