The Reserve Bank of Australia is considering further regulation of credit cards. This will threaten the ability of credit unions and building societies to offer low-rate credit cards – making you, the consumer, pay more.
Credit unions and building societies are run to benefit their members, and so they offer great value products and much needed competition in financial services.
According to CANSTAR, 19 out of 20 of the low-rate credit cards are offered by credit unions and building societies. This is now under threat.
The RBA's actions will pass the buck to you - pushing down the fees that big businesses and banks pay to your credit union or building society (called ‘interchange’ fees) and making them come after you for the difference.
If bureaucrats get their way, we could see:
- Higher annual credit card fees
- Higher interest rates
- Shorter interest-free periods
- Frequent flyer and reward point programs being slashed
- Community-owned banks, credit union and building societies being unable to offer low-cost credit cards, stifling competition
The RBA's regulations have cost everyday consumers up to $18 billion over the last decade. Think how much this could cost you. The cost of living is bad enough without the RBA making things worse.
Don’t let them pass the buck to you. Don’t let them hurt your credit unions and building societies. Let your representatives in Parliament know that these regulation changes must be stopped.
Don't let them pass the buck to you! Take action and contact your representatives today: