Bonus are not fixed income.
Many will say it can be calculated as part of your income but it depends on the bank. The bank that I have dealt with have said no.

Plus definitely you need to submit your EA as part of your income document at the point of cc application.

The bank hasn't announced the compliance plans so it is hard to say what will happen.
However, on a personal interpretation the BNM announcement did say that CL will be based on your income. I doubt so the bank consider your income to be above RM36K as the invitation is purely from a customer retention/marketing point of view. Likely the bank won't take away your card but instead lower your CL to the compliance level.

In worse case scenario, they'll just maintain you at the Gold level card since that is where you started.
The BNM announcement did not mention about the impact to the type of card that a cardholder will be subjected to in the compliance plan. And banks generally while they have an official information on what the eligibility level for a particular card product, it is pretty much up to them when it comes to granting the card to their customer.

This post has been edited by hye: Mar 28 2011, 05:26 AM

True but there's a problem only if you understate these information. Sure, be honest you will get more CL and will not be subjected to the BNM ruling but also you will be subjected to higher income tax which is the reason many hide these information from their EPF, Income tax, etc.

No need to be negative on the BNM ruling. In my opinion those who worry so much about the ruling is because the ruling will impact them negatively. Those who has no issues, have no issues at all.

No official news has been released by the banks since BNM announcement. Let's see what the bank has to say.

If your card anniversary is due soon by all means do consider to cancel the card and ignore whatever MBF tells you.
Irrespective of what the new guideline is ... MBF is well known for such tactics when their customers want to cancel the card. And irrespective whatever the new guideline is ... GST is still payable to the government - I don't see why MBF tells you that everything is free. The banks are discussing how to evaluate the customers and not whether or not they need to follow BNM guideline. (I don't think they can say no to BNM)

Hahaha ... it is rather hilarious when those newbies advise what the seniors in here already know.
Not understanding that in this part of LYN, the senior folks here know the subject well (unlike in other threads) .... like a technical cc specialist. We even have an expert blogger on the subject!

Careful lah ... don't want your statement to cause readers here to switch on their mobile while flying.
We don't want to be causing accidents in the air indirectly!

Anyway my thoughts are
1. Banks always advise you to inform them prior to any travelling. If the transaction happens when you are in the air then definitely the bank can take action.
2. Some banks have invested in fraud recognition system to recognize irregularities based on your spending patterns.
3. You can use the boarding pass to prove that you are on a plane and unlikely to have been at the local mall making that purchase right?

Saying that ... I have been flying often and never the bank called me while I am in the air nor encounter any frauds with my card. Often overseas travelers do carry roaming capabilities on their mobile, don't you agree ? And correct me if I'm wrong (since it has been many years already), our local prepaid mobile numbers do have in-built roaming capabilities vs. their postpaid counterparts (where you need to apply for it) ?

This post has been edited by hye: Apr 14 2011, 10:57 PM

Likely same rule applies. BNM 2 cards/income rule did not differentiate whether it is self owned business or employed.
For example, if the business income is RM36K per annum, it would not be different from a personal (salaried) income of RM36K unless my mathematics is wrong.

This post has been edited by hye: Sep 23 2011, 11:48 AM

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.

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