need for specific laws to protect card holders

It is time for bank negara to look into the area of specific protection for cardholder

Since 1987 CAP has been asking the government to have specific laws on the credit card industry.

Act 1989 the credit card business run by financial institution now come under the act being under the act means that only those who have written acknowledgement from bank negara can run this business.

If bank negara feels that there is needed to regulate the industry further it can do so by evoking certain sections of acts

Cc company are therefore free to do what they like which they do..askewed in favour of the bank.

Not responsible for defects of services

1.The company will not be responsible for any defect of goods or services paid with the credit card.

2.card holder liable for loss or theft

3.other unfair conditions

The company has rights at any time to restrict  or withdraw the membership and temporaryly based on its absolute discretion and without having to explain the reasons

It may also at any time and without notice to the member set off or transfer moneys from the card holder bank acc to pay off the sum due to bank to the card issuer

The gov should get into the act of supervising the industry more closely because it is a billion dolar business which encourages consumer spending and yet gives consumer so little protection