S'pore relaxes card curbs

S'pore relaxes card curbs

SINGAPORE (AFP): The Monetary Authority of Singapore (MAS) has lifted curbs restricting credit card issuers from tie-ups in incentive programs with merchants, the Straits Times reported Wednesday.

In a memorandum dated November 7, the MAS said it would lift the restrictions "so as to allow card issuers the discretion to decide on matters relating to the promotion and marketing of credit/charge cards."

The report cited a tie-up announced last month between American Express International and Singapore Airlines' frequent flier program.

The ruling is a reversal of several restrictions slapped on card issuers in the past four years imposed when authorities sought to discourage excessive credit spending.