23 Jun '11, 9am

Home loan facts should be spelled out: MAS: The next time you consider taking up a home loan, the banker you app...

MAS should not just focus on home loans. Banks issuing credit cards are ripping off card holders right under the nose of MAS. It is baffling how and why banks are allowed to get away with an runaway interest rate of 24% per annum for unsettled charges. And that is not all. Most banks start charging interest on fresh charges if previous month’s statement has not been fully cleared. The charging of 24% seems to be an absolute figure for credit cards all along without any change despite the changing landscape of the financial world where money deposits earn less than a percent in Singapore and not that much more in other countries. Why is there such a huge difference? It’s high time MAS intervenes to check on the practices of the banks insofar as credit cards are concerned. Secondly, MAS should also look into the manner in which some banks are marketing their products and how...

Full article: http://sg.news.yahoo.com/blogs/singaporescene/spell-home-...

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