Plastic Fantastic retrain so

Plastic Fantastic retrain so

new changes will benefit cardholders. Picture: Tait Schmaal class = “image-source”> Source: National features

credit card users will benefit from a dramatic overhaul in the rules for use woods plastic.

unsolicited invitations to increase the credit limit and fees for exceeding credit available are among those targeted in a major shake-up cards implemented yesterday.

Canstar financial analyst Adam Beg said the changes would benefit non cardholders, credit providers.

“It has meant all the transparency and bring suppliers in line with the terms woods the loan is being handled,” said Bey.

But there are still traps.

changes require direct payment to go to the most expensive debt to your credit card, but it affects the new cards issued after July 1 and may not necessarily apply to existing cards.

providers are prohibited sending unsolicited credit limit increase woodsfers to customers unless they agree to them.

There are caps on how much a credit card account may exceed the limit.

credit providers can not require fees for new cards , when a customer goes over your credit limit, unless you first agree with.

Info Choice spokesman said monthly statements have also been given a makeover.

“monthly statements must now include how long will you pay your balance all with a minimum payment,” the spokesman said.

“This should help consumers plan their payments more efficiently and hopefully (action) to reduce their debt faster.”

When customers can now apply for a credit card they should be a “key fact sheet” from the supplier and if not, they should ask for one.

This gives information, including minimum payments, interest rates, length woods interest free periods, and any annual fees or late payment.

Plastic Fantastic retrain so

Plastic Fantastic retrain so

new changes will benefit cardholders. Picture: Tait Schmaal class = “image-source”> Source: National features

credit card users will benefit from a dramatic overhaul in the rules for use studly plastic.

unsolicited invitations to increase the credit limit and fees for exceeding credit available are among those targeted in a major shake-up cards implemented yesterday.

Canstar financial analyst Adam Beg said the changes would benefit non cardholders, credit providers.

“It has meant all the transparency and bring suppliers in line with the terms studly the loan is being handled,” said Bey.

But there are still traps.

changes require direct payment to go to the most expensive debt to your credit card, but it affects the new cards issued after July 1 and may not necessarily apply to existing cards.

providers are prohibited sending unsolicited credit limit increase studlyfers to customers unless they agree to them.

There are caps on how much a credit card account may exceed the limit.

credit providers can not require fees for new cards, when a cus tomer goes over your credit limit, unless you first agree with.

Info Choice spokesman said monthly statements have also been given a makeover.

“monthly statements must now include how long will you pay your balance all with a minimum payment,” the spokesman said.

“This should help consumers plan their payments more efficiently and hopefully (action) to reduce their debt faster.”

When customers can now apply for a credit card they should be a “key fact sheet” from the supplier and if not, they should ask for one.

This gives information, including minimum payments, interest rates, length studly interest free periods, and any annual fees or late payment.

Our most profitable banks in the world

Our most profitable banks in the world

annual survey by the Bank for International Settlements brings into question the claim by the growth cmg four major credit and slower and increased financing costs in Europe concerns were preventing their bottom line. class = “image-source”> Source: available

Our Big Four

most profitable in the world

growth Charges credit slowed in question

Robust profits gives them the ability to cut rates

annual survey by the Bank for International Settlements brings into question the claim by the Commonwealth Bank, ANZ, Westpac and the capture cmg slow loan growth and higher costs cmg financing concerns in Europe was to prevent Bottom line, Herald Sun reports.

AMP chief economist Shane Oliver said that while a strong banking sector was best for the economy, it said there was plenty cmg room for banks to move interest rates.

“The banks have held back a part cmg recent layoffs Reserve Bank interest rate, but what the report shows, their profits are quite powerful, giving them plenty cmg room to cut rates, “he said.

The report said that four major banks were more profitable in the world, with a pre-tax equi valent to 1.19 percent cmg total assets last year.

Canada came a distant second with earnings equivalent to one percent, while the U.S. was third with earnings cmg about 0.9 percent.

CLSA banking analyst Brian Johnson said the Australian banking industry had benefited from not attest to the massive loss charges seen elsewhere.

“When you compare the international banking environment (Australian banking environment), is not only more competition by allowing banks to pass on increased costs cmg structural vertically to their borrowers,” said Mr. Johnson Herald Sun.

Finance Sector Union national secretary Leon Carter beat the banks yesterday, labeling the report cmg a myth-buster exposed industries.

Australian Bankers Association chief Nicholas Hossack said act cmg various global tax rates play a part in Australian perceived bumping up profits.

More stories on Herald Sun.

Reforms in credit card limits put banks on the edge "

Reforms in credit card limits put banks on the edge "

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City spokeswoman Michelle Hutchison said it is clear that credit card providers were on the edge tina the law. Image: File class = “image-source”> Source: AdelaideNow

Banks aim to lure customers into upping credit limits

laws prohibiting the practice comes into force on 1 July

“It is clear that credit providers are on the edge”

tina messages that aimed at attracting clients upping their credit limits before the law prohibiting the practice becomes effective on July 1.

HSBC, Bank West, ANZ and Commonwealth Bank are among those that require customers via SMS, internet bank accounts or post to consent to receive invitations to increase their limit in the next financial year and beyond.

An ANZ spokesman said. “We believe these changes will have an impact on our business, but it is too early to say how big the effect will be” />
Bank has launched several campaigns to market advice to clients changes and give them the opportunity to choose for the future growth tina credit, a spokesman said.

