Fairer Simpler Banking

The Gillard Labor Government will introduce a Fairer, Simpler Banking policy to help give hard working Australians a better deal when it comes to credit cards.

The policies will give consumers a better deal on credit card fees and charges by ensuring that:

  • Consumers are not charged over-limit fees unless they specifically agree that their account can go over the limit.
  • Credit card providers must allocate repayments to higher interest debts first.
  • Interest charges are applied consistently under an industry-agreed standard, including when interest starts to accrue and on what balances.

Fairer Simpler Banking - Fact Sheet

 

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