Print

Mail

wiki links

Card users face higher payments

Starting today, credit card users will have to think twice before making purchases as banks are raising monthly minimum payments to prevent outstanding debts from snowballing.

The Bankers Association of the ROC (銀行公會) said that from today, cardholders will have to pay 10 percent of each month's new card sales, up from the original 2 percent. The minimum payment for old sales will remain at 2 percent.

Most cardholders will see the change on their bills next month.

Another new scheme taking effect today is tiered interest rates for banks' credit and cash-advance card customers, based on their credit scores.

The Financial Supervisory Commission said 13 credit card issuers would be the first banks to adopt this approach starting today, including Chinatrust Commercial Bank (中國信託商銀), Taishin International Bank (台新銀行) and Citibank Taiwan (花旗銀行).

Chinatrust Commercial will offer five levels of revolving interest rates, ranging between 7.99 percent and 19.49 percent. E.Sun Bank (玉山銀行) will offer 10 different rates, ranging between 7.88 percent and 19.71 percent.

Nine cash card issuers will also offer differential interest rates, including Cathay United Bank (國泰世華銀行), Taipei Fubon Bank (台北富邦銀行) and Taishin International.
This story has been viewed 2190 times.