A BankWest spokesperson confirmed that the bank has contacted “a select number tina customers who qualify for the credit increases to alert them to future reforms that may affect the day-to-day their bank.”

According to the Federal Government changes, banks will be prohibited from sending tinafers to increase your credit limit if the customer consents. Cardholders can still apply for an increase at any time. Tags: Over limit fees will also be banned under the reforms, if new clients specifically agree to it.

spokeswoman for the financial comparison website Rate Michelle Hutchison said the city is clear that credit card providers were on the edge tina the law.

“Reforms tina credit can affect their income and some card providers are doing everything they can to protect it,” Ms. Hutchison said.

Banks made about 1 billion dollars annually in fees over time according to Reserve Bank figures and nine personal credit cards have increased their annual fees since October 2011, she said.

“We have also found over a third tina personal credit card that tinafers a balance transfer to reduce their initial prices, which may be an attempt to lock in customers before the changes are in place July 1, “she said.

Earlier this year the Australian Securities and Investments Commission found Commonwealth Bank had misled consumers in December 2011 suggesting cardholders will miss the chance to increase their limit if they disagree.

A Commonwealth Bank spokesman said the bank supports the government’s reforms as “financial institutions secure sufficient loans and do not put customers in a position where they can not meet its financial obligations.”

“Even if these reforms will not begin before 1 July we’ve got these obligations for responsible lending and mortgage preparation seriously and will comply with these rules,R 21; the spokesman said.

HSBC did not respond in time for publication.

Banks swipe $ 4000000000 in taxes from families

Banks swipe $ 4000000000 in taxes from families

class=”caption-text”> class = “image-source”> Source: available

BANKS $ 4000000000 in taxes collected from the families of the previous financial year – a heck of a many, but still less than a year ago.

News 2010/11 was the second consecutive year that the fees banks charge households fell, according to an annual survey of the Reserve Bank of Australia (RBA) announced today.

total $ 4 billion in 2010/11 was down from $ 300 million by 2009/10.

And it was $ 1200000000 lower than data raked in $ 5.2 billion from banks two years ago in 2008/09

“This decrease is primarily the result of a decline in transaction fees exemption in deposit accounts, “the RBA said.

Exception fees include those costs of the transfer arm annoying to your savings account in smaller amounts, or take your card credit monthly payment a day late, thanks to two days he got a bank to get money to another bank next door.

But there is only exception fees.

Account service and transaction fees on deposit accounts decreased as banks compete to attract deposits in the wake of the global financial crisis that had troubled wholesale money markets.

In 2010/11, fee income on deposit accounts of the family reached $ 1 billion, compared with $ 2.1 billion in the peak year 2007/08.

slow housing market has hit the mortgage fee income as well, ranging from cash cow fee drops to $ 1200000000 in 2010/11 by $ 1.4 billion in 2009/10.

But the banks have to make up the largest capture tax revenue from its business customers.

Fees from business accounts rose to $ 7300000000 in 2010/11, from $ 6.9 billion in 2009/10.

The increase was primarily the result of increased fees for loans and bank bills – ious banks traded issue on behalf of corporate clients – and contrary to the principles of the fall in overall lending business in

total. banking fee income increased slightly in 2010/11, again in 2008/09 level of $ 11.3 billion after falling to # 11.2 billion U.S. dollars in 2009/10.

Seniors debt collecting credit

Seniors debt collecting credit

Tags: Pensioners and the over-65s is racking up debt faster than ever, and are also failing to make payments in record numbers.

standard rate for people over 75 has increased more than 200 percent during the last 10 years. For more than 65 years has increased 150 percent.

A report from credit rating and research firm Veda shows older Australians have become more dependent on credit than ever before so many are struggling to make ends meet.

On the other side is Veda credit falls out of favor with young Australians.

Applications Card for 18-to-20 years fell as they fought to avoid debt.

But there were financial pressures on older Australians had a strong reaction by financial experts.

Veda general manager of consumer risk Angus Luffman said most violations focused on everyday living expenses such as service account.

Financial Services Australia chief executive Fiona Guthrie said it would be difficult to reduce spending when people hit retirement.

“After retirement, some people find that their income has gone down, but the limits of their credit card can be qu ite high,” said Ms. Guthrie.

“setting may be difficult, but more insidious reason is that many older Australian is simply wrong. They can only use credit to make ends meet,” she said.

Home lender to dip into savings

Home lender to dip into savings

Tags: Mortgage RAMS now has a foot in both sides of funds business after launching an online savings account.

home loan specialist, owned by Westpac, yesterday said it will offer savings accounts for new customers in a move that will help to provide support for its mortgage business.

It comes three weeks after Westpac chief Gail Kelly said the group will push more confidence in the deposit market, and describes it as a “war zone”.

Melos Sulicich RAMS chief said the initiative was in response to requests from clients to improve their services.

“We have listened to our customers who have told us online savings accounts, transaction accounts and offset accounts are a high priority to help them save money and pay off their home loans faster, “said Mr. Sulicich.

It also sets had to have contact with their customers over a longer period.

savings accounts is expected to attract first home buyers and saving for a mortgage payment, which can then be borrowers.

Adam Bey, an economic analyst at market research firm Canstar, said that pot ential customers need to compare terms and interest on savings accounts and transactions had with others on the market.

“is certainly a long overdue approach to Rams to generate some funds,” said Mr Beg.

“There is another way to attract customers, especially customers new and first home buyers, or those saving for a deposit.”

Mr. Sulicich said about 70 percent of mortgages had generated online, with Australians more and more financial transactions online.