NAB a step ahead of competition

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HSBC Credit Card	17.99% p.a.	0% p.a. for 6 months

How’s the weather up there? NAB claims moral high-ground and attracts new customers by cutting fees across their products.

The National Australia Bank (NAB) announced earlier in the week that it will be scrapping over-limit fees for all of its customers.

Recent government reforms banned lenders charging over-limit fees to new customers, but NAB has extended this reform to all existing account holders too.

The NAB is the only one of the Big Four banks to cut over-limit fees for new and existing customers, a move which is estimated to cost have cost the bank $37 million in lost revenue.

But it’s not all bad news for NAB who have attributed the reduction of fees to a rise in credit card market share.

NAB now holds 13.8% of the credit card market but sits in fourth spot behind the other Big Four banks who hold over 20% of the market each.

NAB have been the most progressive of the Big Four Banks since 2009 when they launched their ‘fairer banking campaign’ – where it was so righteously proclaimed that Australians are an honest lot and deserve a banking system to match.

Since then NAB have been rolling out the reforms ahead of time, taking the high-ground from their competitors who have all waited till the eleventh hour before implementing the mandatory government regulations.

NAB hopes these measures will attract new customers. And with the other major institutions sitting on their hands, why wouldn’t it?

A timeline of NAB’s changes

• Dec 2009: Credit card over-limit fee reduced from $30 to $5.00.
• Jan 2011: Allocation of payments overhauled.
• July 2012: Government reforms.

Should the other banks follow suit? Tell us what you think.

If you’re fed up with your lender not cutting its customers any slack, compare and switch.

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HSBC Credit Card	Bankwest Zero Platinum Credit Card	Virgin Flyer Credit Card	ANZ Low Rate
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			Interest rate (p.a.)	Balance transfer rate (p.a.)	Annual fee	Cash advance rate (p.a.)
	ANZ Low Rate	A low rate on purchases, balance transfer and a low annual fee.	13.14% p.a.	0% p.a. for 9 months	$58 p.a.	21.49% p.a.
	HSBC Credit Card	No annual fee for the life of the credit card. Plus a low balance transfer offer.	17.99% p.a.	0% p.a. for 6 months	$0 p.a.	21.99% p.a.
	Bankwest Zero Platinum MasterCard	Exclusive Offer to Credit Card Finder. No annual fee credit card with platinum benefits.	17.99% p.a.	0% p.a. for 9 months	$0 p.a.	21.99% p.a.
	Commonwealth Bank Low Rate Credit Card	A low interest rate offer on purchases and balance transfers.	0% p.a. for 5 months (reverts to 12.99% p.a.)	5.99% p.a. for 5 months	$78 p.a. ($48 for qualifying customers)	21.24% p.a.
	ANZ Platinum Credit Card	No annual fee for the first year and a balance transfer offer.	19.39% p.a.	0% p.a. for 9 months	$0 p.a. annual fee for the first year ($87 p.a. thereafter)	20.99% p.a.

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.