Seoul Pushes More Card Rate Cuts
Credit card companies will have to post their yearly interest rates on the Internet site of the Financial Supervisory Service to help consumers make comparisons and may be told to make further rate cuts, the regulator said Sunday. The companies typically show monthly rate charges only on cardholders' bills.The companies were told by the Fair Trade Commission in March to cut their interest rates. "The rates have gone down," an official at the supervisory agency said, "but the benefits only go to a few customers; we'll look at the costs and profits of the companies and request further rate cuts, if possible."
The agency also said it is considering modifying the Specialized Credit Financial Business Act to allow more companies to enter the card business.
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)