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KiwiBank Credit Card Fee Removal Welcomed by MoneyHub

KiwiBank Fee Slash Welcomed by MoneyHub, Issuing Challenge to Other Banks to Follow Suit

KiwiBank’s decision to drop a number of credit card fees and significantly cut the price of other fees is welcomed by personal finance website MoneyHub and encourages other banks to follow suit.

MoneyHub’s Senior Researcher Christopher Walsh said:

“We’re delighted to see these significant fee reductions, which cover anyone losing a credit card, going over the limit, needing emergency money overseas and many other situations”.

“We applaud KiwiBank for doing the right thing and dumping fees that have been highly profitable but give little or no value to the customer – over limit fees being one example”.

“The new fees, effective 15 October 2018, see the current $52 fee for needing money overseas without a card drop to $0. The urgent credit card delivery fee (to a New Zealand address), currently $26, falls to $2.60. KiwiBank has also announced that requesting a statement copy will become free to request”.

“Only the fee for late payment increases, from $3 to $5, while the annual fee of the low-rate Mastercard drops from $50 a year to $48.

“MoneyHub sees this as helpful fee cut, and we hope other banks will follow suit and give Kiwis struggling with their credit card bills a bit more breathing space when it comes to fees”.

“The changes come into effect in the coming weeks, and MoneyHub wished to publicise this fee cut to encourage other New Zealand banks to match the KiwiBank offering and work towards saving Kiwis money on everyday banking fees”.

MoneyHub has updated its best credit cards and guide to credit cards to reflect the fee changes.

Table 1 – Fees being removed altogether from 15 October 2018

Fee typeCurrent feeNew fee
Over limit fee$5$0
Statement copy fee$5$0
Voucher copy fee$15$0
Contact centre high use feeVariable$0
Emergency cash advance overseas$52$0


Table 2 – Fee changes effective 15 October 2018

Fee typeCurrent feeNew fee
Low Rate Mastercard account fee$25 every six months$24 every six months
Domestic cash advance fee$1 per transaction$0.90 per transaction
Late payment fee$3 per late payment$5 per late payment
Replacement card fee$10 per request$9.50 per request
Urgent card delivery fee to a New Zealand address$25 for metro deliveries; applicable courier charges elsewhere$2.60 per delivery


ends

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