Banking Act 1970 · 2020 Revised Edition · Part 8 · Credit Card and Charge Card Businesses
57G. Non-application of this Part
Feedback & supportThis Part does not apply to any credit card or charge card issued or to be issued by a person if —
credit card
“credit card” or “charge card” means any article, whether in physical or electronic form, of a kind commonly known as a credit card or charge card or any similar article intended for use in purchasing goods or services on credit, whether or not the card is valid for immediate use;
the credit card or charge card is for purchasing goods or services on credit with and from the person only and the person bears the whole credit risk of the cardholder;
charge card
“credit card” or “charge card” means any article, whether in physical or electronic form, of a kind commonly known as a credit card or charge card or any similar article intended for use in purchasing goods or services on credit, whether or not the card is valid for immediate use;
the aggregate credit limit that is granted by the person and, where the person is a corporation, the related corporations of the person to the cardholder does not exceed $500; or
the issue of the credit card or charge card satisfies such other criteria as may be prescribed.