Well, here’s a shocking number: Credit card users in Singapore have an average of six cards each and about one-third of cardholders paid an annual fee because they didn’t know any better, reports Channel NewsAsia.
“A recent study on credit card satisfaction by research firm J.D. Power showed that more than 80 per cent of credit card customers do not fully understand their card terms,” according to the report.
One such term is the annual membership fee, which banks are willing to waive on a case-by-case basis, depending on credit rating and how often the cardholder uses his card, among others. And, usually, only if you make a request.
Since not a lot of consumers are not aware of this option, the Consumers Association of Singapore has asked banks to more transparent.
“If they’re willing to waive the fee on a case-by-case basis, they should make it clear when the consumer applies for the card,” Mr Seah Seng Choon, executive director of CASE, tells CNA. “So that the consumer is aware that if they’re not willing to continue with the payment of membership fee, the bank would consider waiving it.
Photo: Digitaltrends.com
