New credit card statements arrive

Credit card holders are now getting their first monthly card statements since major law changes that came into force in July.

They now include personalised information about how long it would take you to pay off your entire balance if you only make minimum repayments.

The good news is that the new banking reforms make changing cards easier. And there are credit cards that are slashing their rates in the search for new customers, even if most card rates remain immune to recent big rate cuts from the Reserve Bank.

The first major credit card issuer to adopt the reforms was National Australia Bank.

Source: Courier Mail