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 BNM New Rulings on CC, No more card to card approve

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TSbingozero
post Mar 18 2011, 02:39 PM, updated 11y ago

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Update by 27-AUG-2011

BNM is expected to take new measures to further control the use of credit, including a requirement for a second or more credit card must be presented two months of payroll!

It is understood, the National Bank and commercial banks who have been meeting to discuss the new measures; expected that the new regulations will be included in published October 7, 2012 Budget.

Credit card sales agents and Effective Synergy Sdn Bhd managing director Chen Hanguo that in the past, the National Bank first credit card application is only required to produce those two months of payroll, for a second or third time just goes to identity cards certified copies.

Income customers are willing to open

"Unless the customer a great need for a second or third credit card, otherwise the new measures will certainly affect the credit of the source, because many customers are reluctant to open their own income."

Chenhan Guo said that since the beginning of the year, deteriorating credit card business agency staff; BNM Strict new measures will give them the credit card business worse.

4,000 salesman forced to change jobs

"The government announced in RM3, 000 the following year, the national income can not hold more than two cards of the measures has resulted in 60% of the credit card agency closed down, there are 4,000 salesman forced to change jobs.

"In the 2008 peak of about 80 credit agency, but only about 12."

"The industry has more than 80% of sales are ethnic Chinese, most are not well educated, looking to switch to a monthly income of 3,000 to 4,000 ringgit is not easy."

Chen Hanguo also pointed out that since the government credit card services from the tax levy last year, Credit Card Holders from the 2009 peak of 960 million people in 2010 fell to 7.5 million as of June 2011, further reduced to 7.4 million .

In this year announced the following income limits RM3, 000 people who can not hold more than two cards of the measures, resulting in this period, 60% of credit card sales company closed down, there are 4,000 salesman forced to change jobs.

Translate from Google

http://www.sinchew.com.my/node/217455?tid=1

This post has been edited by bingozero: Feb 18 2012, 10:10 PM
arepit
post Mar 18 2011, 02:52 PM

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hehehe....card credit no more......
gerrardling
post Mar 18 2011, 03:03 PM

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got 2 choices

1. get a new job which u earn more than 3k per month (must be more than rm3000 or rm3001 will do)
2. choose which card is giving u more rebate instead of benefit. if anyone tied up with the installment plan or balance transfer, then choose that card.

This post has been edited by gerrardling: Mar 18 2011, 03:04 PM
Alec.Yong
post Mar 18 2011, 03:08 PM

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I m more interest to know for those whose income is more than RM36K per annum, does it affected?

This post has been edited by Alec.Yong: Mar 18 2011, 04:44 PM
jib3000
post Mar 18 2011, 03:43 PM

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so far based on the bnm guidelines .. no..
MilesAndMore
post Mar 18 2011, 04:03 PM

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Man ... i wondered how is this going to affect those who got their credit cards using an existing credit card as reference. I mean how do they determine one is earning below RM36k per annum. Everything is just so vague now.
MilesAndMore
post Mar 18 2011, 04:07 PM

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Another news just came in. No more sudden credit limit increase and we'll soon all have to key-in our PIN number to buy something with our credit cards.

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Manuk1188
post Mar 18 2011, 04:19 PM

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For those earning below 36k pa. In order to clear their Credit Cards Debts, does this means, that BNM is encouraging them to go for more ie Personal Loan to settle their Credit Cards Debts.

OR

BNM will negotiate on behalf each individual with the Banks to turned their Credit Cards Debts into a Fixed Long Terms Loan, which means a Fix Interest%.

OR

BNM will still charged for the only allowed Credit Cards(Max 2 Credit Cards) the GST + while still paying the Credit Cards that turn to Fixed Long Terms Loan.



I wish someone can enlighten me for my queries ? Thanks
den
post Mar 18 2011, 05:08 PM

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Does it affect the existing card holder?
Like decreasing the CL to 2 times the salary only? =.=


MilesAndMore
post Mar 18 2011, 05:15 PM

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QUOTE(den @ Mar 18 2011, 05:08 PM)
Does it affect the existing card holder?
Like decreasing the CL to 2 times the salary only? =.=
Yes

gastacopz
post Mar 18 2011, 05:45 PM

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what if already got more than 2 cards?

what happen to the extra cards?
MilesAndMore
post Mar 18 2011, 05:48 PM

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QUOTE(gastacopz @ Mar 18 2011, 05:45 PM)
what if already got more than 2 cards?

what happen to the extra cards?
You'll have until the end of this year to choose which two credit cards you want to keep.
Human Nature
post Mar 18 2011, 06:00 PM

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QUOTE(MilesAndMore @ Mar 18 2011, 05:48 PM)
You'll have until the end of this year to choose which two credit cards you want to keep.
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You still can have more than 2 cards, provided they are from the same issuer.

