Please check the legislation timeline to ensure that you are viewing the correct legislation version. an employee of a sole proprietor or any such partnership, where, under the terms of use of the credit card or charge card, the sole proprietor or partnership bears sole liability, or joint and several liability with the cardholder, for —, any amount charged to the credit card or charge card; or. (8)  For the purpose of determining the cumulative total outstanding unsecured amount of a Singapore cardholder, the following may be excluded: the amount of any loans specified in paragraph (9) that are granted to the Singapore cardholder by any lender; where the Singapore cardholder is also a Singapore guarantor for one or more fully unsecured or partially secured guaranteed credit cards or guaranteed charge cards, up to 80% of the total amounts outstanding on all those guaranteed credit cards and guaranteed charge cards; annual fees in respect of fully unsecured or partially secured credit cards and charge cards issued, and fully unsecured or partially secured non-card credit facilities granted, by any lender to the Singapore cardholder; any transaction, fees, interest and charges (including late payment charges) in respect of which the Singapore cardholder has raised a dispute with the lender which charged the transaction or which imposed the fees, interest or charges; any fees, interest and charges charged on —, the annual fees referred to in sub-paragraph (, any transaction, fees, interest and charges referred to in sub-paragraph (. An average household spends about 15% of their budget on monthly recurring bills like telecom, insurance and utilities. (3)  For the purposes of these Regulations, a reference to a fully unsecured non-card credit facility is a reference to a non-card credit facility given without any security. The Act contains a provision that limits the first year annual fee for a credit card to 25% of the credit limit. An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters, to repeal the Money‑changing and Remittance Businesses Act (Chapter 187 of the 2008 Revised Edition) and the Payment Systems (Oversight) Act (Chapter 222A of the 2007 Revised Edition), and to make consequential and related amendments to certain other Acts. the lender grants one or more extensions to the loan repayment period; each extension is granted pursuant to a request by the Singapore cardholder that is made between 18 February 2020 and the expiry date (both dates inclusive); and. 108); “direct insurer” has the same meaning as in section 1A of the Insurance Act (Cap. See also. is in a position to control at least 5%, but less than 12%, of the votes in the corporation; “12% controller”, in relation to a corporation (being a licensee or an operator of a designated payment system), means a person that alone or together with the person’s associates —, has an interest in at least 12%, but less than 20%, of the shares in the corporation; or. Promotional balance transfers offer lower … The main credit card operators in Singapore are VISA and MasterCard, while American Express and Diners Club are the main charge card operators. LOCAL … any amount charged to the credit card or charge card for the purposes of the business of the sole proprietor or partnership. the latest market value of the assets documented in the lender’s records; or, where such latest market value is not available —, the market value of the assets at the time the facility was given; or, where there was no established market value of the assets referred to in sub-paragraph (i), the value approved by the Authority under regulation 4(4)(, (6)  For the purpose of determining the aggregate outstanding card amount and total outstanding unsecured amount of a Singapore cardholder —, a reference to a credit card or charge card issued by a card issuer shall include a credit card or charge card issued by another card issuer with whom the first-mentioned card issuer merges or consolidates, or whose business (in respect of the issue of credit cards and charge cards) the first‑mentioned card issuer acquires; and. Credit card and charge card issuers in Singapore are governed by the Banking Act. is in a position to control at least 20% of the votes in the corporation; “access”, in relation to a payment system, means an entitlement or eligibility to be a participant in the payment system; “access regime”, in relation to a payment system, means an access regime imposed by the Authority under section 51 and that is in force; “account issuance service” has the meaning given by Part 3 of the First Schedule; “arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied; “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 93 Falsification of records by officers, etc. Before the CARD Act, you could be 18 years old to get a credit card, and there weren’t very many restrictions on getting one. 186); any advance, loan or other facility granted by a lender to a customer whereby the customer has access to any funds or financial guarantee provided by the lender; or. “deposit”, in relation to a finance company, has the same meaning as in section 2 of the Finance Companies Act (Cap. The Credit Card Accountability, Responsibility and Disclosure Act – called the Credit CARD Act for short and also known as the Credit Cardholders Bill of Rights – is a key piece of legislation that passed through Congress in … 138A); “lender” means a financial institution or any of its affiliated corporations which issues a credit card or a charge card, or grants a non-card credit facility, to a person; “medical treatment” means any “approved medical treatment or services” as defined in section 2(1) of the MediShield Life Scheme Act 2015 (Act 4 of 2015) but excludes any treatment, service or item referred to in regulation 12(2)(. To create Apple Card, we needed an issuing bank and a global payment network. With growth of e-commerce, the most common methods of accepting credit card payments is either by utilizing a payment gateway account only (also known as a third-party merchant) or by using your own merchant account (which also … 79 Emergency powers of Authority applicable to designated payment systems, 82 Responsibilities of directors, officers, etc., of payment entity, 83 Remuneration and expenses of Authority and others in certain cases, 85 Conditions for provision of assistance, 86 Other factors to consider for provision of assistance, 91 Offences by unincorporated associations or partnerships. Credit and Debit Card activation ACT space to 72323 (Example: ACT S1498806Z 1234) I hope this article helped you with your OCBC card activation. 