11 Oct2006

credit1

The general intelligent wisdom is that one should carry “plastic” or credit cards instead of cash, so that if you are pickpocketed or murdered and your wallet is stolen, then the thief gets your cash and possibly attempts to use your credit cards. In most intelligent, logical and consumer friendly societies, any fraudulent use of your credit card would not be your liability and the credit card companies swallow the loss and use their insurance or their specific reserves to cover such instances. That makes sense, right? In fact, credit card companies in the United States specifically tell you that you are only liable for say $50 in case of theft, whether or not you had the chance to call the card company before the thief got to use your card. That would be a reason why one would carry plastic instead of cash. But we live in the Philippines, the land of occasionally utterly stupid, senseless and bizarre credit card and other laws put in place or perpetuated or unchanged by some idiots who themselves have been reported to charge on their local credit cards outrageously expensive watches for their teeny bopper kids while they “serve” their countrymen…

What am I blathering about? It seems that in the Philippines, if you own a credit card and it is stolen, the cardholder is completely liable for all the fraudulent charges up until your credit limit unless you have already phoned the credit card company to warn them you have lost your card. So what if your card was stolen from your hotel room or gym locker room while you were playing tennis and you didn’t notice the loss till the next day? Yup, you got it. It’s completely YOUR ass that is on the line. In other words, if you don’t inform the card company, they hold you liable for the losses, and that is the ridiculous law at the moment. In other words, it is actually potentially far more costly for you to carry a Philippine credit card as you could lose thousands and thousands depending on your credit limit rather than just the cash in your wallet.

When I learned of this pathetic situation a few months ago when acquaintances lost their wallets and thieves racked up massive bills on their behalf, I intentionally started to leave most of my local credit cards at home. I didn’t put a post on the matter then as it would seem like I was just harping at a law that is impossible to change. But events in the past 24 hours lead me to post this warning for the benefit of my readers and your friends. I kid you not. If you have say a PHP100,000 limit on your card and someone else charges on it, you will be required to pay that PHP100,000 or be in violation of the law as it is currently written; in fact, in theory, you would be the criminal with the liability to the credit card company.

Never mind that your card was stolen, that the charges were fraudulent, that the signatures are false and that you had an unusual level of charge activity…it is YOUR ass on the line. And for that privilege you pay a hefty annual fee and a nearly usurious (in my opinion) 3.5% per month interest charge on any outstandings (that translates to over 50% in compound annual interest for those of you who never bothered to calculate it!). So what good is the local credit card if your potential liability is worse than the cash in your wallet??? Why can’t lawmakers read this and do something about it? Where do all those annual fees go if not to put measures in place to protect customers? Out-bloody-rageous, if you ask me. And I am just setting you up for the next post on why I am really fuming at a ShittyBank…

Here are Marketman’s serious tips to help insulate you from unnecessary credit card losses; please forward to your friends if you care about them:

1. Check your local credit limits right this instant. If the total credit limits far exceed your normal or even peak usage, call your credit card companies immediately and ask them to lower your limits to a level you can truly manage.

2. When you go out and it is not likely that you are going to max out your cards, do NOT bring all of your local cards with you…leave some safely put away at home.

3. Every evening when you get home, check your wallet to make sure all of your credit cards are in their slots, if not, call the credit card company immediately even if you are unsure where your card is. It’s easier to have a new one issued than to risk a PHP50,000 charge on your stolen card.

4. In a restaurant, always leave those faux leather jackets/folders that they use for credit cards OPEN on the dining table, this will make you more cognizant of the fact that you may have left your card still in the jacket.

5. Beware of unsolicited increases to your credit limits, reject these unless you really use the additional limits. Just think, if 500,000 consumers are given a PHP20,000 increase that is PHP10 billion more in open credit limits and if only 1% are subject to fraud, that is a potential PHP100 million that the credit card companies can come after clients like you and me for!

In other countries where they protect consumers, it is fine to have huge credit card limits for that occasional, “just in case” need. In the Philippines, it’s best the have the lowest possible limits instead.

 

COMMENTS:

  1. Keli says:

    True MM. That’s why I only have 20k limit on my credit card. No plans of increasing it. BTW, I love your site!

    Oct 11, 2006 | 5:58 pm

     
  2. Marichu says:

    So how is one’s credit-worthiness evaluated? In the US credit card use or misuse is one of the great indicators of one’s reliability on paying your debt, also factoring in debt to limit ratio (the lower your debt and the higher your limit, the more credit-worthy you are). So if you have a lower credit limit and you keep on maxing it out, would that have the same lowering effect in the Philippines as it does in the US?

    Oct 11, 2006 | 6:16 pm

     
  3. miclimptrp says:

    I think your post is very timely MM. Lots of these Card companies think they can get away with hoodwinking us hardworking people. A lot of our current laws are VERY out dated as it is. Believe me, if you put up a Blog Site focusing only on the topic of credit card complaints, you’d get a hit of at least 100,000 viewers a day!

    Go MM, we’re right behind you! Maybe this can start a movement to have these stupid laws reviewed and changed!

    Oct 11, 2006 | 6:22 pm

     
  4. Rina says:

    I had a bad experience with Citibank Visa/Mastercard a few years ago. I just realized that my wallet was pickpocketed when I was about to pay my bill in the restaurant. Upon reporting the loss to Citibank, I was advised by the company that will only insure me from the time that I made the report, and that I have to pay for the purchases made by the thief, since carrying the card is just as “good as cash”!! What a horrible experience!!

    Oct 11, 2006 | 6:31 pm

     
  5. Marketman says:

    Keli, smart lady, keep it at 20K. Marichu, good questions – In the Philippines, there appears to be no equivalent of a personal credit score so they don’t seem to keep track of “bad folks,” except with blacklists at specific banks. As a result, the ones who should have bad credit scores and be banned from most credit are in a better position than say the states where everything down to your electric bill payment history is recorded. In fact, what happens is that good credit folks end up subsidizing the horrific 12-15% bad credits in the Philippines with the outrageously high interest rates and annual fees. The good guys are the ones who get screwed, if you ask me. Worse, in things like car insurance, if you have an exemplary record as a driver, your insurance rates will be exactly the same as a moronic nincompoop who crashes his car every other day…yet another stupid law, in my opinion! miclimptrp, consumers can be heard if say 50,000 of us just seriously slash our credit limits so that the credit card companies start to take notice…congressmen out there, of which I hope at least a few read this blog, should sponsor an appropriate bill…it would be great for your PR as millions of intelligent and economically sound consumers would be grateful. Rina, isn’t it stupid for credit card companies to assert that plastic is as good as cash??? I hate that kind of idiotic logic; particularly when it only applies here and not in Citibank’s or other large international bank’s home countries…

    Oct 11, 2006 | 6:51 pm

     
  6. Ciela says:

    Do you notice when you fill up your car with gas and use your credit card, they make you sign the receipt and don’t even bother to check your signature with that behind your card?! That really pisses me off. This happens to me every time. So using someone else’s credit card is so simple. That’s a scarry thought.

