Credit cards providers expected to flood market
21 August 2009
Credit cards will no longer be allowed to be sent through the mail before any approval processes are completed according to new regulatory guide issued by the Australian Securities and Investments Commission (ASIC). According to the new regulations, credit cards providers will only be able to send letters to consumers offering potential customers pre-approved credit cards, but not the credit cards themselves.
However, these new regulations will not be put in effect for another 18 months leading consumer groups to predict a flooding of credit cards on the market and to potential customers. These consumer groups warn people not to fall for the easy trap of simply accepting a new credit card that has been sent to them in the mail.
The ASIC regulations that have been issued to credit cards providers in anticipation of new changes to laws requiring all lenders to comply with the new national consumer laws.
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