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  • BC-4.15 BC-4.15 Interest on Credit Card Transactions

    • BC-4.15.1

      Conventional retail bank licensees must comply with the following requirements with regards to charging interest on credit card statement dues:

      (a) Interest must not be charged if the customer pays the full amount billed and due before or on the due date specified in the monthly credit card statement except for cash withdrawal transactions;
      (b) Interest must not be charged on partial payments made by the customer on or before the due date specified in the monthly credit card statement against credit card amount billed and due;
      (c) Interest on cash withdrawal transactions must be computed from the date of the transaction ("transaction date");
      (d) Interest on credit card amounts billed but unpaid on or before the due date must be computed from the posting date of the transaction; and
      (e) Interest must not be charged on outstanding interest amounts, fees and charges due from the customer.
      Added: July 2019

    • BC-4.15.2

      For the purpose of charging interest on credit card dues, conventional retail bank licensees must only calculate interest charges using 365-days a year basis.

      Added: July 2019