Credit card transactions in Cyprus

Good news for credit card transactions and internet shopping in Cyprus

Today’s Cyprus Mail has an interesting article about the use of credit cards in general and for internet purchases in particular.

The new legislation introduces an obligation on the card-issuer to refund any unauthorised amount when the cardholder has made the proper application to the issuer within eight weeks of the date of the unauthorised payment.

The article starts off…

THE HOUSE Finance Committee yesterday discussed draft legislation designed to provide better consumer protection for credit-card holders.

The legislation, which harmonises Cyprus law with the 2007 EU directive on payment services, will – among other things – protect cardholders against unauthorised use of their cards following their loss or theft. It will also cover credit-card transactions made over the internet.

Read the full article in the Cyprus Mail.