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“deposit”, in relation to a finance company, has the same meaning as in section 2 of the Finance Companies Act (Cap. A chargeback is an existing form of consumer protection which allows credit card users to dispute a charge and reverse the transaction should a purchase goes awry. Tourism is a massive contributor to the economy of Singapore. During its first year, any … 108); “direct insurer” has the same meaning as in section 1A of the Insurance Act (Cap. Tel: (65) 6224 4300 / Fax: (65) 6224 1785. —(1)  Subject to subsection (2), the Authority may appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except —, Revised Editions of Subsidiary Legislation, The following Act was passed by Parliament on 14 January 2019 and assented to by the President on 11 February 2019:—. 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. 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: “affiliated corporation”, 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. is not at any time during the period the principal cardholder holds the credit card or charge card less than the higher of the following: the amount that is outstanding on the credit card or charge card and all supplementary cards; and, the card issuer has obtained security or legally binding undertakings, or taken any other action, to ensure that, unless and until the amount that is outstanding on the credit card or charge card and all supplementary cards is fully paid up —, the specified deposits will not be withdrawn by the principal cardholder; or. The Credit Card Accountability, Responsibility and Disclosure Act – called the Credit CARD Act for short and also known as the Credit Cardholders Bill of Rights – is a key piece of legislation that passed through Congress in … 3 References in relation to credit cards or charge cards, 4 References in relation to non-card credit facilities, 5 References in relation to credit limits, 6A Determination of total net personal assets, 8 Minimum requirements for issuance of credit cards and charge cards, 9 Minimum requirements for issuance of supplementary cards, 13 Checks on income, total net personal assets or financial assets, 14 Maximum credit limit or overall credit limit. all 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; and, all supplementary credit cards and supplementary charge cards issued under any credit card or charge card referred to in sub-paragraph (i); and. any body established or constituted by or under a public Act to perform or discharge any public function; “registered office” means a registered office maintained under section 142(1) or 370(1) of the Companies Act; “regulated financial institution” means a person that carries on a business, the conduct of which is regulated or authorised by the Authority or, if it is carried on in Singapore, would be regulated or authorised by the Authority; “relevant payment system” means any of the following payment systems: a payment system operated by a major payment institution; a payment system operated by an exempt payment service provider; a payment system operated by a person exempt under section 100 from having in force a licence; “settlement institution” means a person that provides facilities for —, the participants of a payment system to hold funds; and. DBS Altitude Visa Signature Card. 186); “bank”, “bank in Singapore” and “banking business” have the meanings given by section 2(1) of the Banking Act (Cap. 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. a reference to the principal cardholder means the cardholder, if no supplementary card is issued under the cardholder’s credit card or charge card; a reference to a supplementary card means any supplementary card that has been issued under a principal cardholder’s credit card or charge card; a reference to the amount outstanding on a credit card or charge card and all supplementary cards does not include any fees, interest and charges (including late payment charges) relating to the use of any of those cards; a reference to the credit limit of a cardholder’s credit card means, where one or more supplementary credit cards issued under the credit card have separate credit limits from that credit card, the sum of the credit limits of that credit card and the supplementary credit cards; a reference to the credit limit of a cardholder’s charge card means, where one or more supplementary charge cards issued under the charge card have separate credit limits from that charge card, the sum of the credit limits of that charge card and all such supplementary charge cards; “specified deposits” means one or more deposits in the name of the cardholder, whether solely or jointly with one or more persons, or a private investment vehicle of the principal cardholder, placed with any bank, merchant bank or finance company; and. 93 Falsification of records by officers, etc. 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… To create Apple Card, we needed an issuing bank and a global payment network. 