2  (9)  The loans for the purposes of paragraphs (2)(. Different business credit cards exist to suit different business needs and goals. At the $30,000 mark lie the entry-level cards. includes a bank account, debit card, credit card or charge card; “payment order” means an instruction to a payment service provider requesting for the execution of a payment transaction; “payment service” means any service that is specified in Part 1 of the First Schedule, but excludes any service that is specified in Part 2 of that Schedule; “payment service provider” means any person that provides a payment service; “payment service user” means any person that uses a payment service in the capacity of a payer or a payee, or of both; “payment system” means a funds transfer system or other system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system; “payment transaction” means the placing, transfer or withdrawal of money, whether for the purpose of paying for goods or services or for any other purpose, and regardless of whether the intended recipient of the money is entitled to the money; “permanent place of business”, in relation to a licensee, or an operator or a settlement institution of a designated payment system, means each fixed location in Singapore used by the licensee, operator or settlement institution for carrying on its business, regardless whether the business is carried on within a single building or at a single business address; “place of business”, in relation to a licensee, or an operator or a settlement institution of a designated payment system, means any location (including a kiosk that can be moved from one location to another) in Singapore used by the licensee, operator or settlement institution for carrying on its business; the Government, including any ministry, department or agency of the Government, or an Organ of State; or. (2)  The Authority may, by notification in the. (2)  For the purposes of these Regulations, a reference to the total outstanding unsecured amount of a Singapore cardholder with a card issuer is a reference to the aggregate of all of the following amounts: all fully unsecured or partially secured credit cards and charge cards (other than guaranteed credit cards, guaranteed charge cards, corporate cards and business cards) issued to the Singapore cardholder by the card issuer or any of its affiliated corporations; all supplementary credit cards and supplementary charge cards issued under any credit card or charge card referred to in sub-paragraph (i); where the Singapore cardholder is also a Singapore guarantor for one or more fully unsecured or partially secured guaranteed credit cards or guaranteed charge cards issued by the card issuer or any of its affiliated corporations, the sum of all amounts outstanding on such guaranteed credit cards and guaranteed charge cards; the sum of all amounts outstanding on all fully unsecured or partially secured non-card credit facilities (other than the loans referred to in paragraph (9)) granted to the Singapore cardholder by the card issuer or any of its affiliated corporations. the aggregate of the following does not exceed 80% of the amount to be paid by the Singapore cardholder for the subscription of those shares: the amount of the share financing loan granted by the lender or, where part of the loan may be used for a purpose other than the subscription of those shares, the amount of the loan which is to be used for the subscription of those shares; all other loans obtained by the Singapore cardholder from any other person for the subscription of those shares or, where part of the loans may be used for a purpose other than for the subscription of those shares, the amounts of the loans which are to be used for the subscription of those shares; all the discounts, rebates and other benefits granted by any person to the Singapore cardholder in relation to the subscription of those shares; and. the sum of the credit limits of all credit cards issued to the cardholder, by the card issuer and, if one or more supplementary credit cards have been issued under such credit cards having separate credit limits from the principal cards, of all such supplementary credit cards; the sum of the credit limits of all charge cards issued to the cardholder by the card issuer and, if one or more supplementary charge cards have been issued under such charge cards having separate credit limits from the principal cards, of all such supplementary charge cards; the sum of the credit limits of all fully unsecured non‑card credit facilities granted to the cardholder by the card issuer; the sum of the credit limits of all partially secured non‑card credit facilities granted to the cardholder by the card issuer. 