LATEST UPDATE: New Measures on Credit Cards by Bank Negara

Proceed from v15: http://forum.lowyat.net/topic/1824199

**Those wishing to get an agent to assist with your credit card application please post your request at the service noticeboard section as this section is about discussion on credit card issues and not for promoting or seeking agent.

Knowing your cards > http://www.bankinginfo.com.my
1. Visa
2. Mastercard
3. JCB
4. AMEX - Charge or Credit Card
5. Diners Club
6. China Union Pay (中国银联)
7. Etc.

1. Annual fee
Annual fee free credit cards :
- CIMB Direct Access
- CIMB Bank
- American Express Green charge card & American Express Gold credit card
- Public Bank (**minimum swipes apply)
- Alliance Bank (**minimum swipes apply)
- UOB Bank (**minimum swipes apply)
- Maybank (**certain cards only)
- EON Bank (**minimum swipes apply)
- Citibank Choice (**minimum swipes apply)
- Hong Leong Bank Essential VISA (**swipe at least twice a month OR spend RM8,000/year)
- AmBank (**certain cards only)
- OCBC (**minimum swipes apply)

2. Credit cards payment methods - http://forum.lowyat.net/topic/1802980

3. Tap and Go Cards - no signature required


4. Credit Card linked to Petrol
- OCBC Titanium MasterCard <> all petrol stations = 5% cash back
- Citibank Cash Back VISA Platinum <> all petrol stations = 5% cash back
- UOB <> BHP Petrol = 2% cash back (UOB One only), 1% cash back (others)
- Citibank <> SHELL (This only applicable for Citibank Shell, Citibank Cashback Plat applies to all petrol stations)
- Maybank/Maybank Islamic <> PETRONAS = 5x Treatpoints
- CIMB Bank/CIMB Islamic <> PETRONAS = 2% cash back
- Public Bank ESSO/Mobil VISA <> ESSO/MOBIL = 0.5 - 5% (tier-based)
- RHB Travel Money <> all petrol stations = 2% cash back (5% cash back every first weekend)
- AMBank Carz <> all petrol stations = 2% cash back (3% for Gold and 5% for Platinum, provided there is an outstanding)
**All range of American Express charge & credit cards give 2x MR/TP on petrol purchases whilst AMEX Gold credit card and Maybankard 2 AMEX give 5x MR/TP. This applies to all petrol brands.
For more info on pumping petrol using cards, please refer to this thread: http://forum.lowyat.net/topic/1798403

5. Standard financial charge (interest rate)
Tier 1 > 13.5% p.a.
Tier 2 > 16% p.a.
Tier 3 > 17.5% p.a.
Cash advance: 18% p.a from the date of withdrawal + 5% advance cash withdrawal fees
Late payment: 1% of outstanding or RM 5 whichever is higher.
Minimum payment amount: 5% of outstanding or RM 25/RM 50 whichever is higher.
Sample calculator can be found here
Sample calculator from AKPK

6. Complimentary Cards
1) HSBC Premier - deposit and maintain RM200k
2) Citibank Citigold - deposit and maintain RM200k
3) Standard Chartered Priority Banking - deposit and maintain RM250k
4) UOB Privilege Banking - Opening deposit of RM300k with maintenance of RM200k
5) OCBC Premier Banking - Opening deposit of RM300k with maintenance of RM200k
6) CIMB Bank Preferred Banking - deposit and maintain RM200k
7) Hong Leong Bank Priority Banking - deposit and maintain RM200k
8) Alliance Bank Privilege Banking - deposit and maintain RM200k
9) RHB Bank Premier Banking - deposit and maintain RM200k
10) Public Bank Red Carpet Banking - deposit and maintain RM500k or a Mutual Gold customer with a total combined deposits of RM200k in savings/current/fixed deposits.

