Plastic Fantastic retrain so

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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.