Have you heard? We’re implementing a number of beneficial changes to our credit cards from 1 January 2019.
How you manage your credit card facility and credit limit is about to get easier!
Earlier this year, Australian Securities and Investment Commission (ASIC) completed a review of responsible lending practices in respect to credit card facilities. As a result of that review, a number of beneficial changes will come into effect very soon.
From 1 January 2019:
- you will be able to cancel or reduce the limit on your credit card via Internet Banking or the Mobile Banking App (please note that minimum credit limits may apply). The cancellation or reduction will take effect from the date the completed request is received by Queensland Country. You will receive written confirmation once the request has been processed; and
- interest will only be charged from the expiry of your interest free period. Previously if a balance was unpaid at the expiry of the interest free period interest was charged from the date of transaction. Queensland Country does not retrospectively apply interest, credit fees and charges. The interest, credit fees and charges applied to your balance will be those applicable as at the date of the transaction.
We'll also keep this space updated with details on how to cancel or reduce the limit on your Visa credit card when it becomes available on the Mobile Banking App and Internet banking.
To help you understand how the credit card reforms will benefit you, please contact your local branch or our call centre on 1800 075 078.