Green MP seeks wider credit card reforms
News from Sydney Morning Herald:

Greens MP Adam Bandt wants new credit laws to apply to existing cards and accounts as well as new ones. Photo: AP

THE Gillard government’s planned crackdown on credit card fees and conditions faces an eleventh-hour test, with a pivotal Greens MP calling for the new rules to be widened to apply to millions of existing cards rather than just new accounts.

With the proposed laws to be introduced into Parliament today, Greens MP Adam Bandt is planning an amendment so the rules apply to any new transactions made with existing cards. Currently, the planned rules will apply to cards issued after July 2012.

The national consumer credit reforms will ban unsolicited credit card limit increase offers and certain fees for exceeding credit card limits.

They will also see card repaym…………… continues on Sydney Morning Herald
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