Switch credit cards to take advantage of new rules

Credit card reforms introduced on July 1 last year only affected new credit cards taken out after this date and were not retrospective. Consumers using cards issued before the reforms could be paying a higher price by missing out on big changes.

“Switching credit cards to take advantage of the change to the repayments reform can really help people pay off their debt faster and potentially save you hundreds of dollars in interest charges," said an analyst.

"For people who have problems managing their debt, it's worthwhile looking at switching because there's other reforms that aren't retrospective that help you manage your card better."

Source: The Daily Telegraph