78 Action by Authority if payment entity unable to meet obligations, etc. Here are some key terms you need to know. 60 Reviews. other than by way of issue of a credit card or charge card by the lender or in relation to a credit card or charge card issued by the lender; “permanent resident” means any individual who is not subject to any restriction as to his period of residence in Singapore imposed under the provisions of any written law relating to immigration for the time being in force; “principal cardholder” means the cardholder under whose credit card or charge card any supplementary credit card or charge card has been issued; “purchase rate” means the interest rate which applies to credit granted for the purchase of goods and services using a credit card or charge card, as specified under the terms of use of the credit card or charge card agreement between a cardholder and a card issuer; “share” has the same meaning as in section 4(1) of the Companies Act (Cap. 50); “consolidated financial statements” has the meaning given by section 209A of the Companies Act; “credit card” and “charge card” have the meaning given by section 56 of the Banking Act; “cross‑border money transfer service” has the meaning given by Part 3 of the First Schedule; “currency” means currency notes and coins that are legal tender in Singapore or a country or territory other than Singapore; “deposit” and “deposit‑taking business” have the meanings given by section 4B of the Banking Act; “designated payment system” means a payment system that is designated by the Authority under section 42 to be a designated payment system for the purposes of this Act; “digital payment token” means any digital representation of value (other than an excluded digital representation of value) that —. receives, or is entitled to receive, any money or other consideration for providing goods or services. the aggregate of the following (save for any fees, interest or charges (including late payment charges) imposed by the lender who granted the loan) is not more than 6 months’ income of the Singapore cardholder or $30,000, whichever is the lower: the amount of the renovation loan, or the amount of the Singapore cardholder’s share of the joint renovation loan (derived by dividing the amount of that loan by the number of persons to whom the loan is granted), as the case may be; the sum of all amounts outstanding on both of the following: all earlier renovation loans granted to the Singapore cardholder by the same lender; the Singapore cardholder’s share of all earlier joint renovation loans granted by the same lender (derived in respect of each such loan by dividing the outstanding balance on that loan by the number of persons to whom that loan was granted); the defraying of the costs of any medical treatment, where the lender who granted the loan has taken reasonable steps to ascertain that the proceeds of the loan will be applied only towards the defraying of such costs; the subscription of shares (the loan being referred to in this sub-paragraph as a share financing loan), where —. “Singapore cardholder” means a cardholder who is a citizen of Singapore or a permanent resident, and does not include the holder of a supplementary credit card or supplementary charge card in his capacity as a supplementary cardholder; “Singapore guarantor” means a guarantor who is a citizen of Singapore or a … Annual fees (usually waivable) fall in the $200 range, and there isn’t much in the way of additional benefits. 94 General duty to use reasonable care not to provide false information to Authority, 101 Codes, guidelines, etc., by Authority, 102 Power of Authority to issue notice in writing, 103 Power of Authority to make regulations, 109 Amendment of Central Provident Fund Act, 113 Amendment of Financial Holding Companies Act 2013, 114 Amendment of Insolvency, Restructuring and Dissolution Act 2018, 116 Amendment of Limited Liability Partnerships Act, 117 Amendment of Monetary Authority of Singapore Act, 118 Amendment of Remote Gambling Act 2014, 119 Amendment of Securities and Futures Act, 120 Amendment of Small Claims Tribunals Act, 122 Saving and transitional provisions for holders of licences under MCRBA and approved holders of stored value facilities under PSOA, 123 Saving and transitional provisions for persons granted exemptions under MCRBA or PSOA, 124 Pending applications for licences and renewals under MCRBA and pending applications for certain approvals under PSOA, 125 Saving and transitional provisions for designated payment systems, 126 Other saving and transitional provisions, —(1)  In this Act, unless the context otherwise requires —. Credit cards that are more difficult to get include the ones with higher annual income requirements that can range from S$80,000 to S$200,000. All rights reserved. 3 References in relation to credit cards or charge cards, 4 References in relation to non-card credit facilities, 5 References in relation to credit limits, 6A Determination of total net personal assets, 8 Minimum requirements for issuance of credit cards and charge cards, 9 Minimum requirements for issuance of supplementary cards, 13 Checks on income, total net personal assets or financial assets, 14 Maximum credit limit or overall credit limit. Most major banks in Singapore let you apply for a credit card when you are a foreigner with a valid work pass. Credit card providers with instant approval can provide a digital credit card that you can start using even before your physical card arrives in the mail. the amount that is outstanding on the credit card or charge card and all supplementary cards is —. 186); “bank”, “bank in Singapore” and “banking business” have the meanings given by section 2(1) of the Banking Act (Cap. —(1)  Subject to subsection (2), this Act does not apply to any public authority. the guarantee will not be withdrawn by the bank, merchant bank or finance company. They must have adequate policies, procedures and systems to … These operators provide the international network linkages between the merchant and the card issuing banks and clear their cards' transactions among participating banks. And the strength of the Mastercard network means Apple Card is accepted all over the world. 15 Merger, etc., of card issuer affecting amounts outstanding of Singapore cardholder, etc. CODE OF PRACTICE FOR BANKS - CREDIT CARDS (A sub-code of the Code of Consumer Banking Practice) 1) Compliance with MAS regulations Card issuers must comply at all times with rules and regulations issued by the Monetary Authority of Singapore (MAS). the total outstanding unsecured amount of the Singapore cardholder with the lender; the repayment of any amount owing by the Singapore cardholder under a loan granted for any of the purposes specified in sub‑paragraphs (, the repayment of any amount owing by the Singapore cardholder under a loan granted for the purpose specified in sub‑paragraph (. 