Unsolicited credit card limit increases to be banned from early 2019 – Mozo.com.au

In a move aimed at improving consumer protection and addressing the nations mounting credit card debt, the federal parliament passed a suite of changes last week, including a ban which will stop banks and other providers from sending unsolicited card limit increase offers to their customers.

From January 2019, banks will also be required to offer customers an online option by which they can cancel their credit cards or make changes to their credit card limits.

“These reforms will provide vital protection to vulnerable Australians and improve competition in the credit card market,” Michaelia Cash, Minister for Jobs and Innovation, told parliament.

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