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

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TSbingozero
post Mar 18 2011, 09:56 PM

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Now I am waiting for the bank come out with more benefit for their own credit card brows.gif
chemistry
post Mar 18 2011, 10:10 PM

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At this point of time, which bank dare to say "5% cashback everyday, subject to maximum RM500 each month", he is the clear winner. LOL.
Oh ya, it must also grant unlimited access to LCCT/KLIA Lounges, provide travel insurance and purchase protection. tongue.gif
Just dreaming..

This post has been edited by chemistry: Mar 18 2011, 10:14 PM
eric.tangps
post Mar 18 2011, 10:49 PM

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How to know the existing cardholder income?
Gen-X
post Mar 18 2011, 10:51 PM

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QUOTE(eric.tangps @ Mar 18 2011, 10:49 PM)
How to know the existing cardholder income?
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Simple, anybody who does not submit or pay Income Tax will be considered earning less than RM36K
chemistry
post Mar 18 2011, 10:57 PM

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QUOTE(Gen-X @ Mar 18 2011, 10:51 PM)
Simple, anybody who does not submit or pay Income Tax will be considered earning less than RM36K
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That will have to have cooperation from LHDN then sweat.gif
Is our Gov that efficient?
MilesAndMore
post Mar 18 2011, 11:01 PM

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QUOTE(Gen-X @ Mar 18 2011, 10:51 PM)
Simple, anybody who does not submit or pay Income Tax will be considered earning less than RM36K
I am following the news closely. I'm at risk of losing my Citibank VISA and Maybankard 2 now sad.gif

Gen-X
post Mar 18 2011, 11:08 PM

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QUOTE(MilesAndMore @ Mar 18 2011, 11:01 PM)
I am following the news closely. I'm at risk of losing my Citibank VISA and Maybankard 2 now  sad.gif
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don't worry too much lah, we are in Bolehland tongue.gif Banks will sure appeal and I am sure there will be exceptions like for Private/Privilege Banking and pledging against FD.
jensen_tidus
post Mar 18 2011, 11:19 PM

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QUOTE(MilesAndMore @ Mar 18 2011, 04:07 PM)
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.

[attachmentid=2102566]
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I really doubt this will work out fine...
Even receiving TAC for online billing is slow, I wonder what will happen since every seconds there might be at least 50 ppl be swiping their card from the same issuer... During weekend, I'm sure there will be a lot of delay...

Imagine a long ling queue at supermarket counter with people waiting for PIN from the bank through SMS... hmm.gif
MilesAndMore
post Mar 18 2011, 11:20 PM

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QUOTE(Gen-X @ Mar 18 2011, 11:08 PM)
don't worry too much lah, we are in Bolehland  tongue.gif Banks will sure appeal and I am sure there will be exceptions like for Private/Privilege Banking and pledging against FD.
The problem is i don't have any money in Citibank and Maybank. I got their credit cards using my HSBC credit card as reference sad.gif Hopefully they will automatically put me in the above RM36k income group. Then i got nothing to worry anymore biggrin.gif

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post Mar 18 2011, 11:28 PM

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QUOTE(MilesAndMore @ Mar 18 2011, 11:20 PM)
The problem is i don't have any money in Citibank and Maybank. I got their credit cards using my HSBC credit card as reference  sad.gif  Hopefully they will automatically put me in the above RM36k income group. Then i got nothing to worry anymore  biggrin.gif
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still not a problem bro, you can have two cards (well maybe 3 since MBB2 = 1). Actually, MBB 2 + another card would be just about right for most people, the problem in our case is the 2 x monthly salary = 2 x 0 = 0 credit limit, hahaha
MilesAndMore
post Mar 18 2011, 11:38 PM

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QUOTE(Gen-X @ Mar 18 2011, 11:28 PM)
still not a problem bro, you can have two cards (well maybe 3 since MBB2 = 1). Actually, MBB 2 + another card would be just about right for most people,
I plan to have 4 credit cards by the end of the year actually. Maybankard 2 cards from Maybank, Citibank VISA and OCBC Titanium MasterCard (assume everything goes as i hoped). Now it is all KIV for me.


QUOTE(Gen-X @ Mar 18 2011, 11:28 PM)
Actually, MBB 2 + another card would be just about right for most people, the problem in our case is the 2 x monthly salary = 2 x 0 = 0 credit limit, hahaha
Yeah. This is yet another problem. Assume they put me in the under RM36k income category. Both Citibank and Maybank will have to decrease my credit limit by as much as 90%. OH MY GOD cry.gif

johnnyc
post Mar 18 2011, 11:43 PM

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I think this statement needs to clarified whether it was limited to two cards per person or just two issuing bank per person in one time.

