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Bank regulators in Taiwan want the country's issuers to reduce their credit card interest rates in the wake of other interest-rate cuts taken by Taiwan's central bank. Taiwan's Financial Supervisory Commission said it met on Thursday with issuers about rate cuts. Authorities did not identify the issuers. Issuers reportedly agreed to reduce rates for cardholders who make regular payments over a period of time and who have no record of missed payments. Issuers contacted by CardLine Global, though, would not confirm that. "Currently we are not reducing the credit card interest rates, and we will wait for the commission's decision," a spokesperson for Citibank Taiwan tells CardLine Global. The measure to reduce credit card rates "will be finalized" in the coming days, a commission spokesperson tells CardLine Global, declining to reveal more details. Interest rates for credit cards in Taiwan reportedly tend to fall between 14% and 20%. The move to lower the rates comes after a series of cuts by Taiwan's central bank to the benchmark discount rate, which now stands at 1.5%, down from 2%.
