Reforms make credit cards better

Credit card fact sheets must now be provided for each new credit card sold, which display key pieces of information in a standardised format.

This makes it easier to compare the rate and fees that apply to different cards, and it's worth asking for a fact sheet if you are shopping around for a new credit card.

You'll also be able to request your own credit limit on a new card, and this is a great opportunity to put a cap on the amount of card debt you can take on.

You can no longer be charged “over the limit” fees on a new credit card, and best of all, any payments you make will be directed to those parts of your card balance that attract the highest rate like cash advances.

Source: Fraser Coast Chronicle

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