CONFIDENTIALITY OF INFORMATION OF THE CREDIT CARD HOLDER
Credit card issuers shall keep strictly confidential the data on the cardholder
An information pertaining to the credit card holder may disclosed with his consent
The recipients of information pertaining to the credit cardholder is likewise bound to preserve the confidentiality of cardholder data
CREDIT CARD ISSUERS CHARGING INTEREST ARISING FROM NON-PAYMENT OF THE OUTSTANDING BALANCE
Banks shall only charge interest or finance charges arising from the non-payment of the outstanding balance
Such interest or finance charge shall continue to be imposed until the outstanding balance and applicable interest are fully paid
Penalty for late payment shall be collected from cardholders only when the same is disclosed in the contract
MINIMUM REQUIREMENTS FOR THE ISSUANCE OF CREDIT CARDS
Before issuing credit cards, bank shall conduce know-your-client and customer identification procedures
All credit card applications shall undergo a strict credit underwriting process
Banks shall disclose to each of their existing and potential credit cardholders the finance charges for unpaid amounts
MINIMUM REQUIREMENTS FOR THE GOVERNANCE AND RISK MANAGEMENT SYSTEM FOR CREDIT CARD OPERATIONS OF BANKS
Credit card issuer refers to a bank or a corporation that offers the use of its credit card
All credit card issuers must have adequate financial strength and fit and proper board management
Credit card issuers must demonstrate technical and risk management capability to operate a credit card business
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