Key Facts Sheet means encompassed within the National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011 (passed on 4 July 2011) is an obligation for each Credit Card Issuer to provide a Key Facts Sheet, in the format prescribed in SCHEDULE 6, to each prospective new Credit Cardholder prior to the prospective new Credit Cardholder executing a binding Credit Card Contract (a continuing credit contract under which credit is ordinarily obtained only by the use of a credit card).

"Regulation 28LFA requires lenders to provide a Key Fact Sheets at the time an application for a credit card is made by a consumer. The Key Fact Sheets must be contained on the application form itself, or given to the consumer on a separate piece of paper with the application and the lender cannot merely refer to a website. Critically, credit card fees, charges and interest rates are unbundled with the specification of a plain language, large font table that separates fees, interest rates, minimum repayments and other charges. This ‘unbundling’ of fees and charges addresses the optimism bias by separating the short term low costs (teaser fees and introductory rates) from longer term interest rates applying to balances. The timing of disclosure occurs before the contract is signed, which may alter behaviour by prompting the consumer to assess realistically their capacity to repay."

A Key Facts Sheet for a credit card contract is a document:

(a) that contains the information relating to the contract that is required by the regulations; and

(b) that complies with any other requirements prescribed by the regulations.

ANZ Key Facts Sheet

As alerted in St George Key Facts Sheet, St. George Bank notes in What is the Credit Card Key Facts Sheet (KFS)?:

The Credit Card KFS provides you with a standard layout of important information, like interest rates and annual fees, about consumer credit cards. By comparing the basic facts about different cards you can be better informed when making financial decisions about consumer credit cards.

From 1 July 2012, the Credit Card KFS will be provided to you with paper credit card application forms or when you apply for a credit card via our website or Internet Banking.

There are two types of Credit Card KFS that will be available from 1 July 2012:

A multi-product Credit Card KFS – which is provided to you with consumer credit card application forms (paper or online). This lists important information about all our consumer credit cards.

A single product Credit Card KFS – which will be included in your Credit Card ‘Welcome Pack’. This KFS will be specific to the credit card you have applied for.

NOTE: when you apply for a credit card at a branch or via our call centre, you will not receive a Credit Card KFS; however you will receive one with your welcome pack if your application is successful.

National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011

National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011 website

National Consumer Credit Protection Amendment Regulation 2012 (No. 3) - EXPLANATORY STATEMENT