Credit Card Operators To Disseminate More Information

BOT instructs credit card operators to disseminate more information

BANGKOK: -- To prevent consumers from being exploited, the Bank of Thailand on Thursday instructed commercial banks, foreign banks’ branches and non-financial institutions credit card operators to reveal more information on credit cards in detail.

Kirk Vanichkul, BOT’s assistant governor in charge of the Financial Institutions Policy Group, said he had signed letters to all credit card operators, seeking their cooperation to disseminate more information on the cards so that consumers obtain useful data completely for their decision to apply for services.

Such information includes entry and annual fees, settlement fees, interest rates and other relevant expenses.

To facilitate the examination, he said, the central bank wanted the card operators to report the information through the Excel file, which could be downloaded from the BOT website.

The BOT would also like the operators to send the information to the Information Management Division through the Extranet during August 1-7, he said.

--TNA 2006-07-21