An estimated 7 million “buy now pay later” users will soon see new laws introduced by the federal government that aims to better protect them against financial abuse. A new Treasury paper released by Financial Service Minister Stephen Jones today suggests buy now pay later players could soon be subject to the same laws as … Continue reading “The Buy Now Pay Later Credit Card Duck Just Got Shot!”
After falls in credit card balances, the worm is turning, and so I discuss the types of cards and their users, with Steve Mickenbecker from Canstar. There are a number of traps for the unwary, which enables banks to improved their profit, but at the cost of their customers. And we recommend one of the … Continue reading “What’s On The Credit Cards Really Counts! With Steve Mickenbecker”
Are you on the right credit card? If not you are probably paying too much. I discuss this important issue with Canstar’s Steve Mickenbecker. https://www.canstar.com.au/author/steve-mickenbecker/
Are you on the right credit card? If not you are probably paying too much. I discuss this important issue with Canstar’s Steve Mickenbecker. https://www.canstar.com.au/author/steve-mickenbecker/
Superfund-owned bank ME has shelved plans to launch new credit cards after witnessing the success of “buy now, pay later” players like Afterpay and Zip, via Investor Daily. The bank posted its full-year results this week, which showed that statutory net profit after tax fell by nearly 25 per cent to $67.1 million, down from … Continue reading “Afterpay Success Disrupts Bank’s Credit Card Strategy”
Brokers should be applying new credit card assessment rules to their loan applications, the solicitor director of The Fold Legal has suggested. Via The Adviser. The Australian Securities and Investments Commission (ASIC) last year announced new assessment criteria that is to be used by banks and credit providers when assessing new credit card contracts or credit limit … Continue reading “New credit card rules will impact brokers, says lawyer”
Consistent with our thesis that the big tech players are well positioned to disrupt the finance sector, Apple has moved further into financial services with the launch of a new credit card for its iPhone users, at its event today. Users will be able this facility anywhere that Apple Pay is accepted. The new credit … Continue reading “Apple launches credit card”
ASIC has released Report 604 Credit card lending in Australia – An update (REP 604), which sets out the changes being made by lenders to help consumers with credit card debt. In July 2018, ASIC released Report 580 Credit card lending in Australia (REP 580), which found more than one in six consumers is struggling with credit … Continue reading “Lenders commit to improve credit card practices following ASIC review”
Law firm Slater and Gordon has filed class action proceedings in the Federal Court against National Australia Bank and MLC on behalf of customers sold worthless credit card insurance. Slater and Gordon Class Actions Principal Lawyer Andrew Paull said the action alleges MLC and NAB engaged in unconscionable conduct, in contravention of the Australian Securities … Continue reading “Class Action Suit Launched Against NAB, MLC On Worthless Credit Card Insurance”
Following consultation, ASIC has set a three-year period to be used by banks and credit providers when assessing a new credit card contract or credit limit increase for consumers. From 1 January 2019, under the revised responsible lending obligations, a credit card contract or credit limit increase must be assessed as unsuitable if it is … Continue reading “ASIC prescribes three-year period for credit card responsible lending assessments”