| 1 |
Credit Cards and Cash Card Advertisement Cautionary Statements
(1 June 2004)
Letter Ref. Tai-Tsai-Rong-(IV)-0934000432
Subject:
With respect to credit card and cash card advertisement cautionary statements, please be advised and promptly inform all financial institutions conducting credit card and cash card business to comply with the matters set out in the "Statement."
Statement:
1. This is in response to the letter dated 10 May 2004 (ref. Cyuan-Sin-1146) from the Bankers Association of the Republic of China.
2. The wordings, uniform formats, and implementation time for cautionary statements in credit card and cash card advertisements are hereby ratified as follows:
(1) The wordings for cautionary statements in credit card advertisements is "Manage your finances carefully, credit is priceless" or "Manage your finances carefully, place good credit first"; the wording for cautionary statements in cash card advertisements is "Plan your finances carefully, and spend within your means," or "Please plan your cash card use, and maintain a good credit record," or "Credit is your second life, please borrow within your means."
(2) The uniform format for cautionary statements in credit card and cash card advertisements is:
(i) All financial institutions conducting credit card and cash card business shall add cautionary statement wordings to print and media advertisements (including promotional handouts such as posters and DMs), credit card activation documents, and cash card application documents.
(ii) The uniform format for cautionary statements is as follows:
(a) Television advertisements: there is no restriction on the typeface pictured, the picture is to appear for any two seconds, in the proportion of 1:13.
(b) Print media advertisements: including leaflets, vertical DMs, posters, outdoor media, full page newspaper, etc., there is no restriction on the typeface, the proportion may not be less than 1:31, but the typeface size may not be smaller than 14 point font.
(3) Time for implementation of cautionary statements in credit card and cash card advertisements: 1 July 2004.
3. To remind consumers to take their personal credit seriously, financial institutions conducting credit card and cash card business shall add below the space for the applicant's signature on credit card and cash card applications a note worded, "A record of failure to make timely payments as stipulated will be put on record with the Joint Credit Information Center, and will affect your right to apply for other loans in the future," labeled prominently in bold red font. It should be implemented beginning from 1 July 2004. |