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Changes to your Credit Card

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The new Federal Government Credit Card legislation will come into effect from 1 January 2019, this will change how you can change and cancel your Credit Card limit and also how interest is calculated on your Credit Card/s.

Here are the changes and how these changes may affect you.

Credit Card limit reductions and cancellations

You now have the option to reduce or cancel your credit card/s online via our website in the Visa Credit Card page.  

Calculating Credit Card interest charges

Banks and Credit Card providers can no longer retroactively charge interest on Credit Card balances. Currently, when you do not pay the full closing balance as shown on your statement, interest charged on purchases is calculated from the date the purchase was made. This is changing. 

From 1 January 2019*, if you do not pay the full closing balance as shown on your statement, interest for purchases will start being calculated from the day after the payment due date.

*Note: Due to IT system constraints, the implementation of law reforms relating to charging of interest on Credit Card accounts has been delayed until 1 June 2019. To ensure that you have not been adversely affected, we may refund some interest charged from 1 January 2019 to 1 June 2019. This refund is to ensure that you are not charged more interest than if the law reforms had been implemented from 1 January 2019.