Currently, any credit card holder shall pay for credit card bills after having used the credit card, and if the bills are overdue because they were not paid on or before the payment date, the credit card business notifies the card holder of such overdue payment via text message, phone call, etc.
However, if credit card bills are overdue, the credit card holder suffers disadvantages to their credit status, and it is thus important to notify the existence of overdue payment. However, the current Act lacks clear provisions regarding the obligations of such notice. Moreover, there are no clear criteria for referencing the overdue duration as a basis for notification, or the specific methods of notification.
Therefore, this proposal seeks to provide a basis for credit card overdue notifications, by including in the Act that the credit card business shall notify the credit card holder of the existence of overdue bills and overdue rates if the credit card bills are not paid by a certain point; and that the criteria for referencing overdue duration and notification methods, etc., shall be determined and publicly notified by the Financial Services Committee (newly insert Article 16-6, etc.).

The credit card business shall notify the credit card holder of the existence of overdue bills and overdue rates if the credit card bills are not paid by a certain point; and that the criteria for referencing overdue duration and notification methods, etc., shall be determined and publicly notified by the Financial Services Committee (Newly insert Article 16-6).