Good to see my truck loads of Iraqi gold bullion still carries some weight. Having written to express my concerns, and suggest HSBC change the terms etc. they just wrote back saying they will
Heres a copy of their reply.
My apologies for the late reply.
I have already sent your feedback on Monday pertaining to this issue. Today, I have received a good news from the department concern. Please find the revision to credit card holder liability below:
Please be informed that the banks will be adopting a new set of guidelines with regards to the liabilities of credit cardholders for fraudulent/unauthorised transactions on their credit cards. ABS will be issuing a media statement on this in due time. The new guidelines will be incorporated into the banks' credit cards terms and conditions and will be effective from 1 November 09 onwards.
With effect from 1 Nov 09, your liability prior to card loss reporting will be capped at S$100 provided that you have not acted fraudulently, negligently or failed to report the card loss as soon as reasonably practicable. For more details, please log on to www.hsbc.com.sg
"Credit Card Liability (Effective from 1 November 09)
Prior to notification of your credit card loss to us, the cap for card
liability due to unauthorised charges is S$100 maximum provided that you
have not acted fraudulently, with gross negligence or failed to inform
us as soon as reasonably practicable after knowing that your credit card
has been lost or stolen. Interest charges and late fees will not be
levied during the period of investigation to determine responsibility
and liability of the unauthorised charges.
You will not be liable for any unauthorised charges after we receive
notice of loss or theft of credit card, or disclosure of your card
You are liable for 100% of unauthorised charges or amounts up to your
credit card limit whichever is lower if you have acted fraudulently or
with gross negligence. Interest charges and late fees will not be levied
on the unauthorized charges unless you have acted fraudulently, with
gross negligence or failed to report the card loss as soon as reasonably
In the event that you acted with gross negligence, we reserve the right
to terminate the credit card facilities extended to you as well as
pursue legal action to recover all outstanding amounts under the credit
You are not liable for any unauthorised charges in situations whereby
the physical credit card was not stolen but the credit card details were
used for unauthorised transactions provided you have not acted
fraudulently or with gross negligence.
You are not liable for unauthorised PIN activated transactions provided
you have not acted fraudulently or with gross negligence.
Have a good week ahead!