The National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Bill 2011 has been introduced into Parliament (see background here).

It is intended that the provisions will come into effect as follows:

1 September 2011: the home loan provisions (Schedule 1, part 1) .
1 July 2012: the credit card provisions (Schedule 1, part 2).

The Bill confirms that the prohibition on offering to increase the credit limit of a credit card contract will apply to credit card contracts whether entered into before, on or after 1 July 2012 and the provisions relating to use of a credit card in excess of credit limit and the order of application of payments made under credit card contracts will apply to credit card contracts entered into after 1 July 2012.