5 rights that you have if you own a credit card

Published on November 30th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Knowing your rights and regulations that come with protecting yourself is important. The National Credit Act which has been effective since 2010 is there to make sure that it’s a fair share between all participants who apply for credit cards, loans and reverse mortgages. Before you read our top five reasons why you as a credit card consumer has ‘got the power’ you might want to blast this in the background.

You have the rights to access your credit report and challenge it

Your credit report is an essential document that details your financial history in terms of how you have been using and managing it. You are legally entitled to access your credit report for free once a year. This will determine whether the loan you have been applying for will get a thumbs up or be denied.

It is your responsibility to check that the information in your report is correct or up to date. However, if you do find an error you have every right to dispute it. You can retrieve your credit report from either Equifax, Dub & Brandstreet and Experian Credit Services Australia.

Why credit has been refused

If you have applied for a credit card or a loan and the lender which you applied to denies your request, then you can ask why it has been refused. The creditor will then have to tell you, in writing, why they refused to enter into a credit agreement with you. This can also be if they refuse to increase or lower your limit, refusing to renew an expiring credit or credit facility.

You have the right to credit

Depending on what type of credit you are applying for you are allowed to apply for credit. The onus will be on you to check if you meet the requirements from the various credit you have researched and compared. You will also have to see if the credit card you are applying for will be sustainable. The flip side to this right is that the creditor has every right to deny your request. If that’s the case, then you will have to revert to number two.

A credit provider cannot discriminate against you

A credit provider cannot unfairly discriminate against you in a direct or indirect manner. They will have to stick to application procedures that apply to everyone in your circumstances.

You have the right to ask for a credit card fact sheet

If you are applying to a legitimate credit card provider you should be presented with a credit card key fact sheet, which details the terms and conditions of the card you are about to take on. If they do not provide you with one you can ask for it. It Will then be for your own benefit to read these terms and if possible negotiate if you can have a few of them adjusted to your situation.

The take home is that you should know that there are rules and regulations that are set in place to protect you. Knowing about them can save you from being scammed or taken advantage of.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

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