19); “book” includes any record, register, document or other record of information and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or on microfilm or by electronic process or otherwise; “calendar year” means a period from 1 January to 31 December (both dates inclusive); “chief executive officer”, in relation to a corporation, means a person (however designated) who —, is in the direct employment of, or acting for or by arrangement with, the corporation; and. An average household spends about 15% of their budget on monthly recurring bills like telecom, insurance and utilities. Initial Fees for Subprime Credit Cards Limited. Knowledge Highlights 13 October 2020. Banking (Credit Card and Charge Card) Regulations 2013, Please check the legislation timeline to ensure that you are viewing the correct legislation version. (4)  For the purposes of sections 5(2) and 13(13) and paragraph 2(, is carried on, offered or provided by that person to support that other business; and. (4)  In this regulation, “specified value”, in relation to assets, means —, where there is no established market value of the assets referred to in sub-paragraph (. Annual fees (usually waivable) fall in the $200 range, and there isn’t much in the way of additional benefits. (2)  In this Act, unless the context otherwise requires —, the person has or is treated as having an interest in that share under section 7(1A), (1B), (2), (6) and (7) to (10) of the Companies Act; or. 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. any other liability incurred by a lender on behalf of a customer of the lender. (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 sum of the credit limits of all credit cards issued to the cardholder, by the card issuer and, if one or more supplementary credit cards have been issued under such credit cards having separate credit limits from the principal cards, of all such supplementary credit cards; the sum of the credit limits of all charge cards issued to the cardholder by the card issuer and, if one or more supplementary charge cards have been issued under such charge cards having separate credit limits from the principal cards, of all such supplementary charge cards; the sum of the credit limits of all fully unsecured non‑card credit facilities granted to the cardholder by the card issuer; the sum of the credit limits of all partially secured non‑card credit facilities granted to the cardholder by the card issuer. (2)  The Authority may, by notification in the. 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) included in that class. the aggregate of the following is not more than one year’s emoluments of the Singapore cardholder: the loan amount (other than in relation to loans granted for any of the purposes specified in sub-paragraphs (, the aggregate of the amounts outstanding on all earlier fully unsecured or partially secured non‑card credit facilities (other than in relation to loans granted for any of the purposes specified in sub-paragraphs (. is in a position to control at least 20% of the votes in the corporation; “access”, in relation to a payment system, means an entitlement or eligibility to be a participant in the payment system; “access regime”, in relation to a payment system, means an access regime imposed by the Authority under section 51 and that is in force; “account issuance service” has the meaning given by Part 3 of the First Schedule; “arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied; “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. Top up instantly with any Singapore credit or debit card and hold up to S$5,000 in a secure mobile wallet. provides for the licensing and regulation of payment service providers and the oversight of payment systems 2  (3)  Any person appointed under subsection (1) or officer appointed under subsection (2) is taken to be a public servant for the purposes of the Penal Code (Cap. Credit card issuers are still able to charge certain additional fees, such as "setup fees" or "program fees." the furnishing of any security to the Government in connection with any application for the deferment of any liability under the Enlistment Act (Cap. The Act contains a provision that limits the first year annual fee for a credit card to 25% of the credit limit. in accordance with whose directions, instructions or wishes the directors of the corporation are accustomed to act by reason only that they act on advice given by the person in the person’s professional capacity; “licence” means a licence granted under section 6; “licensee” means a payment service provider the licence of which is in force; “limited liability partnership” has the meaning given by section 4(1) of the Limited Liability Partnerships Act (Cap. See also, Published in Acts Supplement on 20 Feb 2019, Date of Commencement: 28 January 2020 Parts 1 to 8, sections 109, 110, 112, 115 to 120, Part 10, the First and Second Schedules, Date of Commencement: 30 July 2020 Section 114. These operators provide the international network linkages between the merchant and the card issuing banks and clear their cards' transactions among participating banks. Types of Deposit … 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. 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 … You may also want to see our guide on activating OCBC Cards for travel use. (1A)  For the purposes of these Regulations, a reference to the aggregate credit limit of a supplementary cardholder with a card issuer is a reference to the sum of the following credit limits granted by the card issuer to the supplementary cardholder: the sum of the credit limits of all supplementary credit cards issued to that supplementary cardholder under a credit card of the same principal cardholder; the sum of the credit limits of all supplementary charge cards issued to that supplementary cardholder under a charge card of the same principal cardholder. Before the CARD Act, you could be 18 years old to get a credit card, and there weren’t very many restrictions on getting one. (2)  For the purposes of these Regulations, a reference to a partially secured credit card or charge card is a reference to a credit card or charge card where —, the amount of specified deposits or the guarantee, as the case may be —, is