Quotes attributable to CHOICE Banking Policy Expert Patrick Veyret:“This announcement from NAB is a step in the right direction. It’s clear the credit card market needs reform.”
“For too long, banks have profited from the complexity of credit cards. The interaction of annual fees, different interest rates for purchases and cash advances, interest-free periods and minimum repayments make it hard for people to understand what they are really paying. That sees many people trapped in a cycle of debt.
“While this product won’t be right for everyone, it’s a lot simpler to understand than most credit cards.
“Importantly, this new card will be subject to responsible lending laws, unlike buy-now, pay-later products like Afterpay that have been designed to exploit legal loopholes.”
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