RBA wants more credit card issuers in Australia

The Reserve Bank says the rules governing Australia's credit card regime are too onerous and should be changed to allow more companies to enter the local market.

The RBA says it is aware of "at least nine" companies that want to issue credit cards.

The RBA wants to relaw credit card rules to allow more competition in the market. The Australian Prudential Regulation Authority also wants changes to rules covering credit cards.

Source: Sydney Morning Herald