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NCCP Act

The National Credit Consumer Protection Act 2009 (NCCP) is legislation that protects consumers’ rights when they use tools like credit cards and other forms of lending. It is administered and enforced by the Australian Securities and Investments Commission (ASIC).

The law is designed to make sure financial services businesses that lend money to consumers do so responsibly, ensuing people don’t borrow more money than they can afford to repay.

Under this law, credit card providers must give anyone who takes out a credit card a fact sheet when they first get their card. The fact sheet must outline:

  • The minimum payment and how it is calculated
  • The interest rate charged on purchases and cash advances
  • The interest rate charged on balance transfers, as well as the length of time this rate is charged on the amount
  • Promotional interest rate information
  • The length of the interest free period
  • Information about annual and late-payment fees

The law also means credit card providers can’t send you offers to increase your credit limit without first getting your permission. If you don’t want to receive invitations to increase your credit limits all you need to do is let your card provider know.

ASIC’s MoneySmart website has lots of information about laws relating to credit. It’s a great resource to consult if you’re thinking about taking out a credit card, or if you’re unsure about how credit cards work.