if you do not spend, better lower down the limit.

But 9k should not be too much. It also depends how much risk you can afford. Mine is RM27k.

Anyone know whether we can lower down credit limit for plat card to 10k?

haha..plat only 10k?...i am using DA gold ..but they give me 11k limit...

anyway..it's impossible for me to use this 11k..i just cancelled my visa DA to prevent kena tax..

if u get a card which u never applied but it suppose to replace your expired card and it is not shown in your statement, do you think the service tax will apply ?

Some banks increased their customers CL in order to retain their customers due to the massive card cancellations occuring in the market right now. Not everyone gets it but a lot of people get its apparently.

RM9k is not a big credit limit. I suggest you to keep it that way coz if you encounter a medical emergency, you are going to need a lot of credit limit to pay the bill at the hospital.


Now ... allow me to clear the myth about this credit limit and let everyone give it some thought. This is my personal opinion and it is up to the different individual on how they wish to see it

Myth
A lot of people will say they don't need high credit limit and it is dangerous to have high credit limit in case card goes missing and abused by some 3rd party.
- Credit limit (CL) is not real money. Not necessarily you get a CL of RM100k, means you have a debt of RM100k. (Same goes for CL of RM1k)
- CL information is visible to all banks though and forms part of your financial exposure/risk. Since it is flagged as CL, I doubt banks are so stupid to recognize this as an actual debt like some people says or think it is.
- The real measurement of your cc debt is your current outstanding. (visible to all banks) The lower it is (or zero), the better.
- In case of card theft, please report theft to the bank and your card will be blocked. This way, you will avoid or lower the chances your card abused by an unauthorised party. There are some cases of abuse due to the card holder taking their sweet time to cancel the card or do not have the card in their wallets all the time (thus when stolen also did not realise, unused cards should be kept under lock and key if you don't want to cancel them) - if that happens then who is the real party at fault ? The bank or the card holder ? Obviously card holder right ... but in most cases many want to blame the bank for not blocking the unauthorised transaction. (sigh ... since when the bank got ESP?)
- OK .... it already happen and unauthorised person uses your card. Well, report it to the bank and if it is a genuine case I don't see why the bank would not reverse it for you. Your liability is limited to RM250 but some banks (go back a few posts and the name of this bank will appear) will probably pressure card holder to pay up and take accountability. That's why it is important to only sign up with big name banks.
- Low credit limit means you have immunity to cc abuse ? Low credit limit means I don't have risk to overspend. Think again ... RM3K is money also and if suddenly people steal your credit card and slap you with a RM3K debt (and not RM10K) means it is small ? Like I said earlier, if you have a genuine case then no problem for the bank to waive it off. And if you have a problem (or fear of) with overspending then you should not be using a credit card in the first place. You should live with cash then if you don't have money then you won't buy anything, period.
- Wanting to buy something in installments is not an excuse to own a credit card. Those are debts and too many installments means you are living beyond your means.

To me CL is very individual. Some wants high credit limit and some are happy with what they have. I have a Plat card which I lowered to RM5K (from whatever limit I have initially) because the card benefits is only up to the 1st RM5K that you spend. I don't see why I need a CL higher than that and I have better CL with my other cards.

I had a scenario which I had a pay a RM25K bill (which I never thought I need to) and thank god my CL was enough to cover that or it would have been disasterous for me. At the same time, I still needed CL to pay for things which my second card provided for.

I once had a dispute which is valued at SGD10K and the bank cancelled it off for me. There were also the small occasional disputes and I had no problems getting the bank to cancel it.

