You should read the ‘key facts sheet when you apply for a credit card’

You should read the ‘key facts sheet when you apply for a credit card’

Charge card key points sheet

that you must be given by the lender. This sets out of the:

  • minimum repayment (or how it shall be determined)
  • rate of interest that relates to acquisitions and payday loans
  • interest price that applies to balance transfers (as well as just how long)
  • marketing rate of interest (if any)
  • amount of the interest-free duration (if any)
  • yearly and belated payment charges (if any).

Minimal repayments that are monthly charge cards

Your credit that is monthly card must inform you the length of time it could try pay back your complete stability by simply making minimal month-to-month repayments. In the event that you only result in the minimum repayment every month, you can expect to pay more interest and it surely will simply simply take you much longer to cover the balance off. Make use of the bank card calculator on ASIC’s Moneysmart site to exercise how exactly to spend your card off faster.

Bank card restrictions

It is possible to pose a question to your bank card provider to boost your credit limit at any time, nonetheless they cannot contact you by any means to provide to improve your credit limit – even though you formerly opted to get these offers. This relates to both brand new and current bank cards.

In the event that you exposed your bank card account on or after 1 July 2012, credit card providers should never charge a charge a fee whenever your card goes over the borrowing limit, without first having your contract. You can easily withdraw your permission for this whenever you want.

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