Taiwan FSC asks banks to cut credit card rates

Taiwan's top financial regulator has asked banks to lower their revolving rates on credit card loans after aggressive interest rate cuts by the central bank, the United Evening News reported on Wednesday.

The Financial Supervisory Commission talked to several major card issuers about cutting the rates, which range between 14 percent and 20 percent annually, the paper said, citing Chang Ming-daw (張明道), director general of the banking bureau.

Criticism that the rates were too high has mounted after the island's central bank made its sixth consecutive rate cut early in January. The benchmark discount rate is now 1.50 percent, the lowest level since September 2004.

Officials at the Commission were not immediately available for comment.

Chinatrust Financial and Citigroup are among the island's top credit card issuers.

Updated : 2021-02-26 21:42 GMT+08:00