—(1) Subject to subsection (2), this Act does not apply to any public authority. (2) The Authority may, by notification in the. Copyright © 2020 Government of Singapore. In exercise of the powers conferred by section 78(1) and (2) of the Banking Act, the Monetary Authority of Singapore hereby makes the following Regulations: âaffiliated corporationâ, in relation to a card issuer or financial institution, means any of the following: a related corporation of the card issuer or financial institution, as the case may be, that is incorporated in Singapore; where the card issuer or financial institution, as the case may be, has a related corporation that is incorporated outside Singapore —, any branch or office of the related corporation that is located in Singapore; or. 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. 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. any amount charged to the credit card or charge card for the purposes of the business of the sole proprietor or partnership. 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… amounts outstanding which accrue interest at an effective interest rate of zero. the lender who granted the renovation loan has taken reasonable steps to ascertain that the proceeds of the renovation loan will only be applied towards the defraying of the costs of renovations which have been made or will be made; the renovation loan repayment period does not exceed 5 years; in the case of a renovation loan granted jointly to the Singapore cardholder and one or more other persons (referred to in this sub-paragraph as a joint renovation loan), that other person or each of those other persons is —, a spouse, child, parent or sibling of the Singapore cardholder; or, a fiancé or fiancée of the Singapore cardholder, as the case may be, and the Singapore cardholder has provided or agreed to provide a copy of his marriage certificate to the lender not more than 3 months after the first disbursement of the renovation loan; and. is denominated in any currency, or pegged by its issuer to any currency; has been paid for in advance to enable the making of payment transactions through the use of a payment account; is accepted by a person other than its issuer; and. âprivate investment vehicleâ, in relation to a cardholder, means a body corporate or trust established by or on behalf of the cardholder for the purpose of managing or holding assets of the cardholder. SINGAPORE - More than $96,000 in fraudulent credit card transactions were found after police nabbed four syndicate suspects. Best Blue Cash Everyday Offer Earn up to $300 back. Most major banks in Singapore let you apply for a credit card when you are a foreigner with a valid work pass. The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 is a federal law designed to protect credit card users from abusive lending practices by card issuers. During its first year, any … To make the decision process easier and more productive, we've analysed 100+ of Singapore's most competitive credit cards and identified the best options for different spend levels and lifestyles. Types of Deposit … (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 (. the guarantee will not be withdrawn by the bank, merchant bank or finance company. 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 —. All rights reserved. the latest market value of the assets documented in the lenderâs 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 firstâmentioned card issuer acquires; and. They must have adequate policies, procedures and systems to … 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. but does not include any deposit accepted in Singapore, from any person in Singapore; “e‑money issuance service” has the meaning given by Part 3 of the First Schedule; “employee”, in relation to an employer, includes an individual seconded or temporarily transferred to the employer from another employer; “entity” means any body corporate or unincorporate, whether incorporated, formed or established in or outside Singapore; “excluded digital representation of value” means a digital representation of value that is prescribed by the Authority as an excluded digital representation of value; “executive director” means a director who is concurrently an executive officer; “executive officer”, in relation to a corporation, means any individual (however designated) who —. A Balance Transfer is when cardholders pay off one card by making a charge to another. Secondly, the Credit CARD Act of ’09 greatly affected the rates and terms of cards, and it also upped the age in which one could apply for a credit card. 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. 16 Cardholders who are 60 days or more past due, 17 Cardholders whose cumulative total outstanding unsecured amount exceeds their specified income for 3 consecutive months, 18 Disclosure of finance and late payment charges, and information on amounts outstanding, 19 Particulars to be furnished by card issuers, 21 Determining cumulative total outstanding unsecured amount, 22 Verifying annual income of cardholder or guarantor with no fixed monthly income, 23 Verifying specified income of cardholder with no fixed monthly income, 23A Increasing aggregate credit limits, etc., on request, References in relation to credit cards or charge cards, —(1) For the purposes of these Regulations, a reference to a fully secured credit card or charge card is a reference to a credit card or charge card where —, References in relation to non-card credit facilities. Here are the top lazada voucher codes and credit card promotions for singapore users for december 2020 8 off 10 cashback with dbs posb cards dbs posb card users can get a discount of 8 on minimum orders of 20 or above. 