BSP to Banks: Sending pre-approved credit cards is prohibited

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image taken from http://www.bbb.org/blog/2011/07/pre-approved-credit-card-scheme/

Tuwang-tuwa si Jefferson when he received a pre-approved credit card in the mail.  After all, it’s only been less than a year since he graduated from college and his salary as a newbie call center agent was still not enough for him to qualify for a card.

Kaya naman nam-blowout agad siya sa family and friends niya. He even got the gadget he has been saving up for.

“Instant money nga eh. At least I don’t have to live from paycheck to paycheck na. Hindi rin ako labas nang labas ng cash, which I don’t have anyway (hahahaha),” reveals Jefferson.

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image taken from http://learnvest.cachefly.net/wp-content/uploads/2009/12/mail-300×152.jpg

But the Bangko Sentral ng Pilipinas (BSP) has warned issuing banks that such credit cards are prohibited, under its expanded rules.

BSP Circular No. 485 prohibits the following acts: (1) Sending credit cards to customers with no prior application or request. (2) Mailing unsolicited supplementary cards. (3) Mailing other cards which are not a replacement of the consumer’s initial card. (4) Making unsolicited calls by credit card issuers requesting for updated information from selected clients to give them a credit card as a reward for loyalty or good credit standing. (5) Sending a card by mail and assuming that it has been accepted (an annual fee may then be charged). (6) Sending new cards with free offers or promos. 

“The prohibition on the issuance of pre-approved cards by all BSP supervised financial entities with credit card operations…is enhanced by stressing, under said regulations, that the provisions of this Circular shall prevail, notwithstanding any contrary stipulations in the contract,” a statement from the central bank read.

Gaya ni Jefferson na hindi pa qualified sa isang credit card, dapat busisiin ng mga bangko ang credit card applications to make sure that applicants have a good credit standing or are financially capable, before issuing a card.  Hindi yung basta-bastang nagbibigay na lang. After all, baka miyembro pa ng sindikato ang ma-issuehan, who may use it for criminal activities or fraud.

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image taken from http://upload.wikimedia.org/wikipedia/tl/archive/b/b1/20111126150342!Sagisag_BSP.png

Kapag makatanggap ng credit card sa mail na hindi naman inapplyan:

1. Itawag ito sa issuing bank at sabihing hindi mo ito hiningi at tinatanggap

2. Gupitin agad ang card; although charges will usually not be incurred until the card is used, baka magamit naman ito ng ibang tao.

Para sa iba pang tanong, pwedeng tawagan ang BSP sa 798-7087 or mag-email sa consumeraffairs@bsp.gov.ph.

 

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