I believe the usage of PIN at 2015 would be similar to present MEPS system that you needs to key-in the PIN into the card reader console . Honestly, I think the measure is good to reduce the risk of being stolen or misplaced card
samuraikacang
post Mar 18 2011, 11:45 PM

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QUOTE(johnnyc @ Mar 18 2011, 11:43 PM)
I think this statement needs to clarified whether it was limited to two cards per person or just two issuing bank per person in one time.

I believe the usage of PIN at 2015 would be similar to present MEPS system that you needs to key-in the PIN into the card reader console . Honestly, I think the measure is good to reduce the risk of being stolen or misplaced card
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There's another initiative that the credit card system developer is pushing thru to have TAC for online credit card transaction. so everytime you do transaction, bank will deliver some code for you to input at the online shopping page.
keneshiro7
post Mar 18 2011, 11:46 PM

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when effective?
b00n
post Mar 19 2011, 01:08 AM

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wow, so fast you guys heard the news.
You guys are really informative.

Anyway, I see where they are coming from. They try to discourage "low income" earners living on credit, which the low income now had been termed as annual income less than 24k.

But the way they are forcing the banks to implement/enforce it is rather hard. Because in one hand they are stating customer rights, but on the other hand, they are forcing banks to be the "bad" guy for terminating customer's card. sweat.gif

And one thing about Malaysian declared income is seriously out. Malaysian as malaysian, many has "outside" income which is not declared. If you guys have the access to CCRIS or bank's customer base, you wouldn't be surprise to see a guy with low declared income but holding multiple property loans and hire purchases. doh.gif
aeronlim
post Mar 19 2011, 01:27 AM

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so if lets say i have a credit limit which is over than 2 times of my salary will be revised and change to 2x of my salary?

Hold only 2 cards, Maybank 2 Card consider 2 cards? As it only charge RM50 (1 card government tax)

Many question on this...
MilesAndMore
post Mar 19 2011, 01:51 AM

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QUOTE(b00n @ Mar 19 2011, 01:08 AM)
And one thing about Malaysian declared income is seriously out. Malaysian as malaysian, many has "outside" income which is not declared. If you guys have the access to CCRIS or bank's customer base, you wouldn't be surprise to see a guy with low declared income but holding multiple property loans and hire purchases. doh.gif
That is so true biggrin.gif


QUOTE(aeronlim @ Mar 19 2011, 01:27 AM)
so if lets say i have a credit limit which is over than 2 times of my salary will be revised and change to 2x of my salary?
The article mentioned whoever is earning RM36k and below can only have cards from 2 different banks. So i guess you can have as many cards as possible from Bank ABC and Bank DEF but you can't have anymore cards from Bank EFG and any other banks.


QUOTE(aeronlim @ Mar 19 2011, 01:27 AM)
Hold only 2 cards, Maybank 2 Card consider 2 cards? As it only charge RM50 (1 card government tax)

Many question on this...
2 different banks. Not 2 cards actually. Man ... this is going to be a headache to the banks too. CIMB Bank is partly to blamed for this as it is the one that has been increasing their cardholders' credit limits like no tomorrow. Now it is hard to tell which Platinum/Signature/World/Infinite cardholders are really the loaded ones.

This post has been edited by MilesAndMore: Mar 19 2011, 01:55 AM
TSbingozero
post Mar 19 2011, 07:46 AM

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I wonder who those business on their own, wait and see how the bank with solve this puzzle brows.gif
TSbingozero
post Mar 19 2011, 07:48 AM

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QUOTE(chemistry @ Mar 18 2011, 10:10 PM)
At this point of time, which bank dare to say "5% cashback everyday, subject to maximum RM500 each month", he is the clear winner. LOL.
Oh ya, it must also grant unlimited access to LCCT/KLIA Lounges, provide travel insurance and purchase protection.  tongue.gif
Just dreaming..
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Plus 5X evergreen point at everywhere.
Life time waiver.
10K to offset gov tax. biggrin.gif
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post Mar 19 2011, 08:27 AM

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QUOTE(mustang @ Mar 18 2011, 09:13 PM)
I assume no change to charge cards with this new ruling?
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QUOTE((@_@) @ Mar 18 2011, 09:44 PM)
If basic salary <RM36k p.a. but EA >RM36k p.a. due to bonus, does it apply?
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Any idea on these?

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