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.

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.

Yes

You'll have until the end of this year to choose which two credit cards you want to keep.

I am following the news closely. I'm at risk of losing my Citibank VISA and Maybankard 2 now

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 Hopefully they will automatically put me in the above RM36k income group. Then i got nothing to worry anymore

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.


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

That is so true


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.


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

Well, MBB2 AMEX is kind of the best credit card in town


It's probably because the newly implemented rules will only come into effect at the end of this year ? Since there are so many things that have yet to be sorted out.

And you quoted me because ?? What you replied is irrelevant to my post.

Yeah ... it's ok if he quoted the right one but his reply was totally out of topic man ... and that post of mine was posted almost a month ago. Read carefully before hitting the reply button-lah.

This is why it is always advisable to inform your bank(s) before going overseas. It is to prevent something like this from happening.

Is the said credit card due for renewal (i mean its anniversary month) in the next few months ?

You guys do know that whatever is offered to you now can be reversed anytime when the rule comes into effect right ?

We don't know until they release more information on how they are going to enforce the new credit card rules and will no doubt affect both new and existing credit card holders.

Banks are probably comfortable with the credit limit already assigned to your card account but not following the bank negara rules will result in a hefty penalty to the bank should they are found not following the bank negara rules. So, i do not think they are willing to take the risk.


How other banks are going to enforce this rule still remains a big ?.


Malaysia is the first and only country to date to impose credit card tax but not this new rule. There are already a few countries having such rule in place and the reason they are doing this is because the Malaysian credit card debt is spiralling out of control!

This post has been edited by MilesAndMore: Sep 7 2011, 04:14 PM

I received a letter from Maybank just now, requesting me to submit my income documents because according to them, my annual income is in the RM36,000 and below category.

In the letter, it says that i must update my information with them before 30 Nov 2011 and failure to do so will result in my credit limit being reduced or worse, card will be canceled because i cannot have credit cards issued by more than 2 different banks.

I called Maybank CS and i was shocked to learn that they thought i am holding a Maybankard AMEX Gold credit card. The said Maybankard AMEX Gold credit card is the original and first AMEX Gold credit card issued by Maybank bearing the Maybankard logo and is no longer issued now.

Anyway, i told them i did have that card but i was just a supplementary card holder and they should refer to my latest information in the system. So, the CS checked further into their system and found out that i do not actually have to submit my income document again because i am actually in the earning above RM36,000/pa category. The CS said that those in the credit card department might have overlooked my details. She promised she will get back to me by today. Will see.

By the way, one will get 3,000 free TP after you've submitted your income document. There is also a Maybankard brochure inside the envelope and the one i received is explaining the benefits of a Maybankard Gold card

This post has been edited by MilesAndMore: Nov 15 2011, 01:24 PM

The Malay lady CS i talked to earlier called me back as promised just a few minutes ago and informed me that she had clarified with the relevant department. Since the card was approved just this year and upon checking on their system which i belong to the earning more than RM36,000 income group, i do not have have to submit my latest payslip and was told to ignore the letter sent to me

I have only passive incomes for the time being. Not sure if they accept those and i don't want to take the risk