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