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Thirty Two Questions and Supporting Evidence Submission Letter to Royal Commission April-2018 Defined Terms & Documents 19th Question Will the Royal Commission recommend to the Three Financial Services Regulators that they use their existing regulatory powers to require all Credit Card Issuers to simplify their Credit Card Products so that their Credit Cards 'Conditions of Use' booklet, together with any Schedule/s referred to therein, - (a) do not exceed 50 pages in text no smaller than Arial 10 font; and (b) the existing height and width of the booklet is retained? ================================================= Supporting Documented Evidence re 19th Question 1. St George Bank "We strongly recommend that you read this booklet carefully and retain it for your future reference" a 76 pages Conditions of Use - Credit Guide document of Conditions. The word 'interest' appears in the 'Contents' twice and 78 more times throughout the 76 pages. The word 'fee' or 'fees' appears 53 times.2. ANZ's 'CONDITIONS OF USE 20.06.2016 CONSUMER CREDIT CARDS' is a 97 page booklet printed in 9 font. Cardholders are requested to read voluminous parts of it as well as their Credit Card Contract. The word "interest' appears 216 times in the booklet. The word 'fee' or 'fees' appears 104 times. 3. "Ignite by Westpac - Consumer Credit Card Conditions of Use". The word 'interest' appears in the 'Contents' once and 92 more times throughout the 43 pages. The word 'fee' or 'fees' appears in the 'Contents' once and 74 more times throughout the 43 pages. "This User Guide forms part of your Credit Card Contract, along with the information set out on the reverse of your welcome letter which advises you of your credit limit and other prescribed information we are required to give you by law." Clause 17 is "Do I have any other rights and obligations?" "Yes. The law will give you other rights and obligations. You should also READ YOUR CONTRACT carefully."
4. CBA's
'Conditions of Use' credit card booklet (dated
1 Nov 2017) is only 13 pages, although it
does refer to a "Schedule
of Credit Card particulars in your Offer Letter". |
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