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Cardholders can only hold credit cards from a maximum of two issuers.

howszat
post Mar 18 2011, 08:14 PM

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Now that they are going to restrict the number of cards, they should remove the not-very-effective system of charging RM50 per card.

novabankinghall
post Mar 18 2011, 08:24 PM

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QUOTE(howszat @ Mar 18 2011, 08:14 PM)
Now that they are going to restrict the number of cards, they should remove the not-very-effective system of charging RM50 per card.
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gov try to kill 2 birds at one stone... 1) to < CC debt 2) to make money out of it
LangBuanas
post Mar 18 2011, 08:41 PM

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OMG.... =/
andrekua
post Mar 18 2011, 08:48 PM

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You are not doing enough IMO. Nowadays, a lot are earning slightly more than 36k per annum but having over 100k CL with various banks. You should target these as well.


Gen-X
post Mar 18 2011, 08:52 PM

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QUOTE(bingozero @ Mar 18 2011, 02:39 PM)
Ref No: 03/11/06

Embargo: Not for publication or broadcast before 2011-03-18 12:00:00 hours on , 2011-03-18 12:00:00 2011-03-18 12:00:00

New Measures on Credit Cards to Promote Prudent Financial Management and Responsible Business Practices

Bank Negara Malaysia wishes to announce new measures on credit cards in continuous efforts to inculcate sound financial and debt management among credit card users. These measures are also aimed to promote fair and responsible business practices by credit card issuers with further enhancements in the cards security infrastructure.

With immediate effect, the eligibility requirements for credit cards are revised as follows:

The minimum income eligibility for new credit card holders is set at RM24,000 per annum;
For cardholders earning RM36,000 per annum and less, the following would be applicable:

Cardholders can only hold credit cards from a maximum of two issuers.
» Click to show Spoiler - click again to hide... «

The maximum credit limit extended to a cardholder shall not exceed two times their monthly income per issuer.
» Click to show Spoiler - click again to hide... «

Card issuers will engage with the affected cardholders to assist them in restructuring their repayments to facilitate the smooth implementation of this measure. In addition, cardholders can also seek the assistance of Agensi Kaunseling dan Pengurusan Kredit (AKPK) for advice on their debt management.

Responsible Business Practices in Provision of Credit Cards

Credit card issuers are required to adopt fair, transparent and responsible approach in marketing and offering of credit cards to consumers. Issuers are not allowed to increase cardholders' credit limit without obtaining their consent. Issuers are also not allowed to offer a credit advance in the form of cheque payable to the cardholders unless the cardholders have requested for the credit advance.

To facilitate consumers in making comparison and informed decisions, card issuers are required to provide a Product Disclosure Sheet that contains key information on the card's features, fees and obligations of the cardholders. Issuers are also required to display prominently alerts to communicate to cardholders the implications of meeting only minimum and partial repayments. At the end of each year, customised information on how long it will take to fully pay off the cardholder's outstanding balance and the total interest costs if the cardholder only makes minimum repayment will be issued to each cardholder. This will be effective for annual statements issued from December 2011.

Further Enhancements to Credit Card Infrastructure Security

In the effort to further enhance credit card security and to promote public confidence in the usage of credit cards as a safe payment instrument, effective 1 January 2012, transaction alerts via Short Messaging Service (SMS) will be implemented by card issuers for their cardholders after transactions are performed. This will be followed by the implementation of the Personal Identification Number (PIN) verification for all card transactions from 1 January 2015 onwards.

For further information on the new credit card guidelines, members of the public can contact ABM Connect at 1-300-88-9980, the contact centres of their respective card issuers and Bank Negara Malaysia's Telelink at 1-300-88-5465.


Bank Negara Malaysia
2011-03-18 12:00:00 2011-03-18 12:00:00

© Bank Negara Malaysia, 2011. All rights reserved.
http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=2226
Conclusion, which 2 credit card should you stay with if income RM36,000 per annum or less?
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I would say overall good move by BNM as many people really don't know how to control spending.

Looks like I have 2 choices:

(1) Keep OCBC and MBB 2 only.
(2) go back to work just so that I can have more than 2 CC.

Does it applies to charge card?

Actually, the move will make the credit card more competitive and we expect better offers in the coming months when the banks start to come out with new promotions just to retain their customers.

This post has been edited by Gen-X: Mar 18 2011, 08:54 PM
mustang
post Mar 18 2011, 09:13 PM

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I assume no change to charge cards with this new ruling?

This post has been edited by mustang: Mar 18 2011, 09:13 PM
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post Mar 18 2011, 09:44 PM

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If basic salary <RM36k p.a. but EA >RM36k p.a. due to bonus, does it apply?

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