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The Appropriateness of Credit Card "Principal Card Applicants Signing Applications for Supplementary Cards on Behalf of Supplementary Card Applicants" and the "Relationship Between Principal and Supplementary Card Applicants" and Whether These Should be Regulated
(19 July 2004)
Letter Ref. Jin-Kuan-Yin-(IV)-0938011284
Response to the Bankers Association concerning the appropriateness of credit card "principal card applicants signing applications for supplementary cards on behalf of supplementary card applicants" and the "relationship between principal and supplementary card applicants" and whether it should be regulated. Please be advised.
Statement:
1. This is in response to the letter dated 23 April 2004 (ref. Cyuan-Sin-0936) sent by the Bankers Association of the Republic of China to the Ministry of Finance concerning the appropriateness of credit card "principal card applicants signing applications for supplementary cards on behalf of supplementary card applicants" and the "relationship between principal and supplementary card applicants" and whether it should be regulated. Because the Bureau of Monetary Affairs was transferred to the jurisdiction of the Financial Supervisory Commission (FSC), Executive Yuan, on 1 July of this year (2004), this response letter is issued in the name of the Financial Supervisory Commission.
2. It is agreed to adopt the Bankers Association’s recommendation concerning the matter of "principal card applicants signing applications for supplementary cards on behalf of supplementary card applicants. A credit card issuing institution may not accept a supplementary card application made by means of "a principal card applicant signing for a supplementary card on behalf of a supplementary card applicant." This shall be formally implemented beginning from the date of receipt of this document.
3. As for the relationship between credit card principal and supplementary card applicants, it is agreed to adopt the Bankers Association's recommendation. A supplementary card holder shall be the spouse or a parent, child, or sibling of the principal card holder, or a parent of the spouse thereof. This shall be formally implemented beginning from 1 September 2004.
4. Please promptly inform all credit card business institutions to comply with the above "Statement," and incorporate this provision into the Bankers Association self-regulatory code for credit card business. |