27 Jun '14, 6am

Calls to be open about ’hidden’ credit card #fees #CreditCard #cash

THE "hidden" fees that can be slapped on to a credit card trans- action have angered consumers and sparked calls for more transparency. Many of these fees are imposed when payments are routed through overseas processors, leaving the card holder with a higher bill than he bargained for. Oil analyst Tushar Tarun Bansal found such discrepancies in his credit card bills for a couple of transactions with the amount owing higher than what he originally signed for. One instance was when he bought a ticket from Swiss Airlines from Singapore to London and chose to pay in Singapore dollars. The credit card bill was $87 above the initial amount. Mr Bansal, 33, told The Straits Times: "That was surprising. If you buy it on other airlines or for any other thing, what you pay is what you receive on the bill. "Apparently, the merchant routed that transaction through a non-Singapore entit...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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