Banking & Finance
4. Getting a Credit Card
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 22 Jun 2015
- Credit cards provide customers with the opportunity to purchase goods and services by using borrowed money. If you purchase items on credit you will need to make minimum monthly repayments to the bank.
- Most credit cards also charge an annual fee to the customer for their usage.
- Credit card providers are not allowed to send out invitations to customers to receive new credit cards or to have their limits increased without the customer’s permission.
- Businesses must display information about additional fees and charges that are to be charged to customers who choose to pay by credit card.
- Your bank must give a 45 day notice to credit card customers regarding:
- changes to credit card interest rates;
- changes to fees; and
- changes to the terms and conditions of using a credit card.
- Banks must provide credit card customers with the option to cancel their credit card before the changes are introduced.
- Banks are required to provide credit card customers with their monthly account at least 21 days before payment is due.
View more Information on Industry Areas