Excessive credit card charges

A year ago, I received a letter from my credit card company, informing me that the charge for a late payment is $X and for insufficient funds is $Y. I remember that the amounts are quite high, i.e. more than$40. They are excessive.

I called the credit card company and cancelled the credit card. I feel strongly that any charge should be fair and not excessive. The credit card company cannot make profit by over-charging customers. Already, they are making profit from the credit card fees and the transaction fee for each payment.

I hope that the regulator and the consumer association should take up this matter. I feel that business practices in Singapore is becoming very bad, and that consumers are being taken for a ride.

Tan Kin Lian