NEW CREDIT CARD REGULATIONS
-
Hi.asking for my colleague. She say juz now morning heard radio say wat yesterday new law confirmed tat credit card minimum income reduced but could not hear properly. Anyone knows/heard?
-
Does this help?
EXPANDING THE REGULATORY SCOPE FOR CREDIT CARD ISSUANCE
From http://www.mas.gov.sg/masmcm/bin/pt1Second_Reading_Speech_by_Mr_Lim_Hng_Kiang_22jan07.htm
16. Under the current regime, only banks and non-bank financial institutions are subject to MAS' rules on the issuance of credit cards. New Part VIII extends MAS' regulatory scope to all issuers targeting the Singapore market and not just banks and financial institutions. Entities that have not been approved to issue credit cards in Singapore will be prohibited from soliciting for or accepting card applications in Singapore, and this applies equally to third parties acting on their behalf. MAS will be empowered to inspect the operations of approved card issuers for compliance with MAS' rules pertaining to credit card operations.
17. The proposed regime also clarifies that single party merchant credit is exempted from regulation. Such an arrangement, where the card is used only for transactions with the issuer, is essentially a deferred payment scheme offered by merchants to their customers. In addition, a new exemption for cards granting credit in small amounts not exceeding S$500 will be introduced. This allows flexibility in payments for small-ticket items without raising substantial concerns about Singaporeans spending beyond their means. -
catch no ball..thanks anyway
-
Another way for bank to increase their income. Nowaday Credit card is very common liao.
-
If the rules is going to become
more flexible... more ppl will be able
to get hold of credit card......
Means more spending~~
means Govt become richer again -
stay away from credit card!!!!
-
Ever seen auntie speak hokken
in market and then she opened up
her purse to pay food,,,
gosh ~ got few credit card
Gold one somemore -
In addition, a new exemption for cards granting credit in small amounts not exceeding S$500 will be introduced. This allows flexibility in payments for small-ticket items without raising substantial concerns about Singaporeans spending beyond their means.
quite good actually leh. but not much difference. -
sorry can someone explain briefly?
-
debit card?Originally posted by noahnoah:Ever seen auntie speak hokken
in market and then she opened up
her purse to pay food,,,
gosh ~ got few credit card
Gold one somemore -
So how? means anyone can apply? Which Banks????
-
Further details will be announced later...
in the coming weeks/ -
okie baOriginally posted by noahnoah:Further details will be announced later...
in the coming weeks/
-
How old then can hold sup. card? Last year when my uncle tried to apply one for me via Citibank, they told him I'm nt eligible cuz I'm not 21 and dun study overseas.
-
Maybe you too youngOriginally posted by SpecOps87:How old then can hold sup. card? Last year when my uncle tried to apply one for me via Citibank, they told him I'm nt eligible cuz I'm not 21 and dun study overseas.
I above 21 can ask your uncle
apply for me bo? -
low income holder can obtain credit card of limit to $500 only instead of the usual 2x ur incomeOriginally posted by snobbish:sorry can someone explain briefly? -
Then last time they say what implement another law say from 30k minimum salary adjust to 20k? That one how?Originally posted by pqr:low income holder can obtain credit card of limit to $500 only instead of the usual 2x ur income
The thread topic says new law so anyone (regardless of any income) get 500 credit.
What about the 20k rule -
Please la now 30k also can get Platinium cardOriginally posted by snobbish:Then last time they say what implement another law say from 30k minimum salary adjust to 20k? That one how?
The thread topic says new law so anyone (regardless of any income) get 500 credit.
What about the 20k rule -
That was just scrutinizing the possibility only, doesn't mean say only must implement.Originally posted by snobbish:Then last time they say what implement another law say from 30k minimum salary adjust to 20k? That one how?
The thread topic says new law so anyone (regardless of any income) get 500 credit.
What about the 20k rule -
orh, okieOriginally posted by ditzy:That was just scrutinizing the possibility only, doesn't mean say only must implement. 
-
Well..they give out more CC so that ppl will buy more and they get more from the 7% GST.
Damn this $$$grapping govt, they think very far -
Aiyo, what's the big fuss with the 2% increase in GST. If you spend $100, that's only 2 bucks more, $1000, only 20 bucks more.Originally posted by Mid9Sun:Well..they give out more CC so that ppl will buy more and they get more from the 7% GST.
Damn this $$$grapping govt, they think very far
If you buy a car/house/furniture etc, the GST is normally included in the quoted price.
Only thing that bothers me is coffeeshops are darn sure to increase their prices by more than 2%. -
You ownself say liao....coffeeshops sure goes more then 2% andOriginally posted by JerzZzzZ:Aiyo, what's the big fuss with the 2% increase in GST. If you spend $100, that's only 2 bucks more, $1000, only 20 bucks more.
If you buy a car/house/furniture etc, the GST is normally included in the quoted price.
Only thing that bothers me is coffeeshops are darn sure to increase their prices by more than 2%.
what abt others . So the net increment is not just 2%.
Also all these $2 do adds up, esp for the govt and of cos the poorer families