Banks face fines for unsolicited credit card increase offers

Banks face fines of up to $220,000 for unsolicited offers of raising customer credit card limits under a tough new lending shake up from July.

Lenders who break the National Consumer Credit Protection legislation face criminal sanctions as part of moves to offer greater protection to consumers.

From July 1, lenders will not be allowed to let consumers spend more than 10 per cent above their current credit card limit.

Click here to read the full story.

Contact us today to trial our  Competition and Consumer Point-in-Time service or to find out more about this product.