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ANZ boss apologises for not making credit card changes clearer

ANZ’s chief executive has apologised for a letter which he says didn’t make changes to the bank’s credit card program clear.

3AW received a call from Colin, who said his annual fee had recently jumped from $40 to $240 without explanation.

ANZ CEO Shayne Elliott said it was part of the bank’s plan to “clean up” its credit card system.

However, he said the bank had failed to make it clear that low fee options were still available.

“What the letter should have said is that we do have a low-fee card and it’s very easy to switch to that card,” Mr Elliott said.

“Where we have tripped ourselves up, and I accept responsibility for this, is that when we’ve been changing people’s cards – because we’re trying to clear that portfolio up – we haven’t made it clear how people can switch to the card that’s best suited to what.”

He said another letter would be issued, hopefully clearing up the matter.

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