Hope this helps to understand the role of CL a little. I kindof hate people thinking have high CL is 'dangerous', you may never know when you'll need it and if you can't control your spending then please don't sign up for credit cards. I have friends with CL lower than RM10K but every month pay nothing but minimum. (And complaints when the cc statement come and debt/interest so high) Banks are not charities, they are enterprises who are there to make money.

wanna share something here, apparently a friend of mine has signed up a cc from a big name bank...the card was unused at all and it was stored in the safe once he received the card

what happend is, some barger in maxis and the bank colluded, they set up my friend by unknowingly bar my friend hp line when he was in China, and divert his hp line to another person. The another person use the line and call the bank to report lost of card and demand for a reissuance. A new card was reisssued. The hp line was restored when he is back in m'sia

But 1 day, he told me his line got bar again and we went to maxis in klang together, and maxis said he ask to bar it, we was like huh???? and they dunno how to restore it =..=.

and the next thing is, he got a called from the bank asking did he went to ipoh to swipe 70k of jewelery over the evening? of coz not coz we were in klang for the whole evening. but the bank claim that my friend is in liable and so he shud pay.

now when we subsequently talk to the bank personnel, they told us that the card was reissued coz the person who called to ask for a new card has all the verification info of my friend. and they said they did call the so called "card owner" upon swiping the 70k jewelery, and he so called card owner said yes (which i presumes my friend line has been diverted to the "card owner")

we reported to the police and we only intend to pay rm250 but the bank sent my friend letter of demand and calll everyday. we got a lawyer friend to sent the bank a letter, from tat day onwards they still send letter to my friend but with the word without prejudice....as far as i know the bank is trying to get a deal with my friend to share the liability equally. btw, he is not listed in CTOS....

Thanks alot for your clear explanation....

By the way, anyone with Citibank credit plat card with 10k credit limit?

I want to reduce to 10k from 27k.

No need to ask or wait on anyone for this question. If you want to reduce your CL, call the bank ... if cannot bank will let you know right away.

This post has been edited by hye: Jan 10 2010, 11:42 AM

Last time, banks like Citibank and SCB were not willing to lower CLs as there were minumum CLs for Plat CCs to comply, i.e., RM20k for Citibank and RM15k for SCB.

I had previously asked Citibank and SCB to reduce my CLs to RM30k for Citibank Plat and RM1k for SCB JustOne Titanium but the banks refused to do it for me. But recently, somebody mentioned that he managed to lower the CL of his SCB Plat to RM3k only. I guess banks have no choice and have since adopted a more flexible approach in order to retain customers.

ok. tq.
I have sent an internal mail to citibank to ask..

Haha plat only 10k, gold only 11k. Citibank el-cheapo classic give me 30k limit.

purposely reduce the limit as no point to have the limit.

cc is just for emergency usage only, or once a while usage if salary comes late.

not for borrowing money, so 5k for me is just nice.

if they allow, I want to downgrade to 10k from 27k.

but i want plat status.

hi thx for the comparison bro... i have been checking their webbies before i posted here and i found them not much difference also. it seems like everybody is cancelling their DA..... thinking of applying DA coz i have account there. I have mbb also but from my work place its very inconvenient to go to mbb. (i work 9 to 5 with 34 hours shift every 3-4 days). whereas CIMB has atm in my work place and the bank its just 10 mins walking distance away. my gaji also masuk cimb. the main probie i have with cimb is as you said, points with expiry and the LOUSY CS which is not toll free end up all your rebates u pay for cs.

As for SCB, i find them offering rather good rates in terms of loans (u get better rates from them if u're active in their bank). however they are very conservative. to check even their exchange rates, u have to call their CS, kinda troublesome. but they have welcome bonus

Can I use US-issued mastercard here in Malaysia?

Malaysian credit cards are like EuroCards where every card must have a SIM chip (for security purpose), but US cards don't have SIM chips, only magnetic strips.

I'm applying a card linked to a US bank account so I'm asking this.

Thanks,
RwG

Yes. You can use it here. No problem at all.

yes, my guailou boss do that.. but the exchange rate+service charge kills

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now`s a day has many platinum card holder, Any one who try to claim this before ? please share your experience how to claim this protection ? any one try before ?

Even with platinum now, it is not as prestige & special as when I use the Citibank mini Clear card last time. Most if not all will be dazed to see how small the credit card is whenever I make payment.

Sadly no bank offer this type of card now anymore, thanks to the chip requirement.

I want to ask.. my friend was 21 year old but is not he birthday yet.. can he apply for credit card with pre-approval by maybank?

No. If your friend is not yet birthday then legally is not 21 years old yet. Minimum age to own a principal credit card by law is 21.