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.

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.

The problem with BNM is they leave everything ambiguous and expect the banks to do the dirty job.
For example, a guys with income RM36k may retain 2 issuer. So currently he has 4 issuers, which bank want to make the 1st move to cut the guy's line and card? I bet that no bank wants to take the first step.
When BNM audit the banks, what is the banks best defense? They can claim that the guy wants to stay with them and it's the other banks whom should cut the relationship.

Anyway, that's just my opinion. I just can't seem to figure out this could be implemented for existing card holders.

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Added on April 11, 2011, 11:48 pmInsider tips - ABM is trying to come up with a method to justify a person's income via proxy based on the customer's cards, housing loan or hire purchase then propose to BNM as a justification for a said customer's income.

Like I say, no one wants to lose the current pie they are holding.

This post has been edited by b00n: Apr 11 2011, 11:48 PM

You wouldn't be affected because your income more than that already
The banks are desperate trying to retain their market shares, who knows; they might adopt that. haha provided BNM agrees to their proposal.

It's funny when CIMB and Maybank declared that only 8% of their card base is less RM36k and less. Hard to believe though.

They will most probably need to convert your balance to sort of an installment for you to pay down.

Don't recall whether the ruling is on Gross Income or Net Income because don't think it's explicitly mentioned.
But assuming the new Responsible Finance Guideline complements this Credit Card guidelines, then the income bracket will be on Net Income. Assuming that is true, then your increase of RM10 will not qualify you as well.

But back to the topic; there's a reason why the BNM limits the number of cards as well as exposures. So think back - do you really need 3 cards?

That just proves one statement i.e. banks are too desperate for business thus to match competitions, they just gives higher lines for new cards. Main reason as well why so many are in CC debts where they cannot control their spending.