Many credit card holders are being harassed by different bank companies if they were not able to pay their dues on time, worsts are they will call your company's Human Resources (HR) Office to report you for being buried in debt, and call you every day, every time.

Good thing that The Bangko Sentral ng Pilipinas (BSP) on Friday said the Monetary Board affirmed the Implementing Rules and Regulations (IRR) for the Credit Card Industry Law or Republic Act 10870. Clients with their credit card will now have more assurance while card guarantors are required to be more straightforward under new standards issued by the national bank to actualize a law sanctioned two years back.

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The BSP said in an announcement that 'the IRR tends to the key client concerns in regards to Mastercards, especially on the straightforwardness and way of figuring charges and expenses, shields against out of line accumulation rehearses, quick posting of installments, privacy of buyer information, and speedy determination of grievances and questioned exchanges, among others'.

The national bank said Mastercard backers ought to be straightforward in the way of figuring fund charges and expenses, including earlier warning if there would be changes in the charges. The revelations might be in application shapes, the terms and states of Mastercard contracts, and charging proclamations.

It said fund charges might be figured on the unpaid measure of the exceptional adjust as of explanation cut-off date, and should exclude current and conceded charges. Banks are likewise required to post money, check, and plastic installments around the same time. Due dates falling on ends of the week or occasions, it included, should be consequently moved the following business day.

The BSP said the tenets additionally fortified disallowances against unreasonable accumulation rehearses. It said that the 'Accumulation specialists must watch great confidence, reasonable and sensible direct, and appropriate respectability when managing all shoppers, incorporating cardholders as of now in default'.

The fiscal controller said the guidelines fortified information protection arrangements, as client data may not be shared to outsiders without assent. Banks should likewise address charge card concerns, for example, charging mistakes, unapproved exchanges and other Visa related issues, inside 90 days from receipt of the worry.

The BSP said that 'the IRR mulls over a staged execution of a few arrangements to represent the vital changes in the frameworks and procedures of existing charge card guarantors'.

It said there are in excess of eight million charge cards issued in the nation, and it sees the business developing due to monetary development, socioeconomics and progressively advanced installment framework.

For credit card holders as well, know your limits.