BI restricts credit card ownership to low-income customers

Bank Indonesia says it will impose a credit card ownership restriction to customers whose income is below Rp 3 million per month.

“Customers with an income less than Rp 3 million can only own two credit cards,” BI accounting and payment systems chief Ronald Waas said Friday, as quoted by tempointeraktif.com.

He said that giving low-income customers the freedom to own multiple credit cards was the same as “giving them a facility to plunge themselves into misery”.

High-earning customers, meanwhile, would have their credit card issuance handled by its publisher. “Because it is the publishers who know the customer’s risks,” he said.

He added that BI has also regulated the minimum age limit for credit card owners. “[Especially] for customers aged 21 or those who are married,” he said.

Ronald said that the policy will come under the Bank Indonesia revision on regulations for payment systems using cards (APMK). The policy has been approved by the Governors’ Council Assembly and is expected to be officially issued in late November.