Defined Terms and Documents       

OverLimit Fee means a fee charged by a Credit Card Issuer to a Credit Cardholder that exceeds its Card Limit - all such fees listed in Credit Cardholder Fees.

"Credit Card Over-the-Limit Regulations" informs that Credit Card Issuers are prohibited from charging an OverLimit Fee on Credit Cards opened after 1 July 2012.

From 1 July 2012, Credit Card Issuers must not charge a fee on a new card if your Credit Card goes above the Credit Limit, without first getting your agreement.  You can withdraw your consent to this at any time.  If you opt out of these over limit arrangements, the Credit Card Issuer can still allow you to temporarily exceed your limit, but must not charge you a fee for doing so.

"Banks boost penalty charges" - SMH - Aug 2005  shows the quantum of such fees being charged prior to 1 July 2012.

- ANZ $35

- Westpac $30

- Bendigo $27.50

- Commonwealth $25

- National $25

- St George $30

Citibank continues to charge an OverLimit Fee of $40 every monthly statement (for accounts opened prior to 1 July 2012).

See: Typical credit card fees and how you can avoid them

"NATIONAL Australia Bank is the only big four bank to cut over-the-limit credit card fees for new and existing customers.
New regulations, which came into effect on July 1, 2012, require banks to axe the fees only for new customers.  Applying the changes across its entire credit card portfolio is estimated to have cost NAB $37 million.
Its remaining three rivals, the Commonwealth, ANZ and Westpac, are likely to have saved up to $47m by only changing over-the-limit fees for new customers.
NAB was also the first bank to change its “payment hierarchy” so that debts accruing higher interest rates are paid off first when repayments are made.
Source: The Australian