• A credit card issuer refers to a bank or a corporation that offers the use of its credit card

• A credit card issuer may undertake voluntary cessation of its business

• A request for approval of a voluntary cessation of business shall be accompanied by a plan of cessation of operations

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• A foreign corporation is one formed under laws other than those of the Philippines’ and whose laws allow Filipino citizens and corporations to do business in its own country

• A foreign corporation has the right to transact business in the Philippines

• A foreign corporation must have a license to do business in the Philippines

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• Billing statement refers to the regular statement of listing of the purchases, payments and other debits and credits made to the credit card account within the billing cycle

• The credit card holder may report any billing error or discrepancy to the bank

• In case a credit card is lost, any transaction made prior to reporting by the cardholder shall be for his account

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• A cardholder may cancel his credit card account with any bank anytime

• A bank may initiate suspension of a credit card account for any valid reason

• The credit cardholder has the right to appeal the suspension of his credit card

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