Read this article.
My view
Some of the practices of the credit card companies are unconscionable. I respect the right of a business to make a profit, but I do not tolerate practices that border on "cheating the consumers". Two years ago, I received a letter from a credit card company that stated the penalty for a late payment is $50 and that is on top of the 2% interest rate charge per month. I called the credit card company and cancelled the card.
The customer service manager was surprised. This is also practiced by other credit card companies. Furthermore, they will waive the charge if the customer complaints.
What type of nonsense is this? Trying to cheat the customer if the customer overlooks the charge, or is helpless? Why impose an unconscionable charge in the first place?
I hope that consumers will come forward and express their views strongly on these unconscionable and predatory practices. I hope that the Parliament of Singapore will pass similar legislation to stop the credit card companies from fleecing the consumers of Singapore.
Yeah so if your late payment amount is $20 and they charged you $50 for the late payment on top of the $20? Haha... legal loan shark.
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Talking about credit cards, I think it is very dangerous the way it is being used here, dangerous in the sense of it is very unsecured. How many times the cashier actually verify your signature is correct before approving the transaction? I hope the banks will introduce a PIN for normal and online credit card transactions.
ReplyDeleteIt is true that credit card transactions are not very secured. Greater improvement will need to be implemented.
ReplyDeleteNot just credit card, but DBS current account as well.
ReplyDeleteI had opened an current account with POSBank many years back. I didn't really write many cheques, thus I had long forgotten about this account, for I did not receive any new cheques book from POSBank as well.
Fortunately or unfortunately, I happened to check my transaction history via the internet banking, and noticed a $2 deduction each month. That $2 was for the current bank account that I have had, though i received no new cheque book or any current account transaction slip.
They had quietly and happily deduct $2 from my saving accounts for donkey years.
Anyway for those who need a current account, go to OCBC, at least they charged only the cheque book.
On the DBS current account charges, I was also like goondu, kept the account for more than a decade while "gong gong" let DBS charge me $2 per month all these years without much usage.
ReplyDeleteSomehow I woke up recently and close that account and I replaced it with another one with RHB Bank Bhd. It does not have any monthly charge and offer free cheque book, the only catch is I must maintain $2000 min balance. In return the bank also pay me a decent monthly interest at 0.48%, much higher than POSB savings account. I find it a fair deal.