Credit Card Law in Singapore

Understanding the regulations governing credit cards in Singapore is essential for every consumer. The Monetary Authority of Singapore (MAS) establishes strict guidelines to ensure responsible lending and user protection.

The Credit Card Act & Regulations

Credit card operations in Singapore are governed by the Banking Act and specific MAS notices regarding credit and charge card regulations. Key areas include:

• Credit Limits: MAS stipulates specific rules on the combined credit limit for individuals based on income tiers.
• Interest Rates: Guidelines are in place to ensure fair computation of interest on outstanding balances.
• Unauthorized Transactions: Regulations dictate the liability limits of consumers in the event of lost or stolen cards, provided they notify their bank promptly.

Consumer Protection

Banks are required to maintain transparent communication regarding card fees, charges, and the risks associated with revolving credit. It is advised to contact your bank's official hotline immediately if you identify suspicious activity.

Updated: November 2019