    Oct 11, 2006 | 7:41 pm

     
  7. Marketman says:

    Ciela, I think the laws are so skewed against the consumer that even the merchants know they aren’t liable in a sense…so they don’t really bother to check… And the credit card companies in third world countries such as the Philippines are making tons and tons of profits compared to first world markets!

    Oct 11, 2006 | 7:51 pm

     
  8. wysgal says:

    I’m surprised to hear that local card issuers don’t reimburse obviously fraudulent charges.

    The “secret” of the credit card industry is that they only make money if you revolve your balances (i.e. don’t pay the full amount), and from annual fees. So if you get a new card with a first year annual fee waiver, and you pay your bill in full every month, they don’t make a cent off you.

    And yes Marketman you are very correct in saying that because there is no central database of “good” and “bad” consumers … the good guys are charged a lot more in fees and interest to make up for potential losses from the bad guys.

    Oct 11, 2006 | 8:54 pm

     
  9. J says:

    Another problem is that it is extremely difficult to contact the hotlines of these credit card companies. It takes too long before a customer care representative answers your call. In the event that your credit card gets lost/stolen, it will take time before you can report it to the credit card company because all their reps are busy. And what? They will charge you for those fraudulent transactions prior to receiving your call!

    Oct 11, 2006 | 9:07 pm

     
  10. miclimptrp says:

    Problem with most credit card companies right now, they try to grab what share they can get from the consumer/spender market. What happens is that they keep giving away Credit Cards to everyone and let them worry about making payments later on. This is also being compounded further by “Agencies” who bother you at home and in the office! You scratch your head in pure amazement wondering and trying to remember which bus seat or public toilet you left graffitis detailing your phone numbers.

    Once the poor victim (yes, I once was) gets in to the flytrap, he is suddenly faced with a lot of HIDDEN CHARGES that the smiling voice over the phone conveniently forgot to tell you. You try to look for it at the fine print of their brochures but lo and behold! They must be so “fine” that you can barely see them. And the legalese is simply amazing! Trying to decipher hieroglyphics would be an easier time…

    Good thing some useful(??) lawmaker decided to create the anti-harassment law for credit card companies. They CAN really be a nuisance. I relate this fom experience cause a year ago, I got charged for a measly 85 php worth of something which I didnt purchase in the first place. So of course I refused to pay and asked the Customer Service(???) hotline to remove the said amount. After 6 months, I am still being harassed by collectors for that said amount. Imagine, 85 pesos! They finally stopped when I invoked the anti-harassment law and told them that I was recording their calls along with a caller ID phone.

    However, in the best tradition of the Bedouin dessert tribesmen, I invoke this parting thought to all those people who are behind these fraudulent and insensitive credit card companies :)

    ” May a thousand fleas infest your crotch and armpit for all eternity”

    Oct 11, 2006 | 9:13 pm

     
  11. Marketman says:

    miclimtrip, that last quote is just too funny. If you folks are interested, I have a RANT from last year on telemarketing from real estate companies here. J, that’s right. Today alone it tooke me two hours to reach a credit card company i was calling. Wysgal, yup, almost all credit card companies to my knowledge in the local market don’t reimburse even in cases where there are clearly syndicates involved, say where cards are stolen and within 1 hour videocams and other high-priced items are purchased and can almost be instantly fenced…

    Oct 11, 2006 | 9:30 pm

     
  12. gonzo says:

    credit card companies are nothing more than white collar criminal gangs. i avoid them like the plague.

    Oct 11, 2006 | 10:32 pm

     
  13. Larees says:

    I absolutely agree with you MM. In fact, I keep my credit limit to only 20k. In this case, even if I max out or it is *god forbid* stolen, I know I can still pay the charges. As for the credit card my parents gave me that has a bigger credit limit, I just leave it at home and use it only when I go out of the country.

    Laws are just screwed; how I wish they can make laws that actually protect consumers.

    Oct 11, 2006 | 11:06 pm

     
  14. wil-b cariaga says:

    my gf’s professor was a victim of a situation like this just a few weeks ago. . . the prof found out that she is missing her credit cards and thought that she might left it in her other bag, so she didn’t report it right away, but as soon as she got home and found no credit cards, immediately she called the credit card companies, and there were lots of transactions that sum upto a 100 thou Pesos, different shops, and the thing is the criminal really was hurrying because the span of time when transactions were made from different shops from cubao to ortigas to other places are just less than 10 minutes, buying groceries and appliances and designer clothes, so it may be that the one holding the cards had a car. the question is, why did the shops not ask for a verification ID, just to know if the card holder is really the owner? I think this should be a standard, before paying with a credit card you must also show a valid ID, not even one shop did this to verify. some might say it may be an insult if you ask a card holder for a verification ID, but I think this is for our own protection. . .

    Oct 11, 2006 | 11:08 pm

     
  15. Dave Starr says:

    Hello MM,

    Haven’t been here very often but I have a high opinion of your work, my asawa, Mitams is a regular reader and fills me in on all the good stuff. This article is a real eye-opener for me, since I’ll be living there full-time real soon now. Sounds like I will keep one of our existing US cards as our “emergency source”, the hassle of peso-dollar conversion charges is nothing compared to the risk involves.

    As you correctly stated in the US the federal law prohibits a card company from holding a card holder responsible for more that #50USD ~ 2500 PhP. In practice, because of competition, no card company has ever held any fraudulent use against me or any friend or family member … even the $50 charge charges have always been waived.

    @-> Marichu, welcome to the real world, a US “credit score” has been turned into an end unto itself like a consumer product and means nothing anywhere else in the world. In point of fact having many high limit cards with no balances can _reduce_ your score because you have control over that much credit without any checks and balances… high card limits are not always a good thing, and obviously in the Philippines they are really not a good thing.

    Oct 11, 2006 | 11:34 pm

     
  16. lojet says:

    In the US their anti fraud division is very active. I once charged a big screen tv that cost over 3K in a store 5 minutes from my house. The transaction went smoothly but soon as I got home I opened my door and the phone was ringing and it was the CC company verifying if I really charged that amount. Another time I tried to consolidate my errands and went to the local drugstore, gas and grocery store in a span of an hour. On my last stop which was the grocery store, the transaction was not approved and there was a note to call them. The amounts were not excessive but the speed of the charges being made triggered their fraud alert.

