Brace for flurry of credit card offers

Credit card companies have been told they are not allowed to send people credit cards that haven’t been applied for but they are still allowed to send letters to consumers offering them pre-approved credit cards.

ASIC has issued a regulatory guide to credit card issuers ahead of expected changes to the law that will require lenders to comply with responsible lending provisions of the new national consumer laws. The new laws are still 18 months away and consumer groups expect a lot of marketing activity by card companies before then.

Source: Sydney Morning Herald