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Ref No: 03/11/06
Embargo: Not for publication or broadcast before 2011-03-18 12:00:00 hours on , 2011-03-18 12:00:00 2011-03-18 12:00:00
New Measures on Credit Cards to Promote Prudent Financial Management and Responsible Business Practices
Bank Negara Malaysia wishes to announce new measures on credit cards in continuous efforts to inculcate sound financial and debt management among credit card users. These measures are also aimed to promote fair and responsible business practices by credit card issuers with further enhancements in the cards security infrastructure.
With immediate effect, the eligibility requirements for credit cards are revised as follows:
The minimum income eligibility for new credit card holders is set at RM24,000 per annum;
For cardholders earning RM36,000 per annum and less, the following would be applicable:Cardholders can only hold credit cards from a maximum of two issuers.» Click to show Spoiler - click again to hide... «
Existing cardholders who currently hold credit cards from more than two issuers are given up to the end of 2011 to select their preferred issuers. Cardholders will also be given at least two years to service their outstanding credit card debt for the credit cards that have been cancelled for the purpose of meeting this requirement.
The maximum credit limit extended to a cardholder shall not exceed two times their monthly income per issuer.» Click to show Spoiler - click again to hide... «
For existing cardholders, whose credit card outstanding balance exceeds the maximum credit limit, a grace period of two years will be given to them to meet with the new requirement.
Card issuers will engage with the affected cardholders to assist them in restructuring their repayments to facilitate the smooth implementation of this measure. In addition, cardholders can also seek the assistance of Agensi Kaunseling dan Pengurusan Kredit (AKPK) for advice on their debt management.
Responsible Business Practices in Provision of Credit Cards
Credit card issuers are required to adopt fair, transparent and responsible approach in marketing and offering of credit cards to consumers. Issuers are not allowed to increase cardholders' credit limit without obtaining their consent. Issuers are also not allowed to offer a credit advance in the form of cheque payable to the cardholders unless the cardholders have requested for the credit advance.
To facilitate consumers in making comparison and informed decisions, card issuers are required to provide a Product Disclosure Sheet that contains key information on the card's features, fees and obligations of the cardholders. Issuers are also required to display prominently alerts to communicate to cardholders the implications of meeting only minimum and partial repayments. At the end of each year, customised information on how long it will take to fully pay off the cardholder's outstanding balance and the total interest costs if the cardholder only makes minimum repayment will be issued to each cardholder. This will be effective for annual statements issued from December 2011.
Further Enhancements to Credit Card Infrastructure Security
In the effort to further enhance credit card security and to promote public confidence in the usage of credit cards as a safe payment instrument, effective 1 January 2012, transaction alerts via Short Messaging Service (SMS) will be implemented by card issuers for their cardholders after transactions are performed. This will be followed by the implementation of the Personal Identification Number (PIN) verification for all card transactions from 1 January 2015 onwards.
For further information on the new credit card guidelines, members of the public can contact ABM Connect at 1-300-88-9980, the contact centres of their respective card issuers and Bank Negara Malaysia's Telelink at 1-300-88-5465.
Bank Negara Malaysia
2011-03-18 12:00:00 2011-03-18 12:00:00
© Bank Negara Malaysia, 2011. All rights reserved.
http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=2226Maybank
http://www.maybank2u.com.my/WebBank/FAQ_BNM030411.pdf
FAQ_BNM030411.pdf ( 63.42k )
Number of downloads: 89Conclusion, which 2 credit card should you stay with if income RM36,000 per annum or less?BNM is expected to take new measures to further control the use of credit, including a requirement for a second or more credit card must be presented two months of payroll!
It is understood, the National Bank and commercial banks who have been meeting to discuss the new measures; expected that the new regulations will be included in published October 7, 2012 Budget.
Credit card sales agents and Effective Synergy Sdn Bhd managing director Chen Hanguo that in the past, the National Bank first credit card application is only required to produce those two months of payroll, for a second or third time just goes to identity cards certified copies.
Income customers are willing to open
"Unless the customer a great need for a second or third credit card, otherwise the new measures will certainly affect the credit of the source, because many customers are reluctant to open their own income."
Chenhan Guo said that since the beginning of the year, deteriorating credit card business agency staff; BNM Strict new measures will give them the credit card business worse.
4,000 salesman forced to change jobs
"The government announced in RM3, 000 the following year, the national income can not hold more than two cards of the measures has resulted in 60% of the credit card agency closed down, there are 4,000 salesman forced to change jobs.
"In the 2008 peak of about 80 credit agency, but only about 12."
"The industry has more than 80% of sales are ethnic Chinese, most are not well educated, looking to switch to a monthly income of 3,000 to 4,000 ringgit is not easy."
Chen Hanguo also pointed out that since the government credit card services from the tax levy last year, Credit Card Holders from the 2009 peak of 960 million people in 2010 fell to 7.5 million as of June 2011, further reduced to 7.4 million .
In this year announced the following income limits RM3, 000 people who can not hold more than two cards of the measures, resulting in this period, 60% of credit card sales company closed down, there are 4,000 salesman forced to change jobs.
Translate from Googlehttp://www.sinchew.com.my/node/217455?tid=1This post has been edited by bingozero: Feb 18 2012, 10:10 PM 
Mar 18 2011, 02:39 PM, updated 13y ago
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