Credit card shake-up to leave Christmas shoppers vulnerable
Australians loading up on credit cards this Christmas, assuming they can transfer the debt to a card with an interest-free period next year, are in for a shock.
New rules from January 1 mean some people who apply for credit cards will be either refused or offered a lower credit limit. That includes those applying for a balance-transfer card with a zero-interest period.
Under the rules, credit providers must check the debt-servicing capacity of customers more thoroughly before issuing cards. Sydney Morning Herald – Read more…