New credit card reforms come into force
From 1 July 2012 changes to NEW credit card contracts mean:
Credit card key fact sheets will provide a standardised layout of key information.
You will have more control over the amount of credit you receive. When you apply for a credit card you will be asked to nominate a credit limit.
Over-limit fees will be banned unless you specifically agree that your lender can charge you a fee for the service.
You will be notified when you have exceeded your credit limit so you can decide whether to keep using your card or whether to make a payment to reduce your balance.
Credit card providers will be required to direct repayments to the most expensive part of your credit card debt first – making it easier to reduce your debt faster.