Switching credit cards is about to get even easier

Treasurer Scott Morrison has produced a consultation paper on credit card market reforms. Among other measures, credit card issuers will have to provide consumers with online options to initiate a card cancellation or reduce their credit limit.

Issuers will also have to provide information about potential savings from switching to lower-cost alternatives and provide information on the annual cost of credit card use and prominently display annual fees.

Source: Banking Day