To enhance consumer protection in credit card operations:
1. Banks must inform cardholders at least seven days before transferring their account to a collection agency
2. Banks and credit card issuers must clearly inform cardholders that paying only the minimum amount due will result in interest and other charge
3. Restricts the issuance of pre-approved credit cards. Yes, you can decline it!
There are other BSP circulars that enhance consumer protection, but read this circular particularly.
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