    While the security of having a CC to fall back on in case of emergency, the huge responsibility of guarding it looks like a deterrent to carrying one over there. Yes, keeping the limit small is a wise move.

    Oct 11, 2006 | 11:52 pm

     
  17. Ted Oniate says:

    Master card here in the States gives you an option (for free) to have your picture embossed (hardest thing to duplicate to date)on your card. Duh, why not offer it to all credeit card holders back home. Not a total solution but a good deterent. As for Credit Card Laws that protects the Bank rather than the Consumer, what can I say, that’s Filipino Lawmakers for you. Common sense is a hard thing to come by these days for our beloverd Lawmakers.

    Oct 11, 2006 | 11:57 pm

     
  18. tulip says:

    I remember a family friend, a big wig in the banking industry here in the Philippines, being a Vice President of a top banking corporation and member of the PNB body, gave us his “ultimate” advise….NEVER use credit cards, don’t get one if it isn’t really necessary. Isn’t that ironic? Truly MM, that “plastic is as good as cash” is a NAY and according to him NOT true.(sshhhh) He said even if how tempting and how low the interest the credit card company gives..never never dive into such.

    I was once so eager to get my own credit card, graduated from college and gone to the corporate world. I think it was necessary especially during travels, business trips and expat modes. I never thought of the cautions until the big wig gave us unsolicited helpful advises.(I wouldnt elaborate anymore.hehehe, too many to mention) I was totally surprise hearing from him FACTS about the banking industry. His only highly approved service from any bank is a Savings Account or a Checking Account( he had a long pre-cautionary measures with this one as well).

    I think most doesn’t really need a plastic. But nowadays, its so easy to apply and get a credit card, so unlikely few years back when there were less banking companies offering such. Competition got high and so they came out with “convincing schemes/advertisements” totally appealing to most. How can’t anyone say no to the low interest, a privilege of purchasing goods using the credit card without a cash in hand yet, even if you just earn about Php 10,000/month? I think credit card is just good whenever anyone travels, especially out of the country. If you’re not a frequent traveler, I think cash is still the YAY way. LOL.

    Whenever I travel, I use my credit card to check in to hotels but when I check out, I pay it in cash unless I got short. I pay in cash most of the time that my credit card isnt so useful. So what with “the privilege”?!? LOL. I 85% of the time dont bring my credit card locally. Less use, less hassle.hehehe

    Oct 12, 2006 | 12:07 am

     
  19. edee says:

    and here we are thinking just to use our credit card (issued in our country) when we get home this christmas……mmmm…having second thoughts now……

    Oct 12, 2006 | 12:10 am

     
  20. elna says:

    In the UK where I’ve lived for the last six years, they do have strict laws on this and is obliged by banks and/or credit card companies. I did some shopping online once a couple of years ago and I never got the goodies after a month of waiting. It turned out this company in the US is on a litigitation and all thier business transactions were withheld. I did complain to the credit card company and within a week they reimbursed me and their legal department did write me a letter after a month to inform me that the matter has been settled between them and the US company. In the last three years, I noticed that most of the shops in London would ask you to put in your PIN number and some shops would decline your purchase if you can’t provide a PIN number. Oh I can only wish and hope that our lawmakers back home would do something about this issue to protect the Filipino comsumers! I guess one of the problems is, our lawmakers are bribable and would accept anything that those credit card companies would offer them so as not to pursue any issue related to this. *-*

    Oct 12, 2006 | 1:04 am

     
  21. kaye says:

    i used to work for the “world’s local bank” and i noticed a big difference on how banks aroound the world compare to the banks here in dealing with clients. before i would do all i can to cater and give care to my clients who are mostly in the US, UK and Australia. we work as if we are their very own banking secretary reminding them of their payments, working with them on their monthly dues and we even waive $45 off of their late charges since it’s really a discretion on the part of the representative you’re talking to, this goes the same for the CC reps here(READ:be nice to them!!) i was even thinking then why these “practice” wasn’t carried over here when these banks came to our country. is it because filipinos don’t really know how to use credit cards or is it because we just aren’t fully aware on how to use credit cards into our advantage? these credit card companies wouldn’t be getting anything if filipinos just know that if they use their credit card and pay everything on or before their due dates then the credit card companies wouldn’t be earning from their account. it would be to our advantage if we just did this since we’re able to purchase the things we need even if we don’t have any cash on hand but we just have to remember to pay it all up so we don’t get any interest charges.
    If MM’s site can only be visited by filipinos who have credit cards then they would all be informed and forewarned of what may happen to them in case somebody gets/steals their cc.. sorry for the long explanation. this site really rocks!!

    Oct 12, 2006 | 1:05 am

     
  22. mita says:

    ugh…credit cards. i’ve known a few people who got in very deep trouble because of them. the whole concept reeks of carpetbagging IMO. same with identity theft – it’s so easy to apply for a credit card – even if it’s through fraud.

    seriously, if enough people wrote/emailed some conscientious congressmen or senators, maybe the law can change.

    Oct 12, 2006 | 1:37 am

     
  23. James says:

    I happened to come across this website while in the process of doing a search over the Internet…. I am glad I took the time to read the posts here regarding credit cards issued in the Philippines. Did I ever get a lesson! I reside in the USA and I’m considering retiring to the Philippines in a few years so I’m learning as much about everything there as I can.

    From what I’ve read, I could not ever imagine anyone there applying for and actually using a credit card there under the terms, conditions and liabilities imposed by the law and credit card companies. I can see acquiring a card for use on international trips but other than that, I just could not expose myself to the liability if I absolutely didn’t have to.

    I frequently shop over the Internet using my credit card for payment. Just recently, my credit card information was stolen and used for fraudulent purposes. How the perpetrator got the card number confounds me because I’m extremely careful with my credit cards (I didn’t lose the card). Anyway, the credit card company noticed a fraud pattern and immediately called my home. I was at work at the time but three attempts were made to contact me there prior to getting home. When the credit card company did reach me at home, they asked about certain charges. I merely advised them if each charge was valid or bogus. They took it from there and I was not liable for any of the bogus charges. The credit card company closed out the account and immediately issued me another card with a different number.

    I agree that folks there need to rise up and demand reform. Thanks for contributing to my education about the credit card industry there. I’ll be sure to avoid applying for a credit card there for sure. Now I’ve got to learn about the cost of automobile insurance.

    Thanks again.

