I'm in support of the new measures.
At least we will have less problems of people coming in here asking for highest CL cc.

SMS ... means more business for the telcos. Banks will feel the pinch from increased costs. 2015 is to give time to the bank to implement this.

Service tax shouldn't exist at all in the first place. The whole world is laughing at us for this Service Tax.

Actually likely the banks will already have discussed with BNM. The timeline of implementation is to accomodate the banks infrastructure upgrade to accomodate the new BNM requirements.

Just noticed this as well
We'll perhaps see more responsible cc agents/bank staff promoters when promoting cc products.

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.

This post has been edited by hye: Mar 18 2011, 02:59 PM

Brother ....
Please read carefully. Nobody said anything about SMS being charged.
In an event of an emergency, you may call the bank to temporarily raise your CL. Plus your (theothetical) limit is
2. If you annual income is RM24K the your max CL per bank is RM4k, thus total CL is RM8K
2. If you annual income is RM36K the your max CL per bank is RM6k, thus total CL is RM12K

Spending limit has always been limited to your CL. There is no minimum or maximum cap.
If you are going to need more than RM8K in the hospital ... you are seriously ill already. It is not an emergency plus don't tell me your company medical insurance does not cover you at all ?

The problem is not the rakyat but the wrong mentality of spending.
If you are borrowing from Ah Longs, gambling @ Genting, etc means you are living beyond means.

Today ... almost all banks uses SMS authentication (a.k.a TAC) to verify transaction. And this has been implemented for many years.
Have any of the banks ever charge the users yet ?

Please don't jump to conclusions.

No basis to this claim.

Refer to the BNM press release again.
BNM will give grace for up to 2 years to cardholders to normalise the debt levels once the CL is bought down. This forces cardholders to pare down their debts.

NPL = Non Performing Loan aka Bad Debts aka Non Recoverable Loans
When a cardholder defaults on their cc debt and bank are unable to recover this debt then only it is considered as NPL. Correct ... those paying minimum are not considered as NPL category. However those paying minimum are at risk of going in NPL if they go out of control.

Guys ... UnionPay Prepaid Card is a form of debit card.
I don't want to spoil everyone's mood by saying ... the discussion for this card belongs elsewhere.
But thanks Alec for the information ...

This post has been edited by hye: Mar 20 2011, 11:01 PM

No ... you got it wrong. It is to be implemented this year.
2015 is the implementation of PIN based security system for cc.

Read up the latest BNM guideline on credit card. It was out last week. Google it.

If your limit is within the compliance band then no impact.
Limit decrease applies to those that exceed the compliance band.

What it means is that under the new system ... cardholders which falls into the "limited group" are restricted to 2 issuers only.
Means there's no limitation to how many cards you want your bank to issue to you so long it is max 2 banks. It doesn't matter coz most banks issue you cards under a shared CL limit anyway.

E.g (Theothetical) You could apply from Citibank - AirAsia Card Gold, VISA Platinum, Cash Back card, clear card. (4 cards) and then CIMB Visa & Master (2 cards). You are still in compliance because you only hold cards from 2 issuers although you hold 6 cards in total. (Compliance also means complying to the CL limitation as well) Both banks will issue you shared CL limit.

This post has been edited by hye: Mar 22 2011, 03:38 PM

I answered that in this manner since someone asked what is the number of cards that can be owned. It is an extreme example and not necessarily a sensible answer.

There are cases where people have multiple cards to separate out the expenditures or to take advantage of promotions. If the benefits outweigh the GST then who cares about the GST anymore ?

Fetish for cards ... ? Right now with GST it is an expensive hobby. Again in an extreme case, someone out there may be collecting "Premium" cc so what is GST to that fella. Example to own both CIMB WMC and Infinite ... card looks nice and exclusive, so what is RM100 coz not many people can own this card. Sure to beat any fella flashing their Platinums!

I figured that you have yet to encounter problems while travelling overseas. Several situations may arise namely
1. The bank flag your transaction as fraudulent thus your current transaction is blocked (the one that you are currently trying pay). Or in a more complicated scenario, the bank locks your account and you can't use your card until the bank successfully verifies you.
2. You are travelling to multiple countries ... you are successful in using your card in one and the next country your card get locks up because it looks suspicious in their system. This risk intensifies when you are travelling between regions.
3. Encounter problems with the foreign cc terminal. You can't use your card and you have no idea what's going on despite that you are sure you have enough CL to cover your expenses.
4. You need emergency cash and cannot execute cash withdrawal despite the terminal show Cirrus and/or Plus sign. Going to multiple ATMs does not help and you are scrambling to get cash. It worsens when it is the weekend, so you can't exactly walk into the foreign bank and use your passport to withdraw cash.
5. Bank tries to call you ... you cannot be called while overseas for multiple reasons - time zone difference so you are sleeping, the call did not come through or your mobile does not have roaming capability. You need to bear the roaming charges which can be a bomb since the bank will need to verify you before doing anything else and they work slowly as they think you are still in Malaysia. Let's face it, roaming are not necessarily very reliable. There are countries which the roaming system are absolutely problematic. Worst still, there are CS who does not understand the time difference factor and thinks the world is still in the local time.

To avoid problems, common practice or not ... just call the bank. The phone call is a whole lot cheaper and practical then needing to go through all sort of mess if you encounter problems. At the least, the bank knows you are currently overseas and if they (really) need to call you, they will hurry through the call and call you only if necessary.

I'm speaking from experience. There are times I called the bank and there are times I took it for granted and just forgo that call. Unfortunately disaster strikes when I forgo that call.

This post has been edited by hye: Mar 23 2011, 03:19 PM

What are you talking about ? What credit card did you register ?

No need to put in Co name nor there is an approval required from your company.
It is more or less refers to your company of employment - so you can't really make up names unless it is your own business.

SCB phone officers/CS are not known to know SCB cc promotions i.e. AF waivers.
I have mentioned this before many times ... SCB will make known a disclosure sheet at the point of application which outlines the promotion that you are getting.

I don't think it is appropriate to brand others or comment on their competency levels in this forum (although it is a personal opinion), so please refrain yourself from doing so. I may comment about the absence of your effort to locate this previously posted information similar to what you have said about SCB CS but it wouldn't be a nice thing to say - I hope you understand.

It is alright to express your opinions (or your anger and frustrations) but you also need to understand how.
I'm not working as a SCB CS but I don't think you should be easily branding other people 'useless' that easily especially this is a public forum.
I wouldn't have said anything had you didn't do that - the issue wasn't about yourself not recalling previous posts.

This post has been edited by hye: Mar 24 2011, 06:44 PM