A year ago, I received a letter from my credit card company, informing me that the charge for a late payment is $X and for insufficient funds is $Y. I remember that the amounts are quite high, i.e. more than$40. They are excessive.
I called the credit card company and cancelled the credit card. I feel strongly that any charge should be fair and not excessive. The credit card company cannot make profit by over-charging customers. Already, they are making profit from the credit card fees and the transaction fee for each payment.
I hope that the regulator and the consumer association should take up this matter. I feel that business practices in Singapore is becoming very bad, and that consumers are being taken for a ride.
Tan Kin Lian
Sunday, June 28, 2009
NTUC Income AGM, May 2009
At the AGM of NTUC Income held in May 2009, I raised a few questions on the cut in bonus and increase in premium rates on motor insurance. The answers provided by the management are shown in the attached document.
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