Credit card contracts to be without the jargon
31 July 2009
The Australian credit cards market will soon feel the effects of its latest Mutual Banking Code of Practice, which will introduce new consumer-friendly regulations for all building societies and credit unions nationwide. This new Mutual Banking Code of Practice will now dictates that all product information is supplied to consumers in clear, straightforward English. This is particularly adamant for all parts of a credit cards contract that relates to fees, interest rates, and any charges that apply to the credit cards on offer.
In addition to this clear language to relate to all matters on fees, charges and interest rates, the Code of Practice also dictates that all Australian credit unions and building societies should now also play a more active role in people's credit cards activities by that people don't borrow beyond their means and can't make their repayments, fair terms must be implemented on all products and that members must be informed of any fees and charges applicable, any exception fees must be compared to actual costs, and finally that advice and dispute resolution services must be available to all customers.
The Mutual Banking Code of Practice dictates what credit unions and building societies owe in their responsibilities of their lenders and the rights of members and benefits almost 4.6 million customers nationwide.
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