Analysis On The Rights And Protection Of Credit Card Consumers

After development of half of a century, cash is gradually replaced by the credit card due to the latter's advantages on safety and rapidness. The credit card now is becoming a new type of payment instrument binding functions of deposit, consumption, credit and financing together, permeating each aspect of the social economy life. China has entered into WTO with its financial market opening gradually. Foreign credit institutions commence occupying Chinese domestic market. Due to reasons aforesaid the credit card business is now booming in China. Being different from the above situations, rights of credit card consumers are always infringed and becoming worse and worse. For example, credit card issuers may alter freely any clause of the credit card's article of association without credit card holders'consents. Credit card issuers may freely transfer any risk of credit card misuse to holders. Credit card holders may not defense against credit card issuers as they can take against the specific sellers. The safeguard on safety of funds is not effective while the holders taking electronic payment. The holders'private information is always revealed without their consents, etc. According to economy theories, consumer is the basis of market economy. Demands of consumers support establishment and development of the entire market economy. Any industry can not develop with the cost of infringing on consumers'rights and interests. Neither do Chinese credit card industry. Concerning reinforcing protection of credit card consumers'rights, this paper mainly sets forth in four parts as follows.Part one specifies what is a credit card consumer, pointing out that the credit card consumers are both bank card consumer and credit consumer. Different type of consumers own different rights. This paper emphasizes on the rights system of credit card consumers, who enjoy not only the rights of common consumers but also the rights of both bank card consumers and credit consumers such as right of privacy, rights of knowing conditions changing, safety right of electronic funds transferring, consumer credit right, equal credit right, information safety right and defense right.Part two analyzes theoretical basis of protection of credit card consumers'rights depending on analysis on the rights system of credit card consumers. This article construes economy basis, jurisprudence basis and economic law basis respectively which reveals the necessity to strengthen protection of credit consumers'rights in theory.Part three introduces the present situation of rights protection of credit card consumers in China. Aiming at the worse and worse situation of protection, this article point that the major problems are lack of the legal system concerning credit card consumers'rights protection and lots of other important rights such as privacy right, right of knowing, defense right, equity right to contract are not safeguarded, which proves the necessity of strengthening protection in reality.Part four also the last part, suggests some detailed measures to resolve problems aforesaid. This part first introduces the perfect legal system regarding credit card consumers'rights protection in U.S.A as a reference to China. Then it conceives ways constructing rights protection system including legal supervision, administrative supervision and industry self-discipline to make sure the credit card consumers really enjoy their rights deserved and prompt relief.