7. American Express - http://forum.lowyat.net/topic/1724607

8. International Transactions - http://forum.lowyat.net/topic/1845691

9. Credit Card Cancellation - http://forum.lowyat.net/topic/1814307

10. Cash Advance fees


11. Verified by Visa and Mastercard Securecode
Verified by Visa ---> http://www.visa-asia.com/ap/sea/merchants/...vbv_intro.shtml
Participating banks :

MasterCard SecureCode ---> http://www.mastercard.com/au/personal/en/c...code/index.html
Participating banks :


12. Balance Transfer - http://forum.lowyat.net/topic/1123346

13. RM50 Government Service Tax - Currently STILL IN FORCE
With effect from 1 January 2010, there will be service tax imposed on credit card as follows :
i. RM50 per annum on each Principal Card; and
ii. RM25 per annum on each Supplementary Card
The service tax will be collected on the date the card is issued, or on the completion of each year or on the date of renewal of the card (except HSBC which will be billed 1 month later). This means that the above mentioned service tax shall be levied on new credit card issued effective from 1 January 2010. For existing credit cards issued before 1 January 2010, the service tax shall be levied upon anniversary of card issuance.


14. Airport Lounge Access - http://forum.lowyat.net/topic/1791878

15. Previous versions


16. Useful information
BNM issued guidelines in 2003 that limits consumer liability in cases of fraud to only RM250. See the actual document here. (Courtesy of tishaban) (thanks awaynoway for the updated link)

Credit information:
CCRIS: http://creditbureau.bnm.gov.my/
CCRIS report - go to Bank Negara yourself and use self-service terminal to get report with MyKard (you need to go as need thumb print).
CTOS: http://www.ctos.com.my/
BRIS: http://bris.com.my/index.html

Swipe Smart with 6E:
http://www.abm.org.my/Swipe_Smart_with_6E_...ffectively.aspx

17. FMB - Financial Mediation Bureau
http://www.fmb.org.my/index.htm

18. AKPK
- An agency set up to provide financial education, financial counseling and debt management
http://www.akpk.org.my/Home/tabid/36/Default.aspx

Link to AKPK thread : http://forum.lowyat.net/topic/876712

19. Other Links By Users
A blog about credit cards by Gen-X > My Credit Cards

20. Credit Card/Charge Card Reward Points
Validity of numerous credit card/charge card reward points
1) HSBC - up to 3 years
2) Citibank - reward points are evergreen
3) Maybank - reward points are evergreen
4) CIMB Bank - 3 years
5) Alliance Bank - reward points are evergreen
6) Standard Chartered - 3 years (**SCB VI Choice Points are evergreen)
7) American Express - Membership Rewards Points are evergreen
8) Hong Leong Bank - up to 3 years
9) AmBank - up to 3 years
10) RHB Bank - 3 years for Platinum and 2 years for all cards ranked lower than Platinum
11) UOB - 3 years
12) EON Bank - 3 years

21. Premium Credit Cards and its requirements
1) CIMB & DA World Mastercard/Visa Infinite - Min Income Requirement : RM 200k
2) CIMB Enrich World Mastercard - Strictly by Invitation (those with card usage above RM 500k per annum may be considered)
3) CIMB VISA Signature - Min Income Requirement : RM100k
4) Maybank World Mastercard - Min Income Requirement : RM 240k
5) Maybank Visa Infinite - Min Income Requirement : RM 240k
6) MBF World Mastercard - Min Income Requirement : RM 200k (By Invitation)
7) Standard Chartered Visa Infinite - Only for Priority Banking customer (RM 250k in deposits)
8) RHB Visa Infinite - Strictly by Invitation Only
9) HSBC Premier Mastercard - Only for HSBC Premier customer (RM 200k in deposits)
10) HONG LEONG Bank VISA Signature - Min Income Requirement : RM180k

22. Best Credit Cards and its categories - Click on ME
Please note these are just recommendations based on normal spending. High spending or specific usage individuals might want to look at other cards.
1) Classic Card = Hong Leong Essential
2) Gold Card = Alliance Younique / Maybankard 2 AMEX Gold
3) Titanium Card = OCBC Titanium / Standard Chartered Titanium (**product withdrawn from new application)
4) Platinum Card = Alliance Platinum / SCB Business Platinum / Citibank Cash Back Platinum / AMEX Platinum Charge Card (assuming AF is waiveable) / Maybankard 2 AMEX Platinum
5) Visa Signature = EON VS
6) Visa Infinite = SCB VI
7) World MasterCard = Maybank WMC (assuming AF is waiveable)
8) For 1st time CC applicants with Degree: DA (Direct Access @ CIMB)
Looking for recommendations? Please refer to this thread: http://forum.lowyat.net/topic/1792023

