Reforms mean time is right to compare credit cards

19/07/2012

Recent reforms will put credit card users in the drivers' seat, and make it a better time than any to compare various card deals.

Changes to Australia's credit card system were announced on July 1, and include a sweeping range of upgrades giving consumers more information and fewer fees.

Over-the-limit fees will be banned, and card users will be able to pay off their debt quicker, as payments will be directed at the debt with the highest - not the lowest - rate of interest.

Consumers will also be better-informed, through statements showing how much debt they have remaining, and a ban on unsolicited credit limit offerings.

Source: The Australian