Debts • Credit cards not meant as long-term credit facility

We thank Mr Joe Chua Cheok Kwang for his suggestions on credit card interest rates (Cap credit card interest rates to protect the vulnerable from crippling debts, Feb 27).

- Lu Xinyi Director (Corporate Communications) Monetary Authority of Singapore

Credit cards are not meant as a long-term credit facility as the interest charge can be high. Our national financial education programme, MoneySense, has been reminding consumers to pay credit card bills in full and on time.

While credit card interest rates are set commercially by financial institutions (FIs), the Monetary Authority of Singapore's (MAS) approach is to equip consumers to make informed decisions about credit card usage and manage credit responsibly, through transparent fees and charges and financial literacy.