    Oct 12, 2006 | 4:13 am

     
  24. hchie says:

    I am shocked at how these credit card companies have sales people aggressively confront you at the malls to give you a “free” credit card. I think they give the wrong notion that a credit card comes without responsibilities. These sales people are just after their commissions or are just trying to meet their quota. They will never read the “fine print” for you or to you.

    Oct 12, 2006 | 7:26 am

     
  25. Lourdes says:

    My husband paid gas thru CC the other day for 1T. I told him please look at the amount reflected on the slip before signing it. Instead of 1T the cashier mistype it as P1,700.00. I don’t know if it was intentionally done or an honest mistake. You guys including me we have to always double check the slip in all our purchases thru CC. When I’m in a hurry I sometimes don’t take time to see the exact amount.

    Oct 12, 2006 | 7:36 am

     
  26. rm says:

    Did you know that 1 in 4 credit card transactions in the Philippines is fraudulent?! Thats why a lot of online companies overseas will not take orders from the Philippines and some have gone as far as blocking their entire site to any IP address from the Philippines. As far as credit card fraud goes, Philippines is right up there with Indonesia and Nigeria!

    This is one of the reason the cc compaines say they need to charge high interest rates but, as pointed out in other commenst here, they don’t seem to be doing anything to stop the fraud. The credit card companies need to get off their rear ends and fix this!

    Oct 12, 2006 | 7:53 am

     
  27. ginny says:

    Just yesterday I noticed one of my cards was missing but presumed it was in some other bag I had used and would look for it later. Yikes! After reading this, am on a mission to search and find that card!

    Oct 12, 2006 | 8:38 am

     
  28. HD says:

    Ito po natanggap ko sa e-mail ko 2 years ago pa. Funny pero totoo din

    Subject: Cancel Your Credit Cards Before You Die

    I don’t know if this is true but its funny and it shows how stupid credit card companies are! Hehehehe…

    Motto: Be sure to cancel your credit cards before you die……… This is just so priceless….and so easy to see happening, customer service being what it is….

    My Aunt died this past January. Citi Bank billed her for February and March for their monthly service charge on her credit card, and then added late fees and interest on the monthly charge…the balance had been P0.00…now was somewhere around P3,600.00
    I placed the following phone call to CitiBank:

    Me: “I am calling to tell you that she died in January.”
    CitiBank: “The account was never closed and the late fees and charges still apply.”

    Me: “Maybe, you should turn it over to collections”
    CitiBank: “Since it is 2 months past due, it already has been.”

    Me: “So, what will they do when they find out she is dead?”
    CitiBank: “Either report her account to the frauds division, or report her to the credit bureau maybe both!”

    Me: “Do you think God will be mad at her?”
    CitiBank:”…excuse me ?”

    Me: “Did you just get what I was telling you…. the part about her being dead?”
    CitiBank: “Sir, you’ll have to speak to my supervisor!”

    (Supervisor gets on the phone)

    Me: ”I’m calling to tell you, she died in January.”
    CitiBank: “The account was never closed and ! the late fees and charges still apply.”

    Me: “You mean you want to collect from her estate?”
    CitiBank: “…..(stammer)” …. “Are you her lawyer?”

    Me: “No, I’m her great nephew.” (Lawyer info given… )
    CitiBank: “Could you fax us a certificate of death?”
    Me: “Sure.” ( Fax number is given )
    ( After they get the fax. )

    CitiBank: “Our system just isn’t setup for death”
    Me: “Oh…”
    CitiBank: “I don’t know what more I can do to help…”
    Me: “Well… if you figure it out, great! If not, you could just keep billing her…I suppose…don’t really think she will care….”
    CitiBank: “Well…the late fees and charges do still apply.”

    Me: “‘Would you like her new billing address?”
    CitiBank: “That might help.”
    Me: ” (Manila Memorial Cemetery #### Sucat, P’que, and plot number given. )
    CitiBank: “Sir, that’s a cemetery!”
    Me: “What do you do with dead people on your planet?

    Oct 12, 2006 | 9:04 am

     
  29. Mila says:

    That was hilarious, a perfect example of bureaucracy gone wild! I’m going to be cutting those cards down to one emergency account this year and will also tell the bank to reduce the credit limit by half. I guess it should be in our wills to cut the credit cards and cancel the account! Sheesh!

    Oct 12, 2006 | 9:19 am

     
  30. Ley says:

    Sometime early 2005, the police in Cebu City raided a hotel room in a big hotel here that was occupied by a Chinese guy and his 2 Filipino cohorts. The police confiscated high tech devices used for manufacturing fraudulent credit cards, dozens of counterfeit credit cards and expensive jewelries and valuable items that were purchased using fraudulent credit cards of big banks. The perpetrators were caught red-handed and the police thought it was a major coup.

    Our firm handled the case and we filed as many counts of criminal cases as there were fraudulent credit cards and devices that were confiscated. What was disheatening was the fact that the banks concerned were not willing to shoulder the legal fees and litigation expenses for the prosecution of the criminal cases. The bank managers candidly admitted that they were in a dilemma because it was supposedly the credit card association who should shoulder the said expenses. Our firm ended up withdrawing our representation of the banks.

    What was alarming was, many of the fraudulent credit cards were in the names of actual cardholders with their corresponding numbers and these cards were in fact used by the perpetrators in making purchases. As to how these perpetrators got a list of actual credit card holders, the bank managers had no answer.

    Just imagine the lackadaisical attitude of the banks on these cases!

    Oct 12, 2006 | 10:07 am

     
  31. Ron says:

    Ahh .. MM. I know who this “idiots who themselves have been reported to charge on their local credit cards outrageously expensive watches for their teeny bopper kids while they “serve” their countrymen…” Yaman nila no!
    There was this bank “S” which charges 600 for late payments! This “idiots” should enact a law against this!

    Oct 12, 2006 | 10:31 am

     
  32. erleen says:

    everytime that I was offered an application for a credit card, I usually say ” sorry, cash payer ako eh”. last year
    somebody called me in the office saying he was referred by a friend of mine. he kept asking me questions about myself. I did not think about it until a few days later when a guy from HSBC showed up wanting to get my signature for the “application” I made over the phone!

    Not wanting to look stupid, I signed and a few days later got my card. I have used my card only a couple of times since I got it and it did not make any difference whatsoever since I am not an ‘impulse shopper’.

    The only thing that irritates me no end is the person from the credit card company who keeps on calling asking for referrals and when you tell them that you do not know anybody who would want a credit card, wants to be transferred to the accounting section. everytime that happens, I transfer them to the guard.

