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Disclosure required for cardholders who did not pay their prior month’s bills in full

Banking (Credit Card and Charge Card) Regulations 2013

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SECOND SCHEDULERegulation 18(3) and (6)(b)Disclosure required for cardholders who did not pay their prior month’s bills in fullPart IDISCLOSURE FOR CREDIT CARDS PURSUANTTO REGULATION 18(3)(a)Outstanding Balance[current month’s bill’s outstanding balance] Payment Due Date[current month’s bill’s payment due date]Pay your bills in full to avoid further interest and finance charges.WARNING: If you do not pay the outstanding balance in full, you will be subject to [the effective interest rate that the card issuer generally imposes on similar types of cards]% interest on [the balances and transactions that attract such an effective interest rate e.g. the outstanding balance and all new transactions charged]. For example, if you pay only [the amount, in dollars and cents, equivalent to the current month’s bill’s minimum payment] each month,you will pay off fully what you currently owe only after [the length of time referred to in regulation 18(3)(a)(i)]the total you will need to pay, even without charging new transactions to your card, is about [the total amount referred to in regulation 18(3)(a)(ii)]Part IIDISCLOSURE FOR CREDIT CARDS AND CHARGE CARDSPURSUANT TO REGULATION 18(3)(b)WARNING: [In the case of credit cards, “If you do not even make the minimum payment”][In the case of charge cards, “If you do not make full payment”], you will also be charged [the charges for not making the minimum/full payment e.g. late fees of $X every month]. Your past due payment status will be reflected in your credit bureau report and may negatively affect your application for a new loan in the future. Legal action may also be taken.For example, if you do not make any payment,after 6 monthsthe amount you owe, even without charging new transactions to your card, will increase to about [the outstanding balance in 6 months’ time referred to in regulation 18(3)(b)]

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