• Credit card issuers shall keep strictly confidential the data on the cardholder

• An information pertaining to the credit card holder may disclosed with his consent

• The recipients of information pertaining to the credit cardholder is likewise bound to preserve the confidentiality of cardholder data

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• Banks shall only charge interest or finance charges arising from the non-payment of the outstanding balance

• Such interest or finance charge shall continue to be imposed until the outstanding balance and applicable interest are fully paid

• Penalty for late payment shall be collected from cardholders only when the same is disclosed in the contract

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• Before issuing credit cards, bank shall conduce know-your-client and customer identification procedures

• All credit card applications shall undergo a strict credit underwriting process

• Banks shall disclose to each of their existing and potential credit cardholders the finance charges for unpaid amounts

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• Credit card issuer refers to a bank or a corporation that offers the use of its credit card

• All credit card issuers must have adequate financial strength and fit and proper board management

• Credit card issuers must demonstrate technical and risk management capability to operate a credit card business

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