    Oct 12, 2006 | 10:57 am

     
  33. peanutbeanma says:

    credit card companies are horrible and i have this image of the people filing payments or whatever sitting atop of piles and piles of paper while they are playing mah-jong and watching the latest episode of their favorite soap opera.
    A few years ago, my husband and I decided to cancel a credit card that we had since we figured we didnt need more than 2 cards. so we paid the remaining balance via CHECK and closed the account. alls well that ends well right?? i dont think so… about 6 months later, we get calls from said card company claiming we haven’t paid the bill. so there was a long and epic adventure of faxing receipts, calling supervisors, emailing and writing letters to god knows who. then at the end – apparently we still owed them the amount!!!! they only finally shut up when i faxed and emailed them photos of the RETURNED PAYMENT CHECK. arg!!!!!

    Oct 12, 2006 | 11:00 am

     
  34. Marketman says:

    Ron, you are right, our congressmen aren’t doing enough to protect the public. Ley, I am OUTRAGED by this story. Of course the banks don’t care because it is the consumer that gets nailed with any losses while they make their money on interest and fees. HD, I couldn’t stop laughing at that exchange… ginny, look for that card! RM, 1 in 4??? Yikes, that is scary! Lourdes, call the credit card company immediately and keep that receipt! Everyone, thanks for all these useful comments, they really will help the general readership of this blog…this is so positive in many ways…SALAMAT!

    Oct 12, 2006 | 11:00 am

     
  35. anonymous paul says:

    i think the point is, in the midst of all these outdated laws, if you have a credit card, you better (1.) know how to use a credit card and (2.)protect your card.
    also…lots of people, upon getting a new card, think its a license for them to shop and splurge not fully realizing the average 3.5% interest you have to pay PER MONTH (42%/yr!) if you don’t pay your bills on time. know how to play the game; be on top of spending habits (discipline!) and don’t revolve. but its greatly due to misinformation as well brought about by sales agents just wanting to make a sale. possessing a credit card here in manila is still highly considered a status symbol by many and that’s what is sold by agents.
    anyway, fraud happens everywhere. cards get stolen everyday. but considering how long credit cards have been in the country (diner’s club in the 70’s or 80s?) you would think they’d have thought of better ways of addressing fraudulent transactions. in the end, banks will only think of the bottom line

    Oct 12, 2006 | 11:16 am

     
  36. Marketman says:

    Anonymous Paul – you said it, use the card with care. But its even more than 42% per annum because it is compounded, so anyone who borrows on their credit card is actually paying 51%+ per annum!!! That is OUTRAGEOUS! And so that’s where the card companies cover all their bad borrowers…then nail us for goods purchased on stolen cards as well!!!

    Oct 12, 2006 | 11:32 am

     
  37. currystrumpet says:

    god that sucks. my sister and i both have aig mastercards, and so far we’ve been pretty fortunate to have gotten good service from them. they call you up if they see any large spikes or deviations in your spending pattern. my sister once got a call within two hours of making a big charge on her card (she’d just treated a large group of press people) to dinner on the card) — it was aig calling to verify whether she was still in possession of her card and had made such a charge. she also got a call from aig after she bought a washing machine for the house.

    Oct 12, 2006 | 11:52 am

     
  38. aimeez says:

    Just to add to the credit card horror stories…

    I have a credit card which I keep just for emergencies. Most of the time I leave it at home in a spare wallet and I haven’t actually used it in over six months. A couple of months ago, two fraudulent transactions in Taiwan were charged to my account. I was nowhere near that country much less the store! I immediately called the credit card company to straighten it out. They “temporarily” reversed the charges (pending an investigation), blocked my account (just in case the thief tries to use it again) and said that they would send me a new card with a different number.

    Fast-forward to today, I still don’t have my card. I finally got through to a customer service representative and had her check on things. Lo and behold, the account was never blocked! All they did before was reverse the charges, they never cancelled the account nor put in a request for a new card. Thankfully, no new weird charges were made. But c’mon! You’d expect that one of the bigger credit card companies in the country would be able to do their job properly.

    Why is it that the Filipino consumer is always at the losing end of the deal?

    Oct 12, 2006 | 12:07 pm

     
  39. Ria says:

    This is a long list of comments, but I hope people still get to read this. I would like to add to MM’s list of how to protect your card.

    Please take note of the length of time it takes for the establishment to print out the credit card slips. If it is INORDINATELY long, demand that they give you back your card until the line eases up on the machine. It only takes so much time to clone your card on some device. This happened here in Manila.

    I found this even scarier. Charges could be racked up on your card which is in your possession.

    Take care.

    Oct 12, 2006 | 1:09 pm

     
  40. Marketman says:

    Ria, that goes down the route of identity fraud. I am not even sure how the credit card companies treat that here but I suspect you would be held liable as well. currystrumpet, glad to hear AIG is vigilant, but I wonder if they also charge clients for fraudulent charges…

    Oct 12, 2006 | 1:13 pm

     
  41. Lourdes says:

    I called my credit card company just 2 hours ago to reduce my credit limit and its very easy just a phone call and your credit limit will be reduced … from 70T to 20T. Thanks for all the insights.

    Oct 12, 2006 | 2:02 pm

     
  42. Lourdes says:

    Everyday in the office, I am receiving an average of 5 calls from different CC companies agents looking for different names in the office even the minimum wage earner. This is my usual line as a reply “I’m sorry we are not interested..bye.” Our minimum wage earner applied a CC. My role is to educate them for its proper use. I don’t know if the CC companies did set a limit on the income bracket who can only apply for a credit card. Too bad for those innocent and uneducated ones.

    Oct 12, 2006 | 2:32 pm

     
  43. bats says:

    hi marketman,

    first of all, kudos for such a delightful and informative blog!

    all of us should be careful of thieves out there and to the credit card companies themselves. why do you think no such laws are implemented here in the philippines? how come it’s still the consumer’s burden even if they are the one whose aggravated?

    personally, i had a very bad experience with my card due to misposted PAYMENT. imagine that! since i had a new card then, i punched one wrong digit when i was PAYING these credit card companies … and after 1 year, it still wasnt credited to my account. God knows where my P6k went. Technically, they still owe me P6k!

    I simply let it go. Now I am wondering if there is such an organization that protects us consumer’s from instances that you cited and from what happened to me …

    Oct 12, 2006 | 3:05 pm

     
  44. Juls says:

    My grandmother’s card wallet was stolen from inside her purse in Rustan’s Shangrila. She discovered the theft within an hour of it happening and immediately reported the theft to Rustan’s security, and calls were made to the credit card companies. The thieves were actually using the cards inside Rustan’s itself, and one transaction was denied due to the theft report. Despite the busted transaction, which should have led to the immediate apprehension of the thief, no arrest was made. Close to P100,000 worth of purchases were made on two cards within less than an hour, although we were lucky that Rustan’s swallowed the loss.

