HOW TO RESOLVE SINGAPORE CREDIT CARD ISSUES
For the huge majority of credit card holder’s the experience is a good one. You can experience reliable service, month in, month out as you collect points and reap the rewards of premium membership.
In a very small number of cases, a credit card member might need to question a problem with their bill or an unexpected charge. What do you do when it goes wrong?
The first thing you should do if you’ve got a problem is approach the card issuer directly. They’re the ones with easy access to your records and are most likely to solve any issues. The Singapore government has ruled that all financial institutions are expected to deal with consumer complaints in an independent, effective and prompt manner, and in most case you’ll find your problem is resolved at the first hurdle.
Hopefully, call centre staff will be able to attend to you, but if their advice is not clear, or if you still have a grievance, ask your call to be escalated to their Quality Service Department. There, the financial institution’s managers should be able to take a personal interest in you.
However, a small number of complaints can’t be resolved internally, but the card holder will be able to turn to the regulatory body FIDReC (Financial Industry Disputes Resolution Centre Ltd) within six months of the last letter from the financial institution.
FIDReC offers an independent and affordable means for resolving problems that can’t be settled directly between you and your financial institution. Your initial consultation with FIDReC is free, but you’ll have to pay $250 if you want your case to proceed. If you’re still not satisfied, there’s the last resort of going to court. However, you should be aware that court cases are hugely expensive and results are not guaranteed.
That’s a bit of a Doomsday scenario that almost no-one will ever have to face. Complaints are rare in credit card business, as the huge majority of banks resolve problems on the first call. Keep an eye on your card and your bill, and you’ll never experience a problem at all.