not at any time during the period the principal cardholder holds the credit card or charge card less than $10,000; but, may at any time during the period the principal cardholder holds the credit card or charge card, be less than the amount that is outstanding on the credit card or charge card and all supplementary cards; and, the card issuer has obtained security or legally binding undertakings, or taken any other action, to ensure that, unless and until the amount that is outstanding on the credit card or charge card and all supplementary cards is not more than the difference between the credit limit of the credit card or charge card and the amount of specified deposits —, (3)  For the purposes of this regulation —. the total period of all the extensions does not exceed 36 months. the power of appointment conferred by this subsection; and. All rights reserved. #12-08, MAS Building. a reference to a fully unsecured or partially secured non‑card credit facility granted by a card issuer or any of its affiliated corporations includes a fully unsecured or partially secured non-card credit facility granted by another person with whom the card issuer or its affiliated corporation, as the case may be, merges or consolidates, or whose business (in respect of the granting of fully unsecured or partially secured non-card credit facilities) the card issuer or its affiliated corporation, as the case may be, acquires. amounts outstanding which accrue interest at an effective interest rate of zero. any amount charged to the credit card or charge card for the purposes of the business of the sole proprietor or partnership. 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. (3)  In any case where the functions of the operator or settlement institution of a payment system are assumed by or shared among 2 or more operators or settlement institutions, a reference in this Act to the operator or settlement institution is a reference to each such operator or settlement institution. (2)  For the purposes of these Regulations, a reference to the maximum credit limit of a Singapore cardholder with a card issuer is a reference to an amount not exceeding —. other than by way of issue of a credit card or charge card by the lender or in relation to a credit card or charge card issued by the lender; “permanent resident” means any individual who is not subject to any restriction as to his period of residence in Singapore imposed under the provisions of any written law relating to immigration for the time being in force; “principal cardholder” means the cardholder under whose credit card or charge card any supplementary credit card or charge card has been issued; “purchase rate” means the interest rate which applies to credit granted for the purchase of goods and services using a credit card or charge card, as specified under the terms of use of the credit card or charge card agreement between a cardholder and a card issuer; “share” has the same meaning as in section 4(1) of the Companies Act (Cap. The CARD Act basically beefed up language in the Truth in Lending Act, curbing “deceptive and abusive” practices by the credit card industry. The Credit Card Accountability Responsibility and Disclosure Act (or the Credit CARD Act of 2009) was passed by the United States Congress in 2009, expanding on the Truth in Lending Act (TILA), and took effect in 2010.Its purpose was to curtail deceptive and abusive practices by credit card issuers. (11)  In this regulation, “expiry date” means the date ending 6 months after the date on which the Ministry of Health announces its risk assessment under the framework commonly known as Disease Outbreak Response System Condition or DORSCON, to be the colour code “Green” in relation to the infectious disease known as Coronavirus Disease 2019. is to be calculated by deducting from the estimated fair market value of the residence any outstanding amounts in respect of any credit facility that is secured by the residence; and. in a case where the Singapore cardholder holds both fully secured credit cards or charge cards, and fully unsecured or partially secured credit cards or charge cards, all issued by the same card issuer, the higher of the following amounts: the Singapore cardholder’s overall credit limit; the amount of the deposit or deposits in the name of the Singapore cardholder which secure all the fully secured credit cards or charge cards referred to in this sub‑paragraph. Promotional balance transfers offer lower … is in a position to control at least 5%, but less than 12%, of the votes in the corporation; “12% controller”, in relation to a corporation (being a licensee or an operator of a designated payment system), means a person that alone or together with the person’s associates —, has an interest in at least 12%, but less than 20%, of the shares in the corporation; or. All rights reserved. is not denominated in any currency, and is not pegged by its issuer to any currency; is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of a debt; can be transferred, stored or traded electronically; and. [FSG SPD 028/2000/ Vol. Selecting the best credit card for you is largely based on the size of your monthly budget as well as your overall spending behaviour. (9)  The loans for the purposes of paragraphs (2)(. Specifically, the Fair Credit Billing Act says that you should report unauthorized charges and other credit card billing errors to your card issuer within 60 days of the date the statement containing the error was submitted. The problem however isn’t just being declared bankrupt. And the strength of the Mastercard network means Apple Card is accepted all over the