    Oct 12, 2006 | 4:25 pm

     
  45. Marketman says:

    Juls, you are indeed LUCKY that Rustan’s swallowed the loss. I suspect they charged that back to the credit card company or would drop the card… at any rate, good for you and your grandmother, that is a rare outcome indeed. I would buy way more from Rustan’s the rest of my lifetime if they handled my account that way…

    Oct 12, 2006 | 4:46 pm

     
  46. HD says:

    Let me correct myself… I don’t really know if the conversation was real, but I do know that Citibank goes after the family of the dead card holder. Because they offered me a “credit card insurance” to protect my family from inheriting my debt should something bad happen to me… *knock on wood*

    I have had some horror stories with Citibank as well, the last straw was when they offered me a manager’s cheque which I declined, but I received the cheque anyway. Then they charge me for the first installment of the cheque, after a lot of requests to cancel the thing, we paid our balance and then we cancelled our credit card from them and move to another bank.

    Oct 12, 2006 | 7:00 pm

     
  47. goodtimer says:

    Yes I agree that our laws should be changed. The interest rates alone are outrageously usurious! Do you know that the usury law in the Philippines had been suspended so that banks can raise their interest rates? Hence businessmen are wary of borrowing money from banks because of high rates, and now GMA is worried that it’s the cause of our sluggish economy. Haaayy! You only get reprieve from these sky-high rates when your case goes to court, and you get to prove those rates charged you were “unconscionable”…after about 10 or so years of waiting for final judgement. In the meantime, our so-called protectors in government prefer to raise hell over being declined a credit card purchase of a too-good-to-pass-up-have-to-buy-as-reward Rolex watch for his teen daughter. Can we please pick really WORTHY legislators come election time?

    Oct 13, 2006 | 11:02 pm

     
  48. ginny says:

    Guess what MM?! I did not find my credit card and knew it was lost and my heart began to race. I was so nervous when I called the bank to cancel it. My husband was already nodding his head in disbelief at me and the possibilty of someone using it to the limit. I was so shocked to find out that my card was already blocked! Whoever found my card (in Unimart) called the bank and blocked it. I checked and the last transaction was mine. Omigosh, an honest soul found it, did not use it and went the extra mile to block it for me. We have hope guys, maybe I can trace this person and urge him/her to run for congress. I still can’t believe my luck and promise myself to be more careful the next time. But really, I pray this honest person receives alot of blessings and am just so grateful and happy.

    Oct 14, 2006 | 1:22 am

     
  49. Marketman says:

    Ginny, you are so FORTUNATE to have a person like that block the card. You cculd have been nailed for the entire limit if you hadn’t called in. Unfortunately, we can have 97% of the population act like that wonderful person but if the remaining 3% take our cards and use it, the 97% end up paying for it… it’s the laws that need to be revisited. You may want to try the cashier at Unimart and or her/his supervisor as they may have been the ones to block it. They deserve a serious cake with massive amounts of calories at the least!

    Oct 14, 2006 | 5:41 am

     
  50. ichabod's hubby says:

    What ever happened to the case of the congressman whose credit card transaction was denied (the card was mistakenly declared stolen by the bank, I think) in a foreign country when he was buying rolex watches? Hell hath no fury like a politician scorned. The guy raised hell for the bank (I forgot which one) but everything seems forgotten now. I hope the congressman didn’t just accept the bank’s apology and forget about the whole thing. I was hoping that the congressman, after receiving a dose of what we regular people sometimes go through, would consider crafting new laws that would protect the consumers and crack down on irresponsible banks. I guess I’m expecting too much from our lawmakers.

    Oct 14, 2006 | 9:29 am

     
  51. sylvia says:

    Call me cynical but good luck with having the congressmen revise the laws to actually have them benefit & protect Juan dela Cruz. The banks are just going to lobby hard and wine & dine the tongressmen just to have the laws go the way they want it to.

    As for signing the back of the card for security purposes…you know, hubby and I don’t ever affix our signature to our CCs. Nobody in the US checks that anyway (at least in my experience). If the cashier wants to countercheck, he/she asks to see my ID. If your card gets stolen, and you’ve got your signature on the back, the thief can easily forge your signature. But the thief cannot easily or quickly counterfeit your ID. Unfortunately, the cashiers in the Phils. are trained to check the signature on the back of the CC. It sometimes gets me in trouble when I’m in Manila and use my CC. Thankfully, a little explanation to the cashier solves the problem. Buti nalang they use their logic.

    But I have to say, I thought it was really funny when my sister (who was out of work at the time) & my mom (who is a homemaker) back home were being pestered by these CC telemarketers. As in, ang kukulit talaga nila. Sinabihan na nga na wala silang trabaho, offer pa rin ng offer ng credit card! Obviously hindi nag-iisip.

    Oct 15, 2006 | 1:57 pm

     
  52. Dodi says:

    I haven’t read all the other horror stories above BUT I do get pissed-off whenever I use a credit card in the cities outside Manila or even in the auto supply shop- they have an additional surcharge from 3 to 5% That is outrageous and I think our congressmen should do a lot of work to protect the consumers! And do you notice how in ALL gasoline stations, they always ask you if you want a receipt? Especially if you’re using a credit card!

    Oct 16, 2006 | 5:08 pm

     
  53. Frisco says:

    So I just came back from abroad and started working here in the Philippines. I was thinking of opening a credit card here and thought about doing a reputation check regarding the banks I’m interested to apply with and I arrived at this site. lol. I was mortified! Thanks for the info, I love it :) I’d probably just stick to cash transactions rather than plastic money.

    Oct 20, 2006 | 11:52 am

     
  54. doMesTic diVa says:

    Whether you are in the Philippines or in the US, cash is always the best policy. Hubby and I found out the hard way how Credit Cards really can kill you. We racked up quite a big amount on our numerous cards (in the US) and managed to consolidate them and payed them down to about half. Our family then went on a long planned first trip back to the Philippines (after 5 years)so my folks could meet their only apos for the first time.

    Well, you know how trips like that cost you. Basically we still managed to squirrel away fare and some pocket money while paying down our debt so we spent our entire life savings on that trip home.

    Hubby went back first because he had to go back to work and I stayed behind with the kids for another few more weeks. Lo and behold I received a phone call from my honey saying that he was “let go” and that I have to get back right away. How’s that for beginning the New Year?

