Credit card repayment reforms come into force

29/06/2012

From 1 July 2012 changes to ALL credit card contracts mean:

Offers by card providers to increase your credit limit will be banned unless you expressly agree to receive them.

Your monthly statements will include personalised information such as how long it would take you to pay off your entire balance if you only make minimum repayments. This will help you make more informed decisions about how much to pay off each month.

Credit card providers will need to clearly show how their interest free periods work. This will make it easier for you to take advantage of these offers and benefit from the reduced amount of interest you are charged.

Source: AustralianBankingReforms.gov.au