The key facts sheet requirement for credit cards will commence on 1 July 2012.

Some interesting transitional issues will potentially arise in respect of offers made before 1 July that are accepted on or after 1 July by conduct (ie use of a card) rather than by signing a form.

The National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011 and the National Consumer Credit Protection Amendment Regulations 2011 (No. 6) will require a consumer be provided with, or given access to, a Key Facts Sheet before entering into a credit card contract. If a consumer applies to a licensee for a credit card contract under which the licensee would be the credit provider, the licensee must not enter into, or offer to enter into, the contract unless the application is made using an application form that includes a Key Facts Sheet for the contract that contains up-to-date information.

A credit card contract is a continuing credit contract under which credit is ordinarily obtained only by the use of a credit card.

Entry by a licensee into a contract without an up-to-date Credit Card Key Facts Sheet having been provided to the borrower will not be a strict liability offence. If the Key Facts Sheet in the application is no more than 3 months out of date the up to date information must be given separately.