    We were soo close to being debt free. If we did not go home and hubby worked another 6 months all the IOU’s would have been “bye-bye.” Suffice to say we had to file for Chapter 7 and are now living month to month with barely enough to pay for the basics (with some help).

    After months of harrassing collection calls to our house and electronically they finally stopped after our debt was discharged, but now we are getting an increase in credit card applications, house loans, car loans etc., and we are amazed that these companies still want our business after our BK.

    This is very embarrassing to admit but after reading all the articles and comments on credit cards and credit card companies I had to say my piece.

    It has not even been a year since hubby’s news and the embarrassment is still fresh, but I want my example of how not to use credit cards to be a fair warning to those who have “love affairs with plastic”.

    God Bless you all

    Oct 21, 2006 | 2:07 pm

     
  55. NO to Sh!ttybank CC says:

    3.5% monthly interest rate is not just usurious in your opinion. 3.5% monthly interest rate _IS_ usurious! That’s 42% per year! That’s double your money in 2.38 years! CC companies should be restricted by law to follow standard bank loan rates. You can borrow from the bank for as low as 9% a year nowadays, and that’s only 0.75% a month!

    Nov 4, 2006 | 8:56 pm

     
  56. Marketman says:

    NO, actually, compounded, 3.5% monthly is closer to 50% per annum! It is outrageous. But unfortunately, USURY laws or what is LEGALLY considered usurious in the Philippines, have been repealed so folks can go charge whaever they like… pawnshops sometimes charge 5% per month plus the first few payments are taken out of the cash given to you so they are skirting the 75% per annum rate… and that is collateralized with a valuable item! Yikes.

    Nov 5, 2006 | 9:33 am

     
  57. philip says:

    actually, even if you get your annual fee (which goes to Visa or MC anyway) waived each year and fully pay your balances each month, credit card companies are still making a lot of money. Credit card companies earn from 2% to 6% of the transaction amount from the merchant, that is why some stores charge an additional percentage of card purchases (which is illegal). In that case, credit card companies should indeed have the necessary resources available to safeguard the consumer against credit fraud. The problem in the Philippines is that we as consumers do not demand our due and do so in a vocal manner. Customer care reps actually have the discretion to waive some of the charges, demand it. If they dont agree, give the ultimatum, cancel the card.

    In any case, like in any transaction or contract, always read the fine print and made an intelligent decision. Credit cards are actually a convenient products. Dont you always hate getting all those odd cents or rounded off change from drugstores and supermarkets? Like with any other product, use with caution, and i repeat, read the fine print.

    Here is some info about BPI i got a few years ago from a client and i confirmed it when i was given a BPI card. When you sign the application form and contract for a BPI card, you are expressly giving BPI the authority to debit any account at their bank in your name for the amount due on your credit card, without any further written consent or notice. Its all written in fine print behind the letter that comes with the card ( well it did two years ago). Aint that nice of BPI.

    Nov 7, 2006 | 11:17 pm

     
  58. mikaela says:

    is anybody else in the philipines who got imprisoned becuase of not paying his or her credit cards?

    May 17, 2007 | 9:30 pm

     
  59. Tess says:

    I am a current victim of such crime. In the first place, I did not ask nor personally apply for the card. I am a retired single mother, who was given the card by the branch manager for maintaining my accounts there. I never planned to use it as I was controlling my expenses. The criminal who took my card used it to make several 10,000 peso cash advances for several days. By the time I discovered the loss, the bill run up to over 300,000 pesos. What puzzles me was that I never submitted my ITR (being retired) which they asked from me. I did think it would be activated despite this lack of supporting documentation. I also do not know how the criminal was able to use the card when the PIN was still with me in the envelope it came from. What disappoints me the most was the cold and seeming disregard of the bank’s so called Customer Service over my situation, upholding the fine print saying I am accountable for whatever is incurred in my account until I report it. Their collections group or the process they have was no better. I was only followed up on the unpaid amount not days but weeks after due date. The collection letter was not even sent by courier but by snail mail (10 days from date sent). During those time, the criminal continued to make cash advances (not purchases) to my account. The nature of the charges should already have raised suspicion on their side. I am distraught but willing to lobby against better laws that would protect unsuspecting consumers like me. I will give my time to whatever initiatives are being taken to change this one sided law.

    Jun 20, 2007 | 8:55 pm

     
  60. Tess says:

    Erratum: The statement about the lack of ITR should have read as “I didn’t think it would be activated despite this lack of supporting documentation”.

    I also checked and this is a BSP requirement which the bank should have complied with.

    Jun 23, 2007 | 6:47 pm

     
  61. Marketman says:

    Tess, how awful… I hope they are working this out and you are made whole. The laws in this country regarding credit cards do seem incredibly consumer unfriendly!

    Jun 23, 2007 | 7:57 pm

     
  62. kengkay says:

    i just wrote about ATMs and credit cards in my blog and was trying to search for tips on how to go about these scams when someone pointed me to your site. i am going to link your site…my husband who’s a banker was telling me that here in europe, they would only need a few mins to widthraw from a stolen card; like when you are in a bank widthrawing cash, a camera could already have recorded your transactions, the feed given to a computer, and a card made with your details on it already widthrawing cash in a few minutes in another country. apparently, the safety measures here in germany are so good, they cant crack it here, so they need to send the info and operate in the other european countries. global wide talaga ang mga scams na ganito. kahit na germany have made their system fraud-free, nauutakan pa rin sila. kaya dapat banks should work together not only to protect themselves, but also to protect their costumers.

    Oct 19, 2007 | 2:52 am

     
  63. Sublime says:

    I’m not happy with BPI billing policy the mere fact that your paying interest on late payment on top of that there is also finance charge. So I called BPI CC and asked what is the finance charge on my statement representative from BPI CC told me, that is the charge for calculating your late payment and I said to her its thatt the best explation that you can provide.

    Oct 29, 2007 | 6:32 am

     
  64. Jim says:

    My dad, a US citizen in the philippines wants to pay off his Philippine Citibank visa with another US bank acoount. Is this possible?

    Dec 12, 2007 | 10:21 pm

     
  65. mae says:

    is there anyone who got imprisoned for not paying his/her credit card bills?

    Feb 13, 2008 | 12:45 pm

     
  66. Trainspotting says:

    Hi Marketman,

    Thanks for pointing me to your well-written article. I am sending it to my friends by email, with a link to your page. It is quite frustrating to know that a lot of people have their own credit card horror stories.

