Abuse by credit card companies

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.