Fortis unit fined for breaking credit card rules

The financial services watchdog AFM has fined Fortis subsidiary International Card Services €73,000 for breaking new rules on credit card limits, the Financieele Dagblad reports on Wednesday.

ICS offers a variety of Visa credit cards, including the Panda Visa card, which supports the Worldwide Fund for Nature.
The AFM says ICS has given out cards with too-high credit limits, allowing customers to borrow so much they have less than 15% of their income left after expenses. The 15% rule was introduced in November last year.
In total, 73 ICS customers have been given credit cards with a too-high limit, the paper says.

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