New rules likely for credit cards

Credit card limit increase offers and offers of new credit cards should be banned completely, finance commentator David Koch told the senate inquiry into credit cards. Currently customers can ‘opt-in’ to receive invitations to increase card limits.

Inquiry chairman, Senator Sam Dastyari, said a ban on unsolicited invitations for limit increases was a “no-brainer.”

“Kochie” said “predatory tactics” of some credit card issuers need to be banned while customers need to “take ownership” of financial decisions.

Source: Herald Sun