Bankwest will raise the late payment fee on its Easy Money Mastercard to $30 from November statement cycles, the latest issuer tweak as Australian Securities and Investments Commission design-and-distribution rules force banks to show how penalty revenue subsidises low-frills cards.

What is changing

Customers who miss the minimum payment by more than three business days will see the higher fee on November and December statements, up from $20. The purchase rate remains 26.99 percent per annum, among the highest on mainstream Australian cards, but Bankwest said the late-fee move aligns with its target market statement: borrowers who carry small balances and occasionally miss due dates.

In product disclosure updates filed Tuesday, Bankwest parent Commonwealth Bank noted that Easy Money does not offer balance transfers or rewards, meaning fee income is the primary way the card covers unauthorised-transaction screening and call-centre costs. ASIC’s regime requires issuers to review whether those fees still suit the intended cohort of younger and thin-file customers.

BNPL overlap

The timing coincides with the transition of buy-now-pay-later providers into the same consumer-credit code that governs cards. Nathan Price’s desk has tracked several banks using card late fees as a benchmark when arguing that BNPL late charges should face similar caps. Consumer Action Law Centre said $30 is still high for a card marketed to entry-level borrowers, especially as living-cost pressures push more households to pay minimums only.

26.99% purchase rate

Bankwest is not alone. Other issuers have quietly adjusted fee schedules ahead of November compliance attestations. Westpac’s low-rate cards now text customers three days before due dates, a service Easy Money will add in December according to the filing.

What to watch

AFCA complaints data for the September quarter, due next month, will show whether late-fee disputes are rising faster than security disputes. For now, Bankwest is betting that clearer SMS reminders will cut delinquencies enough to offset any reputational hit from the $30 line item.

Comparison shopping

Canstar data show the average late fee across Australian cards sits near $25, meaning Bankwest’s new $30 line is high but not an outlier. Customers who qualify for low-rate cards from credit unions may still find sub-20 percent purchase rates, though those products often require higher minimum incomes. Price comparison sites have already flagged the Easy Money change in email alerts sent to subscribers who track fee movements weekly.

Bankwest said hardship customers can request fee waivers through its financial-assistance team, a process that requires documented income shock but does not automatically freeze interest accrual. Consumer groups want ASIC to publish waiver rates by issuer so borrowers can see which banks actually grant relief.