信用卡

Income Below RM2,000/month? Sorry Then, Credit Card is Not For You!

Last week, Bank Negara Malaysia (BNM or Central Bank of Malaysia) set new requirements for credit card application. Meantime, the credit card rules were tighten, too. Here are the major changes announced:

Immediate Effect New Credit Card Rules To Be Implemented

Minimum Income Requirement
Previously: RM18,000 per annum
Currently: RM24,000 per annum
Maximum Credit Limit
Previously: Credit limit was set based on bank’s discretion, respectively.
Currently: For those who earn less than RM36,000 per year, credit limit shall be capped at two times their monthly income per issuer.
Maximum Credit Card Issuer
Previously: No restriction on holding credit cards from multiple credit card companies (issuers).
Currently: For those who earn less than RM36,000 per year, they shall be restricted to hold credit cards from not more than two issuers.

Additional New Credit Card Rules To Be Implemented in Future

Effective December 2011,
Cardholders’ annual statements issued by issuers shall include the details of time frame needed to fully pay off the outstanding balance and the total interest costs to be charged if only minimum repayment is made.
Effective 1 January 2012,
Issuers shall send a transaction alert via SMS for cardholder after each transaction is performed.
Effective 1 January 2015,
Personal Identification Number (PIN) verification shall be performed for all credit card transactions.
Personally, thumb ups for the move! Plan your cash flow wisely! Avoid becoming a credit card slave. If you are facing problems on paying off credit card debts, you better seek advice from AKPK immediately before it getting worst; the service is free of charge!
Let’s get ourselves be prepared, both mentally and financially, if any economic crisis hit us, in anytime.