C) reduce the non-interest period from 'up to 55 days' to 'up to 42 days' to reduce the cost burden on
Credit Card Issuers
because electronic payments enable Credit Card Users to pay their monthly
repayments within a few days of notification of the final monthly balance.
D) continue to sanction the market practice of not providing a non interest period
for Cash Advances, but restrict the limit for Cash Advances to 50% of the
total credit limit because as
Wikipedia explains -
* "a
credit card is a small plastic card issued to users
as
a system of payment"; and
* the original cards
"required
the entire bill to be paid with each statement".
E)
increase the
minimum repayment required from 2.5% to 25% of the outstanding debit balance
which shouldn't faze over >60% of credit card owners and will materially reduce the
interest burden on the remaining <40%.
F) allow Credit Card Issuers to levy -
a) an explicit
'Lost Card Fee' for -
* placing a stop on an account; and/or
* issuing a replacement credit card(s) commensurate with the cost to the Credit Card Issuers of
issuing a replacement credit card(s); and
b) a
'Fraud Provision Fee' upon each
credit card user each month based on the quantum of transactions and the
outstanding undrawn indebtedness (eg. for a credit card user with a $5,000
credit limit, who made 10 purchases in a month, with an outstanding undrawn
balance of $3,000 (vulnerable to fraudulent access) the 'Fraud Provision Fee'
for that month would be say 10 @ 0.15c = $1.50 + say $3,000 @ 0.0003c = $0.90 for a total monthly
'Fraud Provision Fee' of $2.40 for enjoying the convenience of using a
credit card
for 10 transactions with a $5,000 credit limit.
G) establish a
uniform credit evaluation methodology that all Credit Card Issuers must
observe similar to
NAB's Microenterprise Loans
because to many Australian adults are obtaining credit cards
with excessive interest rates which would be lower if the defaults were lower
due to a robust standard credit analysis methodology.
H) prosecute the
case on behalf of the "unlucky" Australians with
Baycorp Advantage 'et al'
and the Credit Card Issuers to establish and
regulate protocols and systems so "unlucky" Australians
cannot obtain
between 6 and 10 credit cards, as evidenced by Tony Devlin, Head
Financial Counsellor,
Salvation Army's Moneycare service, in Section 4 above.