Responsible lending, stricter credit assessments and easier card cancellations.
The banking code of practice has unveiled its facelift today. The code was revised during 2016-17 and will apply from 1 July 2019. The code of practice includes measures to protect small businesses and consumers and covers everything from credit products to customer complaints.
For credit cards, the major changes concern responsible lending to protect cardholders and help them manage their accounts. From stricter credit assessments to the end of credit limit increase invitations, heres how the new banking code of practice will impact how you pay on plastic.
Banking code of practice: Summary for cr…
Read the full article at: https://www.finder.com.au/new-banking-code-of-practice-credit-cards-2019