How should the maximum amount of credit be calculated with respect to a credit card?
At such time as a customer applies for a credit card and wishes to use this card to finance their spending, the limit on this card must be included as a financing expense in the calculation of the maximum amount of credit to be provided. The maximum term for this credit is 5 years. The AFM previously advised a term of 2 years. The reason for the change is that a 5-year term is normal practice in the market.
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