What was the bank with which he pledged the 50K FD for his first secured credit card?

PBB

Hi Guys,

Need help here... What constitute a 'Retiree'?

I am 43. Stopped working a few years ago. I have 3 cc - Citibank Platinum (RM20K), AMEX CC Gold (RM13K) and HSBC Gold (RM9K). All applied when I was still working and the CL increased by all the banks over time. I think I have been their customer since early 2000. Recently I received THE LETTER from Citibank asking me to update my salary record with them. As I recalled I did apply when my salary was below RM36K. Stupid of me not to update before I left employment (otherwise I won't be facing this problem

Now I am not working. I have private income from inheritance. Most are kept in Amanah Saham. Every month I would withdraw the amount required to be deposited into my usual bank account. I have been settling in full all my credit card amounts monthly. I use the cards to collect points and book hotels and flight tickets online. It is not really a needed credit facility but more for convenience.

I have no loans to show - Housing and car all paid in cash. So I don't have a good Pay Master record (except for the full monthly credit card payments - which IMHO should be good enough?). Annually I have kept up with income tax declaration, just declaring 0 income (since I 'retired').

1. Where do I stand here? I would really like to keep my 3 credit cards, knowing I won't be able to apply new one. I hardly ever max any of the cc limit but I just like the freedom of owning a Visa, AMEX and Mastercard.

2. I know that a retiree doesn't fall into the new credit card ruling. But what constitute a 'retiree'? Is it just based on age?
I dare not call BNM to check incase once they hear I am unemployed they will instruct all the banks to cancel all my cards

The time is running out and if push comes to shove, I will cancel my HSBC since I feel it gives me the least benefit. I LOVE AMEX for it's generousity with points. I also don't want to lose the Citibank due to the Platinum card which they just upgraded for me in June. I hope even if they reduce the CL they won't change my Platinum to lower cards. The Platinum benefits are great! Funny to have a Platinum with CL of RM6K though
I had spoken to Citibank and decline to send them my new salary report. I dared not mention that I am not working anymore...

3. Also, I know that if I must cancel 1 card but haven't done so the bank/s will take it upon themself to cancel. Now which card will be cancelled? Also, more importantly, will the bank cancelling the card contact the customer to consult them or inform them first? I don't know whether I should cancel my HSBC now or wait and see...

Sorry for such a long question but I just want to give a full scenario of my situation. Hopefully someone will be able to assist

Thanks,
Mel

This post has been edited by MelaniePutra: Dec 11 2011, 04:42 PM

Just declare you're a retiree. If they try to make it any more difficult, enlighten them who you are. I'm sure they can make an exception for daughter of a ruler

what will happen to those who earn less than RM36k annually but still have more than 2 cards after 1 jan 2012?

read the 1st post where Bingozero gave link to MBB FAQ.

do i declare my income after i receive THE LETTER from the bank or must i take the initiative to bring my income details to the bank branches?

i have cc with 3 banks, maybank, ambank & affin but so far only affin sent me a letter asking me to declare my income..

any advise? just reply affin only and wait for the other two banks to send letters? or send to the other two banks as well?

You need send the reply to affin bank if you wish to maintain your credit card. Otherwise just ignore the letter.

thanks for the info!

if i cancel a credit card how long will it take to update BNM? a customer service from a bank told me it would take from 1 to 2months as it's not "LIVE UPDATE"

im asking this as i wanted to cancel one of my bank credit card which doesnt benefit to me all and apply a new credit card, but the customer service told me that it would take 1 or 2months time for BNM to update my CC status, so anyone can clarify for this?

beside that is it possible if i submit my CC cancellation letter together with my application form to the bank so it can consider to approving my application? btw my salary is <36K PA

I don't understand why your rush ? Just let the system take its course. Just be thankful (and that should be your focus) that your card is properly cancelled as there as many cases where the card is not cancelled properly and later get shocks.

Banks would check with something they feel comfortable and accept as evidence - evidence as governed and sanctioned by their risk assessment team and card approving. I'm afraid while they would accept your letter but it would not have any weightage to your application.

if in that case i'll stick to your advice so i wont get any harm

thanks for your advice

Yesterday I received a letter from Hong Leong Bank told me to summit the payslip to them.
So I just ignore the letter since I want to cancel the credit card of ex-eon since it is less benefit after merge to hlb.

Just got a mail From EOn-Bank ING (That i only use to pay my Insurance Premium >.<) but from Hong-Leong

Yes i know they have merged, but still i felt like this stupid email has no usage, as maybe next year i shall use OCBC to swipe my premium then the ING, as 2% off overall Insurance policy is darn low >.<, Plus RM50 GST is painful.

My MBB2 is Sub-ed From my dad, so therefore i could just leave it for now, and my own card is OCBC.

Most probably will terminate the EON Before it calls me to pay 2nd year GST

This post has been edited by boonykun: Mar 21 2012, 04:23 PM

RM0.00 Effective 6/3/12. MBFC Ambank LOC tiered int rate revised to 15%, 17% & 18% PA. Late pymt chg - 1% of outstanding or RM10, whichever higher(max RM100).

hahaha. Bank no $$$$$ ?

HLB also revised it rates to 15% 17% & 18% effective 1st March from 13.5% 16% and 17.5%

is this a trend now?

This post has been edited by jinaun: Feb 21 2012, 12:04 AM

Interest rates for credit card has always been 18%. I don't see them running against any rules but merely returning the interest rate back to normal. In Singapore, the rates are 24% per annum and in Thailand it is 20% per annum. Why no one celebrate our rates are the lowest ?

I don't understand why everyone is creating such a big fuss and acting surprised.
It wouldn't matter even if the bank want to impose 25%, 50% or even 1000% interest as it would not matter if cardholders pay in full every month. If anyone here is making noise is because they have credit card debts with the affected banks perhaps ?

Why don't just admit that you have RMx amount of debt with the bank and the revised ruling will impact ya?

This post has been edited by hye: Feb 21 2012, 06:52 AM

the purpose i use the credit facility is to stretch certain purchases over several months, that's y i look for the best rates, if i can settle full every month, might as well use debitcard or cash or even cheque

This post has been edited by jinaun: Feb 21 2012, 11:09 AM

just received a call from 03-27763900, the guy claim calling from MBB KL HQ, want to offer me pre-apporove cards for Mayband2cards without any income documents. He say If I agree, the cards will be courier to me within 14 days.

Is this some kinds of scam?

no its not..in fact i got my card already..hehe