Response to "Hidden charges in credit card transactions" - ST Forum, 15 May 2014
We thank Mr Tushar Tarun Bansal for his feedback on the need for card issuers to disclose the additional fees charged on credit card transactions routed overseas. (“Hidden charges in credit card transactions”; 15 May 2014)
We agree with Mr Bansal that fees and charges relating to credit card transactions be disclosed to consumers. Under ABS’ Code of Practice on Credit Cards, a card issuer has to provide every new cardholder with a highlight of its key terms and conditions, which include the fees and charges imposed for foreign currency transactions.
Generally, card issuers in Singapore also state in their terms and conditions that Singapore dollar payments routed through overseas payment processors attract additional service charges, which may vary from bank to bank.
Merlyn Ee (Ms)
Executive Director (Strategic Planning & Communications)
Monetary Authority of Singapore
Ong-Ang Ai Boon (Mrs)
The Association of Banks in Singapore