world. Are you a business owner who’s looking for a business credit card to help free up your […]The post Best Business Credit Cards In Singapore … “corporate card with no personal liability” means a corporate card issued to an employee or officer (being a director, member of the committee of management, chief executive, manager, secretary or other similar officer) of a body corporate where, under the terms of use of the corporate card, the body corporate bears sole liability for any amount charged to the corporate card; “corporate purchasing card” means a credit card or charge card issued for the purpose of purchasing goods or services, other than services for entertainment purposes, on behalf of a body corporate, a partnership or a sole proprietor, where the body corporate, partnership or sole proprietor bears sole liability for all amounts charged to the credit card or charge card; “credit card” or “charge card” has the same meaning as in section 56 of the Act but excludes any credit card or charge card referred to in section 57G(. 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. 93); the furnishing of any security to the Government in connection with the employment of a foreign domestic worker; the defraying of expenses which are directly attributable to a course of education, including tuition fees and the costs of accommodation, textbooks and computer equipment, where the lender who granted the loan has taken reasonable steps to ascertain that the proceeds of the loan will be applied only towards the defraying of such expenses; the business of a sole proprietor or partnership (other than a limited liability partnership) of which the Singapore cardholder is the sole proprietor or a partner, as the case may be; the repayment of any amount owing by the Singapore cardholder under another non-card credit facility which has ceased to be fully secured as a result of a fall in the value of the security given for that facility, where the lender who granted the loan has taken reasonable steps to ensure that the proceeds of the loan are paid to the person who granted that facility; any renovation (the loan being referred to in this sub‑paragraph as a renovation loan), where —. the settling of transactions between the participants; “share” has the meaning given by section 4(1) of the Companies Act and includes an interest in a share; “Singapore operator” means an operator that is incorporated in Singapore; “Singapore settlement institution” means a settlement institution that is incorporated in Singapore; “specified e‑money” means any e‑money that has been issued —, to any person whom the issuer of the e‑money has determined, according to such criteria as the Authority may specify by notice in writing, to be resident in Singapore; or. is principally responsible for the management and conduct of the business of the corporation; “company” and “corporation” have the meanings given by section 4(1) of the Companies Act (Cap. 3; AG/LLRD/SL/19/2010/5 Vol. The Singapore credit card market can be roughly divided into three segments based on income requirements. Exchange currencies in a snap Spot the best rates, and make instant exchanges for 10 currencies. 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. the total outstanding unsecured amount of the Singapore cardholder with the lender; the repayment of any amount owing by the Singapore cardholder under a loan granted for any of the purposes specified in sub‑paragraphs (, the repayment of any amount owing by the Singapore cardholder under a loan granted for the purpose specified in sub‑paragraph (. 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. (3)  In these Regulations, “overall credit limit”, in relation to a Singapore cardholder, means —, in the case of a Singapore cardholder who is above 55 years of age, has an annual income of not more than $15,000 (or its equivalent in foreign currency) and has total net personal assets exceeding $750,000 but not exceeding $2 million (or its equivalent in foreign currency) — $2,500; and, where the annual income of the Singapore cardholder is less than $30,000 (or its equivalent in foreign currency), 2 times the monthly income of the Singapore cardholder; and. 10 Shenton Way, Singapore 079117. 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 —. Best Blue Cash Everyday Offer Earn up to $300 back. If the amount owed to all of your creditors (including credit cards and car loans) is at least $10,000, you can be made bankrupt in Singapore. 138A); “lender” means a financial institution or any of its affiliated corporations which issues a credit card or a charge card, or grants a non-card credit facility, to a person; “medical treatment” means any “approved medical treatment or services” as defined in section 2(1) of the MediShield Life Scheme Act 2015 (Act 4 of 2015) but excludes any treatment, service or item referred to in regulation 12(2)(. Apple Card is the first consumer credit card Goldman Sachs has issued, and they were open to doing things in a new way. 186); any advance, loan or other facility granted by a lender to a customer whereby the customer has access to any funds or financial guarantee provided by the lender; or. (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. is in a position to control at least 12%, but less than 20%, of the votes in the corporation; “20% controller”, in relation to a corporation (being a licensee or an operator of a designated payment system), means a person that alone or together with the person’s associates —, has an interest in at least 20% of the shares in the corporation; or.

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