Australian lenders have quietly increased the revert rate on balance transfer credit cards. The average for this interest rate, which is applied to balance transfers after the introductory period has expired, has increased almost 4% to 18.39% since December 2007. The revert rate is considered a “hidden” interest rate, as it is the higher rate that is rarely advertised, in comparison to the low introductory rate. read more..

AFR Smart Investor, in conjunction with the research group InfoChoice, recently distributed Blue Ribbon Awards to banks offering the best financial products, including credit cards.

Full-featured credit cards are once again popular, as banking customers seek cards that offer rewards and loyalty points in exchange for their business. read more..

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. read more..

Consumer advocacy group GetUp! has set its sights on a new campaign aimed at recouping moneys lost by consumers.

The organisation and its 375,000 members aim to force banks to decrease penalty fees and even refund fees paid in the past. If banks fail to provide satisfaction, the organisation says members will move their funds and business elsewhere. Penalty fees are fees imposed on cardholders as a result of late payment or over limit charges. read more..

Ezidebit, an Australian provider of outsourced electronic payment solutions, was recently awarded the Australian Business Award for 2010 in the category of financial services, making it the premier third-party debit provider. read more..