Issuers of Australian Credit Cards and their Legal Obligations

Here we take a look at the 36 licensed issuers of Australian credit cardsand let you know what their legal obligations to you are as you search through the many types of Aussie Credit Cards available to you.

The largest credit card providers are the following:

1. AIMS

2. American Express

3. AMP

4. ANZ,

5. Aussie,

6. Austral,

7. Australian Central Credit Union,

8. Citibank,

9. Commonwealth Bank,

10. HSBC,

11. Macquarie Bank,

12. NAB (National Australia Bank),

13. St George,

14. Virgin Money

15. Westpac

The other providers of Australian Credit Cards are:

1. Bananacoast Community Credit Union

2. BankWest

3. mecu

4. Bendigo

5. Members Equity

6. Big Sky Credit Union

7. Bank of Queensland

8. Newcastle Permanent

9. RESI

10. Savings & Loans Credit Union

11. Community CPS

12. South West Credit Union

13. Community First Credit Union

14. CUA (Credit Union Australia)

15. Suncorp Metway

16. Encompass Credit Union

17. Victoria Teachers Credit Union

18. GE Money

19. Heritage Building Society

20. Wizard

21. Intech Credit Union

As of July 2010, when the National Credit Law was created, anyone involved in credit activities of any kind in Australia – whether issuers or brokers – has to be either registered with ASIC or part of a body already registered with ASIC. ASIC is the Australian Securities and Investment Commission and its primary role is to oversee company and financial services laws to protect Australian consumers, investors and creditors.

It states in the National Credit Law that lenders must only lend you money responsibly – that is, only if you are going to be able to pay it back. This change was brought about by the global credit problems that affected world finance from 2008. Nowadays the lender has to take reasonable steps to get information from you in an attempt to reasonably understand and verify your financial situation, requirements and objectives. It must also confirm that the credit contract you are asking for is "not unsuitable" for you. This of course includes all providers of Aussie Credit Cards.

There are only a few exceptions to the above rule – including car yards and retail stores – so here's the ASIC link to check that your credit provider is licensed: http://www.search.asic.gov.au/credit/hnl.html

Of course if you’re searching through Australian credit cards on a good personal finance site, to compare features and benefits, then the providers on there are likely to be the main financial institutions in Australia, so you will have no problems with their registration – most of them will be household names that operate in full compliance with all Government regulations.

For more information regarding Australian credit cards, Aussie credit cards and credit card applications, please visit: www.lowerbills.com.au