Taipei City councilors alleged yesterday that some credit card issuers turn a profit by manipulating interest structures that are too complicated and technical for consumers to decipher.
DPP city councilors Tuan Yi-kang (
"Don't think that just because they advertise a low interest rate you're getting a good deal," Tsai said. "There are a lot of pitfalls that consumers are not aware of."
Banks can vary the profit they generate from customers through three key variables, Tsai said.
First is the day on which the bank decides to start charging interest on a consumer's transaction. Second is whether the bank bases the interest on the original principal or the outstanding balance and last, whether new expenditures are included in an existing interest cycle.
Most banks start charging the interest when they pay off the amount on behalf of the consumers or when the payment is due, but some start the process on the very day when the consumers charge their cards.
"The time difference can be as many as 45 days and the cost to the consumer can vary greatly," Tsai said.
Of all the 36 credit card issuing banks studied by the four councilors, fifteen charge the interest based on the outstanding balance while 21 charge it on the original principal, and twelve include new expenditures in the interest cycle.
"Unfortunately, they're not violating any laws," Tsai said.
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