23. Credit Cards with Complimentary Travel & Accident Insurance
1) All HSBC/HSBC Amanah credit cards
2) All Citibank credit cards (except all co-brand cards, cash back)
3) All Public Bank generic credit cards
4) All Maybank generic credit cards
5) All AMEX charge card & AMEX Platinum credit card
6) All EON Bank credit cards
7) Alliance Bank Platinum

24. OCBC Titanium Credit Card rebates - http://forum.lowyat.net/topic/1791215

25. Reload Touch n Go using credit cards - http://forum.lowyat.net/topic/1803385

This post has been edited by hye: Dec 29 2011, 11:06 AM

Since this is a new thread, I might as well post the links to some of the reviews I have done on credit cards for easy reference:

Click here to my blog on credit cards and determine yourself which credit card is best for you.

Citibank PremierMiles Visa Signature and Platinum credit cards.

Citibank Platinum Cash Back Credit Card.

Hong Leong Bank Visa Signature - The Best Visa Signature?

HSBC Visa Signature.

Hong Leong Bank Fortune Visa Cash Back credit card.

Review of Maybankard 2 Cards. The MBB 2 American Express earns you 5X Treats Points everyday and on weekends EXTRA 5% cash back. This review also compares the Maybank 2 Cards versus OCBC Titanium MasterCard

Comprehensive and full review of the Maybank Visa Infinite - The Best Credit Card for Overseas?

OCBC Titanium MasterCard. This article have a table comparing cash back credit cards.

UOB One Card - This is a pure cash back card and offers 5% cash back for petrol. this article has a table comparing UOB One Card vs. Maybankard 2 Cards vs. Citibank Cash Back Platinum vs. OCBC Titanium MasterCard.

UOB Lady's Card - Men can't have it.

Click here to read my article titled - The Best Credit Card in Malaysia - Is There Really One?

Click here to read my article - Malaysia Top 10 Credit Cards.

Click here for Credit Cards Customer Service Contact Numbers.

For your own good, you must click here and read this article on Credit Card Fraudulent Charges and SMS Alert.

If you are new to credit cards, Click here to read my article Credit Cards are Cash Cow for Banks. Are You Working for the Banks?

This post has been edited by Gen-X: Feb 26 2012, 11:06 PM

---reserved---

actually how can I reserve the 2nd post?
it keep on appending to the 1st post

This post has been edited by alexwsk: May 23 2011, 11:57 AM

citibank clear card is a good card for those who like to watch movies.
1. buy 1 free 1 on friday for GSC
2. buy 1 free 1 on fri for cineleisure at the curve
3. buy 1 free 1 on weekend for TGV
4. buy 1 free 1 coffee bean on everyday

For TGV, this groupon-type offer will give similar benefits. Only problem with these offers whether through credit card or groupon-type website is that you are forced to join the regular queue, instead of the special queue for collecting tickets already purchased (c/f reserved) online.

BTW, the above deal has so far been renewed from time to time after it expires.

Also, for those with iPhones, do download the Maxis Movies app where you get buy 1 free 1 on Tuesdays for a limited time - both TGV & GSC.

This post has been edited by wshoh: May 23 2011, 12:44 PM

Check on "Do not combine with previous post?" under Add Reply

This post has been edited by ronnie: May 23 2011, 12:47 PM

Anyone received phone call from Maybank to prove your income document so they won't limit your cards into 2?

Purchases from Apple Online via CIMB/Direct Access Credit Card

For information purposes, I as well as other CIMB/DA credit card users have had our accounts charged higher than the amount invoiced by Apple Online (Malaysia, but based in Singapore) - I have filed an official dispute with CIMB/DA and am currently awaiting their response (Refer to iPad 2 online order status thread).

If no kind soul starts an individual topic as regards this matter soon, I will do so when I find the time.

Without going into the T&Cs of the CIMB/DA credit card agreement, I reason based on the fact that other banks including HSBC, Citibank, MBB, SCB and Alliance (as reported in this thread as well as the iPad thread) only charge the amount as invoiced by Apple Online, CIMB is treating Apple Online transactions very differently, which explains the higher charges.

Will report back on progress of the matter when news/more info is available. If legal methods don't work, I guess there are always extra legal options - Facebook and LYN comes into mind.

