Did you know? New Rules for Credit Cards

Dec 19, 2018 | News

Woman holding a wallet with many credit cards

From 1 January 2019 if you apply for a credit card, the credit card provider must check that you can afford to pay off the whole credit limit in three years.

Credit card limit increases

Also, credit card providers cannot contact you in any way to offer to increase your credit limit.  (Like they can’t ring you, send you stuff in the mail or email you to ask if you want to put your limit up.)  

Even if you said before that you want to get offers about credit limit increases, they’re STILL not allowed to contact you anymore. This is for both new and existing credit cards.

For credit cards provided from 1 January 2019, credit cards providers must let you reduce your credit limit or cancel your credit card online.

Money Mob recently partnered with the Central Desert Regional Council (CDRC) to deliver information sessions to aged care residents in Atitjere, Ti Tree, Wilora, Willowra, Laramba, Yuelamu and Lajamanu.

Alongside the residents, staff and carers had a chance to learn skills in financial literacy, saving goals, debt, financial abuse, humbug and making informed decisions when spending.

We provide practical financial literacy training services for individuals to gain confidence and competence in essential financial life skills.

Interested in learning more about our training services?
Get in touch with our friendly service providers for more information.

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