Australians will no longer receive unsolicited offers to boost their credit card limits under industry-wide changes to banking practices.
Customers will also be able to cancel their cards online and will only pay interest on what remains on their credit cards.
The changes will be implemented under an update to the banking sector’s code of practice, managed by the Australian Bankers Association.
The update, which requires the approval of the corporate watchdog, comes ahead of a royal commission into the financial sector set up by the federal government and due to begin next year.
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