02.19 – Qualified credit card issuers

A qualified credit card issuer is an entity that:

  • is a Financial Institution solely because it is an issuer of credit cards that accepts deposits only when the customer makes a payment more than the outstanding balance on the card due and does not immediately return the overpayment to the customer; and
  • implements policies and procedures (by the later of 30 June 2014 or the date it registers as a Deemed Compliant Financial Institution) either to prevent a customer deposit more than $50,000 or to ensure that any customer deposit more than $50,000 is refunded to the customer within 60 days.

The terms applying to qualified credit card issuers also apply to other card and Electronic Money Issuers. See Section 3.21.