50); “Singapore cardholder” means a cardholder who is a citizen of Singapore or a permanent resident, and does not include the holder of a supplementary credit card or supplementary charge card in his capacity as a supplementary cardholder; “Singapore guarantor” means a guarantor who is a citizen of Singapore or a permanent resident. An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters, to repeal the Money‑changing and Remittance Businesses Act (Chapter 187 of the 2008 Revised Edition) and the Payment Systems (Oversight) Act (Chapter 222A of the 2007 Revised Edition), and to make consequential and related amendments to certain other Acts. Credit cards seem like simple financial instruments, but they arrive with pages of fine print that use terms more suited to a law office than a kitchen table. Apple Card is the first consumer credit card Goldman Sachs has issued, and they were open to doing things in a new way. #12-08, MAS Building. (7)  For the purposes of these Regulations, a reference to the cumulative total outstanding unsecured amount of a Singapore cardholder is a reference to the sum of all total outstanding unsecured amounts of the Singapore cardholder with every lender which has issued any credit card or charge card, or granted any non-card credit facilities, to the Singapore cardholder. Exchange currencies in a snap Spot the best rates, and make instant exchanges for 10 currencies. provides for the licensing and regulation of payment service providers and the oversight of payment systems The Act also restricts the fees that can be charged for gift cards and other prepaid cards. See also, Published in Acts Supplement on 20 Feb 2019, Date of Commencement: 28 January 2020 Parts 1 to 8, sections 109, 110, 112, 115 to 120, Part 10, the First and Second Schedules, Date of Commencement: 30 July 2020 Section 114. 224). any other liability incurred by a lender on behalf of a customer of the lender. —(1)  For the purposes of these Regulations, a reference to the aggregate credit limit of a cardholder (other than a supplementary cardholder) with a card issuer is a reference to the sum of all of the following amounts: —(1)  For the purposes of these Regulations, a reference to the aggregate outstanding card amount of a Singapore cardholder with a card issuer is a reference to the aggregate of all of the following amounts: Determination of total net personal assets, Revised Editions of Subsidiary Legislation. Standard Chartered SingPost Spree Credit Card With no minimum spend and up to $60 cashback monthly, go on that shopping spree with the Spree Credit Card… is taken to be the lower of the following: any corporate card with no personal liability; any business card with no personal liability. 21 is the Legal Age to Apply for Your Own Credit Card. 4]. Email: banks@abs.org.sg (2)  The Minister may by order declare that a public authority is one to which this Act applies. a reference to a fully unsecured or partially secured non‑card credit facility granted by a card issuer or any of its affiliated corporations includes a fully unsecured or partially secured non-card credit facility granted by another person with whom the card issuer or its affiliated corporation, as the case may be, merges or consolidates, or whose business (in respect of the granting of fully unsecured or partially secured non-card credit facilities) the card issuer or its affiliated corporation, as the case may be, acquires. 4.3. (4)  In this regulation, “specified value”, in relation to assets, means —, where there is no established market value of the assets referred to in sub-paragraph (. How To Activate OCBC Card Via SMS. (3)  In these Regulations, “overall credit limit”, in relation to a Singapore cardholder, means —, in the case of a Singapore cardholder who is above 55 years of age, has an annual income of not more than $15,000 (or its equivalent in foreign currency) and has total net personal assets exceeding $750,000 but not exceeding $2 million (or its equivalent in foreign currency) — $2,500; and, where the annual income of the Singapore cardholder is less than $30,000 (or its equivalent in foreign currency), 2 times the monthly income of the Singapore cardholder; and. A Balance Transfer is when cardholders pay off one card by making a charge to another. Types of Deposit … in accordance with whose directions, instructions or wishes the directors of the corporation are accustomed to act by reason only that they act on advice given by the person in the person’s professional capacity; “licence” means a licence granted under section 6; “licensee” means a payment service provider the licence of which is in force; “limited liability partnership” has the meaning given by section 4(1) of the Limited Liability Partnerships Act (Cap. 93); the furnishing of any security to the Government in connection with the employment of a foreign domestic worker; the defraying of expenses which are directly attributable to a course of education, including tuition fees and the costs of accommodation, textbooks and computer equipment, where the lender who granted the loan has taken reasonable steps to ascertain that the proceeds of the loan will be applied only towards the defraying of such expenses; the business of a sole proprietor or partnership (other than a limited liability partnership) of which the Singapore cardholder is the sole proprietor or a partner, as the case may be; the repayment of any amount owing by the Singapore cardholder under another non-card credit facility which has ceased to be fully secured as a result of a fall in the value of the security given for that facility, where the lender who granted the loan has taken reasonable steps to ensure that the proceeds of the loan are paid to the person who granted that facility; any renovation (the loan being referred to in this sub‑paragraph as a renovation loan), where —.

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