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It has been revealed that Australia’s banks earn billions of dollars simply from charging consumers and businesses extra fees. Each year there seems to be an increase on the amount banks are able to receive, which means, consumers charges are increasing yearly. It can be seen that credit card is one of the causes to it and consumers should be aware of it.

Charges are usually made from fees known as the “exemption fee”, this happens when consumers fail to follow the terms of the banking rule. There are examples such as when consumers forget or are late to pay for their credit card on time, spending over the credit card limit or been taking cash out that excess the promised limit.   

Tips for consumers to be aware of, to help reduce unnecessary cash surcharge:

1. Sometimes when consumers are in need of cash, an ATM nearby would do, but although it might save a little time to find another ATM that your banking account belongs to, you would most definitely be charged extra cash for taking cash out from an ATM system that your savings card doesn’t belong to. For example, if you have a savings card for Commonwealth bank, and you went to a St George ATM to take some cash out, you would be charged cash for using the system that doesn’t belong to your bank, but if you used a Commonwealth bank’s ATM, it will be absolutely surcharge free except on some different cases, when your banking account doesn’t say you get free of charge from using the ATM.
   
   
2. Know how the credit card system works on your plan. Note to yourself that there are repayments you have to make, so don’t use your credit card for any reasons and have limit to what you use for. The interests you have to pay for will be ongoing as long as you use your credit card as a replacement of cash.
   
   
3. Choose your credit card wisely. You should know that the better the credit card sounds with all the points and rewards system, the more interests you have to pay the bank. Is a credit card very important to you? Do you really need to use it frequently? If the answer is no, you should change your credit card back to a normal, no-annual fee charge credit card over the gold or platinum systems they offer you. Don’t be fooled by the rewards system, because by the time you pay a whole year of interests, you could’ve got something better than the rewards they offered.
   
4. Always know approximately how much cash you have got in your account for withdrawal. Make sure you don’t over withdraw from your account because that may cause banks to charge you up to $30 to $40.

Banks sweet talk you to awesome repayments they offer you such as points system with the gold card. They seem like great offers but the actual fact is they attempt to sell consumers plans that give them the best repayments in return.

Cash Finance take no liability on content shown, please consult your legal adviser before making any financial decision.