60 Reviews. provides for the licensing and regulation of payment service providers and the oversight of payment systems 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 … 142); âdirector groupâ has the same meaning as in paragraph 1 of the Fifth Schedule to the Act; âemolumentsâ, in relation to an individual, means the salary and bonuses of the individual but does not include any allowances; âexcluded employeeâ, in relation to a direct insurer, means an insurance agent who has entered into an agreement in writing with the direct insurer to arrange, as agent for the direct insurer, any contract of insurance; âfinance companyâ has the same meaning as in section 2 of the Finance Companies Act; a deposit as defined in section 4B(4) of the Act; or. âmerchant bankâ means a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. DBS Altitude Visa Signature Card. the total period of all the extensions does not exceed 36 months. 163A); “major payment institution” means a person that has in force a major payment institution licence granted under section 6; “merchant” means a person (other than an individual who is not required to be registered under the Business Names Registration Act 2014 (Act 29 of 2014)) who, in the course of the person’s business —, promotes the use or purchase of goods or services; or. The CARD Act basically beefed up language in the Truth in Lending Act, curbing “deceptive and abusive” practices by the credit card industry. (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. Tourism is a massive contributor to the economy of Singapore. (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 person has any legal or equitable interest in that share, except an interest that is to be disregarded under section 7(9) of the Companies Act; a reference to the control of a percentage of the votes in a corporation (being a licensee or an operator of a designated payment system) is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the corporation; a person has a substantial shareholding in a corporation if —, the person has an interest in one or more voting shares (excluding treasury shares) in the corporation; and, the total votes attached to that share, or those shares, is at least 5% of the total votes attached to all the voting shares (excluding treasury shares) in the corporation; and, a person has a substantial shareholding in a corporation, the share capital of which is divided into 2 or more classes of shares, if —, the person has an interest in one or more voting shares (excluding treasury shares) included in one of those classes; and. How To Activate OCBC Card Via SMS. 93 Falsification of records by officers, etc. Fees. Different business credit cards exist to suit different business needs and goals. guaranteed by any bank, merchant bank or finance company, other than the bank, merchant bank or finance company that issued the credit card or charge card; the amount of the specified deposits or the guarantee, as the case may be —, is not less than $10,000 at the time of the application for the credit card or charge card; and. The Singapore credit card market can be roughly divided into three segments based on income requirements. All rights reserved. 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). an investment product as defined in section 2(1) of the Financial Advisers Act (Cap. is concerned with or takes part in the management of the corporation on a day‑to‑day basis; “exempt payment service provider”, in respect of any payment service, means a person that is exempt under section 13(1) from the requirement under section 5(1) to have in force a licence that entitles the person to carry on a business of providing that payment service; “financial regulatory authority”, in relation to a foreign country or territory, means an authority of the foreign country or territory exercising any function that corresponds to a regulatory function of the Authority under this Act, the Monetary Authority of Singapore Act or any of the written laws set out in the Schedule to that Act; “financial statements” has the meaning given by section 209A of the Companies Act; “financing business” has the meaning given by section 2 of the Finance Companies Act (Cap. Annual fees (usually waivable) fall in the $200 range, and there isn’t much in the way of additional benefits. 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. Copyright © 2020 Government of Singapore. Generally, consumers can ask for a chargeback within 120 days of the date of transaction if they encounter non-delivery of goods and services, delivery of defective/unfit goods and services, credit card … is provided by that person in connection with the carrying on of that other business. And the strength of the Mastercard network means Apple Card is accepted all over the world. 108); “Guidelines on Fit and Proper Criteria” means the document (as revised from time to time) that is called by that title, issued by the Authority and published on the Authority’s website; “indirect controller”, in relation to a corporation (being a licensee or an operator of a designated payment system) —, means any person, whether acting alone or together with any other person, and whether with or without holding shares or controlling voting power in the corporation —, in accordance with whose directions, instructions or wishes the directors of the corporation are accustomed or under an obligation, whether formal or informal, to act; or, that is in a position to determine the policy of the corporation; but, who is a director or other officer of the corporation and whose appointment has been approved by the Authority; or. 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 —.
2020 credit card act singapore