Extent of Liability

of ICT professionals
and other
computer-related laws
part 1
Rights of a Bona Fide Credit
Card Holder
 Full Information Disclosure
You have the right to seek
clarity
Credit card companies must clearly and fully disclose all information
about any credit card offers and terms. This includes basic information such as
the interest rate, annual percentage rate (APR), late fees, and annual fees.
Issuers must also clearly differentiate "intro" APRs or other promotional terms
from the standard terms, and demonstrate how long it would take to pay off the
card with only the minimum monthly payment. All of this information must be
presented in a way that is easy to compare to other offers. If you feel confused
about any terms, you have to the right to seek clarity.
Accurate and Timely Billing
Statements
You have the right to dispute
billing errors

Credit card companies have to mail you a billing statement at least 21

days before your payment due date. This gives you enough time to make
your payment before it's due and take advantage of any available grace
period. If your credit card statement has a mistake, you generally have 60
days to dispute the error with your creditor.
 Limited Liability for
Unauthorized Charges
You have the right to reduce
your liability for the charges
If your credit card is used without your consent, you have the right to
reduce your liability for the charges. Report your credit card missing as
soon as you discover that it's lost. You won’t be responsible for any of the
unauthorized charges if you report your stolen card before the thief gets a
chance to use it. You’re not responsible for any charges made using your
credit card number while you still have the credit card in your possession.
 Advance Notice for Any
Changes
You have the right to reject new
terms
Credit card issuers sometimes make major changes to your credit
card agreement, like increasing your interest rate or introducing a new
annual fee. In the event of such changes, creditors are required to send
you written notice at least 45 days before the changes take effect. They
must also give you instructions on how to opt-out—you have the right to
reject the new terms, pay off your credit card under your current terms,
and close your account.
Ability to View and Correct
Your Credit Report
You have the right to request one free
copy of your credit report

Your credit card issuer may report details about your credit card and
your payment history to a credit bureau, also called a credit reporting
agency. You have the right to request one free copy of your credit
report every 12 months. Take advantage of this right to make sure the
information that your creditors report is accurate. You can dispute any
inaccurate information with the credit bureau or with the credit card
issuer.
 ACCESS DEVICES
OF REGULATION ACT
OF 1988
SEC 2. Declaration of Policy
The state recognizes the recent advances in technology and
the widespread use of access devices in commercial interactions.
Toward this end, the state shall protect rights and define the
liabilities of parties in such commercial transactions by
regulating the issuance and the use of access devices.
1. Keep your sensitive details such as mobile number and email
address on your social media accounts private.
2. Use a separated email address for your Online Banking
account and financial transactions from your social media
accounts.
3. Be careful of unsolicited emails and offers as this may be a
phishing attempt.
4. Never disclose your online Banking user ID and password to
anyone.
5. Monitor your bank accounts regularly.
PROHIBITED ACTS
UNDER RA 8484
 An act regulating the issuance and use of access devices,
prohibiting fraudulent acts committed relative thereto,
providing penalties and for other purposes. Punishes a person
who uses an access device, particularly a credit card, without the
authority of its owner.

• RA 8484 was Originally Filed in Congress to Punish

Credit Card Fraud

• Tracing the history of RA 8484, it will be discerned that the

law was actually enacted to protect the public from fraudulent
credit card transactions. The legislative intention back then
was to cover the illegal credit card activities that have become
rampant, at the time the law was passed.
• Salient portions of the legislative deliberations of House Bill
No. 6951 (“HB 6591”), the precursor of RA 8484, are quoted
below:
• “BUSINESS FOR THE DAY:
• COMMITTEE REPORT NO. 1314
• ON HOUSE BILL NO. 6951
• Thereafter on motion of Rep. Albano, there being no
objection, the Body considered on Second Reading House Bill
No. 6951 as embodied in Committee Report No. 1314 and
reported out the Committee on Banks and Financial
Intermediaries.