CBRC: No credit card to minors below 18!

CBRC: No credit card to minors below 18!
Aug 12, 2010 02:02
JANE01 Points: Join Date: Mar 3, 2008 Status: offline	The CBRC (China Banking Regulatory Commission) issued new regulations on governing commercial banks' credit card business on August 11. According to new regulations, commercial banks are forbidden to issue credit card to minors below 18 (excluding additional card). To issue credit cards to the students above 18, the commercial banks have to make sure that the parents agree this by written approval. The regulations rule that the commercial banks can not charge fees on the non-activated credit cards. The commercial banks are also required to keep their clients’ information secret. The CBRC also ruled that banks' credit card businesses must be incorporated into their internal risk control and management systems. It also ruled that numbers of credit cards issued should not be the sole criterion for judging the performance of banking staff.

Aug 12, 2010 02:02

JANE01
Points:
Join Date: Mar 3, 2008
Status: offline

The CBRC (China Banking Regulatory Commission) issued new regulations on governing commercial banks' credit card business on August 11.

According to new regulations, commercial banks are forbidden to issue credit card to minors below 18 (excluding additional card). To issue credit cards to the students above 18, the commercial banks have to make sure that the parents agree this by written approval.

The regulations rule that the commercial banks can not charge fees on the non-activated credit cards. The commercial banks are also required to keep their clients’ information secret.

The CBRC also ruled that banks' credit card businesses must be incorporated into their internal risk control and management systems. It also ruled that numbers of credit cards issued should not be the sole criterion for judging the performance of banking staff.

Aug 16, 2010 04:29	#1
JIMMYB Points: Join Date: Feb 7, 2007 Status: Offline	If you are not good at financing, better not apply for a credit card. Otherwise, you just help the bank to make money. As for students, it is good to forbid minors below 18 to have credit cards. They can not take the responsibility yet. It is their parents who finally pay the bill for them.

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