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Calls to be open about 'hidden' credit card fees

Charges from foreign processors result in higher-than-expected bills

Published on Jun 27, 2014 9:56 AM
 
MAS and the Association of Banks in Singapore say the additional charges arising from Singapore dollar payments routed through overseas payment processors are usually stated in the list of terms and conditions of banks. -- PHOTO: REUTERS

THE "hidden" fees that can be slapped on to a credit card trans- action have angered consumers and sparked calls for more transparency.

Many of these fees are imposed when payments are routed through overseas processors, leaving the card holder with a higher bill than he bargained for.

Oil analyst Tushar Tarun Bansal found such discrepancies in his credit card bills for a couple of transactions with the amount owing higher than what he originally signed for.

One instance was when he bought a ticket from Swiss Airlines from Singapore to London and chose to pay in Singapore dollars. The credit card bill was $87 above the initial amount.

 
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Background story

UNFAIR FOR CONSUMERS

It's effectively a one-sided thing, that is, putting the onus on the consumer but no talk about what the banks should or can do. It isn't very fair.

- Mr Tushar Tarun Bansal, who found discrepancies in his credit card bills for a couple of transactions with the amount owing higher than what he originally signed for

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