“Paying more attention to customer needs is a positive commitment of our member-card issuers. While there are always opportunities for improvement, most of the feedback we receive are about credit card management and customer service.”
MANILA, Philippines — The number of credit card-related complaints in the Philippines jumped by 45 percent to 4,161 in the second quarter this year from the previous quarter, driven primarily by concerns over account management.
This accounted for 23.6 percent of all consumer complaints received for the April to June period, latest data from the Credit Card Association of the Philippines (CCAP) showed.
“Most consumer complaints are related to credit card management and customer service, which underscore the need for the industry to pay closer attention to consumer feedback,” CCAP executive director Alex Ilagan said in a statement.
According to the industry association, the leading concerns among credit card holders were related to account management, followed by disputes over interest rates, fees and charges as well as issues with unauthorized online transactions.
CCAP said the share of account management to total complaints grew to 55.5 percent in the second quarter of 2024 compared to the 37.2 percent in the same period a year ago.
Account management covers a range of complaints from customers, including difficulties with accessing accounts, issues with card applications, activation and cancellation processes as well as delays or failures in receiving cards or billing statements.
Card holders were also concerned with problems with updating account or client information, unposted transactions or payments and the release of rebates, promotions and rewards.
“Paying more attention to customer needs is a positive commitment of our member-card issuers. While there are always opportunities for improvement, most of the feedback we receive are about credit card management and customer service,” Ilagan said.
“An increasing number of consumers are engaging with their credit card issuers to seek better support in managing their accounts, reflecting a growing awareness of credit management,” he said.
CCAP said it would continue to work closely with its members to ensure smoother customer experiences by refining processes such as card applications, card activation, billing management and the release of rewards and rebates.
In August, CCAP signed a contract with the Bangko Sentral ng Pilipinas to launch financial education programs, develop a credit card e-learning course and create learning resources that are publicly accessible through the BSP E-Learning Academy (BELA).
BELA is an online platform offering courses on personal finance, economics and central banking. It is expected to be fully accessible to the public by the second quarter of 2025, according to BSP.
“We at CCAP will continue to serve as the bridge between consumers and the financial industry, ensuring a balance between customer needs and market realities,” Ilagan said.