Credit card-related complaints in the Philippines surged 45 percent in the second quarter of 2024 compared to the first quarter, according to data from the Credit Card Association of the Philippines (CCAP).
The CCAP reported 4,161 credit card complaints during the period, accounting for 23.65 percent of all consumer complaints received.
Account management issues, such as difficulties accessing accounts, card applications and card activations, made up 55.5 percent of total complaints, up from 37.2 percent a year earlier.
“Most consumer complaints are related to credit card management and customer service, which underscore the need for the industry to pay closer attention to consumer feedback,” said CCAP executive director Alex Ilagan.
The top three complaint categories were account management, interest rates and fees and unauthorized online transactions. Account management complaints alone increased by 45 percent from the previous quarter.
Compared to the same quarter last year, the share of account management complaints grew to 55.5 percent from 37.2 percent.
Account management issues include difficulties accessing accounts, card applications, activations, cancellations, non-delivery of cards or statements, and challenges with rebates, promotions, rewards, account updates and unposted transactions.
“Paying more attention to customer needs is a positive commitment of our member-card issuers. While there are always opportunities for improvement, most of the feedback we receive are about credit card management and customer service,” Ilagan said.
“An increasing number of consumers are engaging with their credit card issuers to seek better support in managing their accounts, reflecting a growing awareness of credit management,” he said.
CCAP said it continues to work with its members to improve processes such as card applications, activations, billing, and rewards to enhance customer satisfaction and clarity.
CCAP signed a contract with the Bangko Sentral ng Pilipinas (BSP) on Aug. 5, 2024 to launch Innovative Financial Education Programs. Together, they will develop a credit card e-learning course and create learning resources that will be accessible through the BSP E-Learning Academy (BELA).
BELA is expected to be fully accessible to the public by the second quarter of 2025.
“We at CCAP will continue to serve as the bridge between consumers and the financial industry, ensuring a balance between customer needs and market realities,” Ilagan said.
