Regulation 2

a related corporation of the card issuer or financial institution, as the case may be, that is incorporated in Singapore;

where the card issuer or financial institution, as the case may be, has a related corporation that is incorporated outside Singapore —

any branch or office of the related corporation that is located in Singapore; or

such branch or office of the related corporation that is located outside Singapore as may be designated by the Authority by notice in writing to the card issuer or financial institution;“business card” means a credit card or charge card issued to —

a sole proprietor;

a partner of a partnership, other than a limited liability partnership; or

an employee of a sole proprietor or any such partnership,where, under the terms of use of the credit card or charge card, the sole proprietor or partnership bears sole liability, or joint and several liability with the cardholder, for —

any amount charged to the credit card or charge card; or

any amount charged to the credit card or charge card for the purposes of the business of the sole proprietor or partnership,but does not include —

a credit card or charge card where the employee or partner is solely liable for any amount charged to the credit card or charge card; (B)a corporate purchasing card; or

a credit card or charge card which was applied for on the basis that it was not for any business purpose;“business card with no personal liability” means a business card issued to an employee of a sole proprietor or partnership (other than a limited liability partnership) where, under the terms of use of the business card, the sole proprietor or partnership bears sole liability for any amount charged to the business card;“cardholder” means an individual who has been issued a credit card or charge card, or a supplementary credit card or supplementary charge card;“card issuer” means any person carrying on a business of issuing credit cards or charge cards in Singapore;“corporate card” means a credit card or charge card issued to an employee or officer (being a director, member of the committee of management, chief executive, manager, secretary or other similar officer) of a body corporate where, under the terms of use of the credit card or charge card, the body corporate bears sole liability, or joint and several liability with the cardholder, for —

any amount charged to the credit card or charge card; or

any amount charged to the credit card or charge card for the purposes of the business of the body corporate,but does not include —

a credit card or charge card where the employee or officer is solely liable for any amount charged to the credit card or charge card; or

a corporate purchasing card;“corporate card with no personal liability” means a corporate card issued to an employee or officer (being a director, member of the committee of management, chief executive, manager, secretary or other similar officer) of a body corporate where, under the terms of use of the corporate card, the body corporate bears sole liability for any amount charged to the corporate card;“corporate purchasing card” means a credit card or charge card issued for the purpose of purchasing goods or services, other than services for entertainment purposes, on behalf of a body corporate, a partnership or a sole proprietor, where the body corporate, partnership or sole proprietor bears sole liability for all amounts charged to the credit card or charge card;“credit bureau” has the meaning given by section 2 of the Credit Bureau Act 2016;“credit card” or “charge card” has the same meaning as in section 56 of the Act but excludes any credit card or charge card referred to in section 57G(a) or (c) of the Act;“deposit”, in relation to a finance company, has the same meaning as in section 2 of the Finance Companies Act (Cap. 108);“direct insurer” has the same meaning as in section 1A of the Insurance Act (Cap. 142);“director group” has the same meaning as in paragraph 1 of the Fifth Schedule to the Act;“emoluments”, in relation to an individual, means the salary and bonuses of the individual but does not include any allowances;“excluded employee”, in relation to a direct insurer, means an insurance agent who has entered into an agreement in writing with the direct insurer to arrange, as agent for the direct insurer, any contract of insurance;“finance company” has the same meaning as in section 2 of the Finance Companies Act;“financial asset” means —

a deposit as defined in section 4B(4) of the Act; or

an investment product as defined in section 2(1) of the Financial Advisers Act (Cap. 110);“financial institution” means any person who is licensed, approved, registered or otherwise regulated by the Authority under any written law;“guaranteed charge card” means a charge card that is guaranteed by a guarantor but does not include —

a charge card referred to in section 57G(b) of the Act; or

a charge card that could be issued by the card issuer on the basis that the applicant satisfies any of the criteria referred to in regulation 8(2)(a) or (b)(i) or (ii);“guaranteed credit card” means a credit card that is guaranteed by a guarantor but does not include —

a credit card referred to in section 57G(b) of the Act; or

a credit card that could be issued by the card issuer on the basis that the applicant satisfies any of the criteria referred to in regulation 8(2)(a) or (b)(i) or (ii);“guarantor” means an individual who guarantees the repayment of all amounts charged to or outstanding on a credit card or charge card;“IRAS” means the Inland Revenue Authority of Singapore established under section 3 of the Inland Revenue Authority of Singapore Act (Cap. 138A);“lender” means a financial institution or any of its affiliated corporations which issues a credit card or a charge card, or grants a non-card credit facility, to a person;“licensed credit bureau” has the meaning given by section 2 of the Credit Bureau Act 2016;“medical treatment” means any “approved medical treatment or services” as defined in section 2(1) of the MediShield Life Scheme Act 2015 (Act 4 of 2015) but excludes any treatment, service or item referred to in regulation 12(2)(a) of the MediShield Life Scheme Regulations 2015 (G.N. No. S 622/2015);[Deleted by S 453/2021 wef 01/07/2021]“non-card credit facility” means —

any advance, loan or other facility granted by a lender to a customer whereby the customer has access to any funds or financial guarantee provided by the lender; or

any other liability incurred by a lender on behalf of a customer of the lender,other than by way of issue of a credit card or charge card by the lender or in relation to a credit card or charge card issued by the lender;“permanent resident” means any individual who is not subject to any restriction as to his period of residence in Singapore imposed under the provisions of any written law relating to immigration for the time being in force;“principal cardholder” means the cardholder under whose credit card or charge card any supplementary credit card or charge card has been issued;“purchase rate” means the interest rate which applies to credit granted for the purchase of goods and services using a credit card or charge card, as specified under the terms of use of the credit card or charge card agreement between a cardholder and a card issuer;“share” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);“Singapore cardholder” means a cardholder who is a citizen of Singapore or a permanent resident, and does not include the holder of a supplementary credit card or supplementary charge card in his capacity as a supplementary cardholder;“Singapore guarantor” means a guarantor who is a citizen of Singapore or a permanent resident.