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