^

Business

Credit card firms issue watchlist for delinquent clients

- Ted P. Torres -
The Credit Card Association of the Philippines (CCAP) has come out with a "watchlist" for delinquent credit card clients and merchants slapping huge surcharges.

The watchlist or "mini credit bureau" of delinquent card clients has reportedly reached 500,000 accounts. The list is now being shared with the Bankers Association of the Philippines (BAP), the trade organization of the country’s commercial banking system.

The CCAP is composed of 15 member-banks offering branded credit cards, majority are also BAP members.

CCAP head Roland C. Tanchanco said they are also prepared to share data with non-members on delinquent clients.

"The highly-delinquent accounts are open to non-members upon request although the same list is most likely with the BAP credit bureau," said Tanchanco, the executive vice president of Banco de Oro Universal Bank (BdO).

Delinquent accounts are those unpaid beyond 150 days.

At the same time, the CCAP has a similar "watchlist" of merchants who reportedly and regularly slap huge surcharges on credit card users.

CCAP does not usually set sanctions on the merchants, preferring to hold talks with owners on the benefits of lower surcharges. Merchant establishments include airlines, restaurants, hotels, appliance companies, and mall stalls.

Meanwhile, the CCAP said that they expect credit card transactions to grow by between 10 to 15 percent this year, from the P200 billion volume recorded last year.

"There is higher consumer confidence, economic growth is on the uptrend, and strong remittances from the overseas Filipino workers (OFWs)," Tanchanco said.

There are currently five million cards-in-force although the actual number of cardholders may be half the figure since the usual practice of cardholders is having two cards at the same time.

vuukle comment

ACCOUNTS

BANKERS ASSOCIATION OF THE PHILIPPINES

CARD

CCAP

CREDIT

CREDIT CARD ASSOCIATION OF THE PHILIPPINES

DELINQUENT

ORO UNIVERSAL BANK

ROLAND C

TANCHANCO

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with