Image Source:ABM
Association of Banks in Malaysia (ABM) Chairman Datuk Seri Abdul Hamidy Abdul Hafiz, who has announced new lower interest rates and penalty fees for credit cards shown as below, effectively from 31 March 2009:
- Tier-I Credit Card Holders (For those who promptly settle monthly minimum payments for retail purchases for 12 consecutive months): Cut down to 13.5% instead of 15%
- Tier-II (For those who promptly settle minimum payments for 10 months or more in a 12-month cycle): Cut down to 16% instead of 17%
- Tier-II (For those outside the Tier-I and Tier II categories): Cut down to 17.5% instead of 18%
Besides, the minimum late payment fee of RM10, or 1% of the total outstanding balance will also be reduced to RM5, and the RM100 maximum fee cut to RM75.
“Existing local (Malaysia) credit card charges are already among the lowest in Asia, which range from 18% to 42% elsewhere in the region.”
“We hope the latest measures will motivate credit card holders to diliegetnly make at least the monthly minimum payment of 5% of their total outstanding balance promptly,” Abdul Hamidy added. Source: The Star
Hope every credit card holder may have better financial planning for this coming hard OX year with this new structure of changes. All the best!
For more information, click here
