Banks should look to educate customers for better returns
Rather than creating new products which introduce debt, perhaps there should be a renewed focus on financial literacy
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ON THE face of it, the recent launch of GXS Bank’s FlexiCard appears to be a positive move, with a new segment of the population now able to get their hands on a credit card.
There is no minimum income requirement of S$30,000 mandated by the Monetary Authority of Singapore to qualify for the card. This means that just about anyone could sign up for this credit card.
However, there is a S$500 credit limit, and customers can make a minimum payment plus S$5 to carry an outstanding balance on the card. A S$50 late fee is charged if the minimum payment is not met.
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