Clarification on Pre-approved Credit Cards

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BSP CIRCULAR NO. 845: Clarification on Pre-approved Credit Cards

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Title Supreme Court: Clarification on Pre-approved Credit Cards

Law: Bsp Circular No. 845 (corrected Copy)

Decision Date: Aug 15, 2014

BSP Circular No. 845-14 clarifies the definition of pre-approved credit cards in the Philippines and prohibits the issuance of such cards without prior application, adding acts tantamount to issuing pre-approved credit cards to the List of Appendices of the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions.

credit card issuers

unsolicited credit cards

prior application

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