Credit card reforms apply to new cards only

Choice spokesman Matt Levey said that while credit card reforms related only to credit contracts signed after July 1, they could be extended to older cards.

“We're optimistic that some banks are going to apply the reforms to some existing cards as well,” he said. “I spoke to a representative of a commercial bank last week, and they said it made no sense to apply over-the-limit fees to existing cards, but have a different system for new ones.”

“So the best bit of advice we give to people is, call your current provider, and ask them if they are applying all of the reforms to your current card.”

Source: The Australian