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Method for Disclosure of Interest Rates and Fees of Credit Cards and Cash Cards
(29 July 2004)
Letter Ref. Jin-Kuan-Yin-(IV)-0934000595
Subject:
Please be advised and promptly comply with the matters set out in the "Statement" concerning the disclosure of interest rates and fees of credit cards and cash cards, to protect the rights and interests of consumers.
Statement:
1. The Bankers Association is requested to compile on a quarterly basis the interest rates and generally applicable handling fees on revolving credit of all credit card issuing institutions and the interest rates and fees of cash card issuing banks, disclose them on the Bankers Association website, and promote public awareness of the utility of this information and correct consumer financial management concepts.
2. Please promptly inform all member institutions that beginning from 1 September 2004 they are required to disclose on the member institution's own website all interest rates and fees that are likely to be borne by card holders under the provisions of credit card and cash card contracts by providing a link to it on their home page and presenting it in tabular form. |