I was offered a easy credit card from Standard Chartered Bank. It allows the borrower to draw out a cash line, with a first layer of $3,000 free of interest. Interest is charged at slightly lower than 18% on the excess over this layer. The marketeer told me that I could take out only $3,000 and pay no interest.
If the borrower makes any payment late, there is a service charge of $80 for the late payment. I find this fee to be exorbitant.
I object to this type of business practice, which aims to make money on people who may overlook to pay on time, due to travel or a busy schedule.This is like laying a trap on a careless or unsuspecting customer.
I feel strongly that the Monetary Authority of Singapore does disallow this type of deplorable practice.
If the borrower makes any payment late, there is a service charge of $80 for the late payment. I find this fee to be exorbitant.
I object to this type of business practice, which aims to make money on people who may overlook to pay on time, due to travel or a busy schedule.This is like laying a trap on a careless or unsuspecting customer.
I feel strongly that the Monetary Authority of Singapore does disallow this type of deplorable practice.
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