Credit card hopefuls apply to APRA

Applications from potential entrants to the credit card market are in the pipeline, the Australian Prudential Regulation Authority has revealed. Applications from several specialist credit card providers are being assessed, though none has been approved at this stage. APRA confirmed that one company already established in Australia and several non-traditional players are among the applicants. Meanwhile, ASIC has expressed concern about the information given to credit card holders on the costs and conditions of loyalty schemes. ASIC said it's concerned about the “asymmetry of information” between card issuers and card holders.