    Mar 5, 2008 | 1:55 pm

     
  67. jefferson faudan says:

    sorry this is the right website URL requesting link exchange thanks

    Sep 4, 2008 | 4:27 am

     
  68. dannah* says:

    does any one got in prisoned due to not paying his/her credit cards dues? any body can answer this question would be a big help to others who can’t sleep will because of the accumulated balances to their credit cards…

    Nov 20, 2008 | 9:15 am

     
  69. rommel says:

    how to complain a law firm or any cc collections agent whose calling you to pay your past due balances. the reason why is because they talk as if we owe the caller the money…they are now talking as if they are one of your friends. not addressing who they are calling about. is there any way to do this?thanks.

    Dec 23, 2008 | 2:00 pm

     
  70. denise says:

    My wallet got stolen while i was travelling and I didnt know tillthe following day. My cards were used to the max. I reported this to HSBC and Stanchart. HSBC said if it was really stolen and they prove that they werent my transactions, they wont bill me. Stanchart said i am liable. I dont plan to pay as the amount is too big combined. Make a wild guess…what do i do now? Any advise pls

    Jan 7, 2009 | 11:33 am

     
  71. Minnie says:

    There are a lot of CC thefts reported on TV nowadays. I just hope those would improve the the laws governing credit cards that not only should they protect the bank but the client as well. My wallet was snatched from my bag which carried my credit card. I reported it late since I didn’t know the hotline. Of course they said that it would be charged to me. But last Monday, I thought I had hope when one officer-in-charge told me to file a dispute in order for the matter to be investigated and that the charges will be on temporary credit. The investigating unit of Citibank called me 3 days later that their investigation will determine if the charges were valid. Of course, they’re not valid since I wasn’t the one who charged them! Actually, they can’t even define what a valid charge is. So what happened, was that the filing for an investigation by the officer-in-charge was invalid daw and I would be charged 33K. I found out my wallet was stolen at 4:30pm and the card was used at 4:57pm. I thought Citibank would help me, however, they remain true-to-form.

    Apr 23, 2009 | 6:37 pm

     
  72. donasky says:

    >My card was stolen in a theft that happened in our quarters. I found out my card was lost after my duty at the ICU around 5pm and immediately reported the loss to Citibank only to be shocked with the info that my credit card was already used beyond my current credit limit. The thief used the card at the SM Department Store, SM Clark amounting to total amount of 44,117.50.
    >I checked with SM Clark that same day and the cashier’s manager said she would investigate. The next day I was texted by the manager informing me that the culprit was described by the cashier involved as a female about 50yrs old a dark skinned Indian looking female. And as expected, they did not ask for an ID.
    >Naturally I sent a dispute letter to Citibank together with the police report of the theft. 3 months and there was no reply except for the daily calls from their operators and you know how impolite and arrogant the Citibank phone operators are. I always replied I refuse to pay until I receive a reply from the investigations department.
    >Middle of June I received a call from Citibank, a female caller telling me she’s from the investigations department and that their done with the investigations and that the disputed amount has already been removed from my bill. True enough the disputed amount did not appear on my last bill. I was of course glad and immediately paid the due amount on my bill.
    >Last week of June I received my latest billing statement and was shocked that the disputed amount again appeared on my bill. Called costumer service and inquired why this happened only to be informed that the amount was removed from the bill just temporarily pending investigation. And now that investigation was over they have decided I am liable because I reported the loss after the card has been used.
    >That is a clear evidence how fraudulently this citibank people manipulate you. They have no concern whatsoever of what you would be going through to pay the amount demanded from you.
    >Oh! by the way I talked to the cashiers manager of SM Clark and this is what she replied (accdg to her from the management), “it is not the cashiers’ obligation to demand an id or confirm the identity of the card user. In this case, the cashiers are at no fault, they ONLY LACK COMMON SENSE.”
    >How unfortunate for this country to have so many who lack common sense such as the Citibank company and their management. How can you report a card to be lost when you are not aware that it has already been stolen until you’ve found out later and it has been used already?
    >So for all readers, please read and learn. Don’t ever be tricked into getting a citibank card.

    Jul 13, 2009 | 9:30 pm

     
  73. gretha says:

    the worst credit card company ever is HSBC. A piece of advice, make sure you call the credit card company before your credit card expires as their courier can be very careless. Speaking from my experiences, this company has arranged to deliver the renewal of my credit card and reached the wrong hands. They are fully aware that they are not supposed to handover the credit card when the account holder is not around unless there is proper authorization from the account holder, guess what? They still did..the Customer Service is the worst ever! They are very slow in processing concerns and disputes. So beware and be wise!

    Aug 19, 2009 | 2:48 pm

     
  74. donasky says:

    By the way, i sought for the advise of a lawyer as i have received a notice from a lawfirm demanding that I pay or they would sue me. The lawyers advise… do not pay. These are all threats they make throught the collecting firms but they never go beyond these threats. Later, they would try to make arrangements to half the price and lower. Lawyers advise, don’t budge.

    Aug 25, 2009 | 3:10 pm

     
  75. Maan says:

    Like some of the readers who posted their horror stories regarding fraudulent use of their CCs, I too am a victim of these fraud transactions. My wallet was stolen inside my office last March 2009. 3 of my credit cards were used and the total fraud amount reached 180K. I refused to pay all 3 CCs citing that all transactions were fraudulent since the purchases were not mine and was not authorized by me. Right now, HSBC has transferred my case with Domingo & Molaer who sent me a DEMAND LETTER stating that they will CRIMINALLY PROSECUTE and/or CIVILLY CHARGE me. Ang kapal talaga!!!

    I would like to know if anyone out there has also been a victim of fraud and had the fraud transactions reversed by these credit card companies.

    Sep 5, 2009 | 11:44 am

     
  76. donasky says:

    my advise to anyone who has had this experience with these credit card companies… do as i did. go to a lawyer and hear what they have to say regarding this. It will only cause you P250 worth of consult to have peace of mind. I also received this demad letter from a lawfirm. Had the lawyer checked it but he said its just another collecting agency that the credit card company is paying. They cannot sue you because they cannot prove that you did the transactions, it is on their part application of deceipt as well. It’s much better if you have a police report proving that your card was stolen. The lawyer says, “no one in the history of the Philippines has been ever sued for credit cards!”

    Sep 17, 2009 | 4:03 pm

     
  77. john says:

    Is there anyone who got imprisoned for not paying his/her credit card bills/loan? Friend ko kasi kakasohan daw nila pag hindi nagbayad. Urgent advice pls…

    Sep 24, 2009 | 1:29 pm

     
 

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