*edited* @ronnie Thanks for the additional feedback and also for highlighting it here. @Gen-X Thanks for your tip.

*UPDATED*

This may explain - but still not very satisfactory. CIMB is the only bank in Malaysia with such a practice then?

This post has been edited by wshoh: May 23 2011, 07:44 PM

SCB also doesn't charge extra...

its been a while since the last time i check my maybank2u page. found out today that i've been charged twice for the same transaction! i pump petrol at esso on 14may. in my transaction history, it is posted twice which is on 15may and 18may. i know for sure that i only pump once on that day, in fact the amount is exactly the same (60.02). i only pump once a week. my statement is only on the 28th. should i report now or wait until statement comes out? where to complaint? thanks..



This post has been edited by azam_halim: May 23 2011, 03:46 PM

Hmm i didnt know clear card got such gooding...
But thats all it gives rite?? Maybank 2 Amex still wins

Where got such thing? all card are combine limit lor

of course AMEX still win. clear card still got 3x point for selected outlet and merchant, special discount for concert. citibank clear card for me is best for fresh grad or entry level who want to enter into world of plastic card

This post has been edited by gerrardling: May 23 2011, 04:15 PM

wait for the statement to come out first, call the number behind ur card

I would suggest to complain IMMEDIATELY... hopefully resolved before 28th May 2011.

The bank will ask you to fill up a "Transaction dispute" form and send it back to them. I think you stand a good chance for yourself as both transactions carry the same transaction date. IMHO, resolution will take a while so just pay your cc bill as per the month due although the CS may ask you to exclude the disputed amount.

Yes, I am aware of Clear Card offer at Curve and Coffee Bean. What surprised me is that the YGV offer applies to ALL Citibank CC.


ronnie warned us about using CIMB credit cards earlier (also mentioned by you). Just to share - I used my Alliance Bank Visa no such problem. Transaction in Ringgit.

Today got a call from HSBC offering me Visa Signature Card. GST and annual fee waive for 1st year.
I am still considering if I should take up the offer.
What is your say?

Call MBB 0378443696 and ask them.

HSBC Credit cards have free annual fee waive by just swiping 12 times a year Got RM50 to spare and add HSBC VS to your collection

Seriously, only you know if the card will benefit you.

Do you aware that the 5x rewards points is not a permanent benefit of this card? I found out from reading the T&Cs. I have commented it in your blog.

Yah, it is until end of the year. It was discussed at HSBC Thread. But with RM1000 limit a month, is like RM25 cash back. And best of all, most of the places that gives the 5X also accept AMEX. So like I said, you got RM50 to spare? On the other hand, recently I have been receiving many sms from HSBC where many outlets/merchants gives discount with it, but I don't patronize them.

You commented in my blog? Which post? **Edited** Just saw it, you just commented today.

This post has been edited by Gen-X: May 23 2011, 06:16 PM

Mine also face this problem on the same date but different posting time, using maybank2 amex at esso.

which esso you fill up? i fill up at esso au5. i think the station somehow send the transaction twice. will lodge report tomorrow

Why not get the card as part of the collection ?

Hi, anyone know which KFC outlet can accept redeem with points for DA?

The new rule of BNM limits only 2 cards if the salary is < 36k.

Since I hold Maybank 2 Platinum, Amex Gold Cc and Platinum Mastercard with them, they wanted me to prove my income so they wont cancel any of the cards.

Same case here, posted twice on 15 May & 18 May for 14 May transaction. Filled in the dispute form ady.

Also ESSO

This post has been edited by skysboyz: May 24 2011, 12:19 AM

KFC Aeon and KFC Jusco Ayer Keroh can, both in Melaka

This is interesting, when they ask you? The call you and sent letter?

wah so fast v16

other smartphone, access it via http://m.maxismovies.com

i already said to them - no thanks

not going to mv so often.
stick with my old *cracked* gold card. haha

KFC Tesco Kajang
KFC Sungai Chua Kajang
KFC Tesco Ampang

*please do go to counter that accept card.
example - KFC Tesco Kajang need to ask 1st which counter can use card.
example - KFC Tesco Ampang they put notice "cash & credit card" at the cashier machine.

Hey i saw some HSBC banners at 1Utama it says u will get RM30 for every 7th transaction of any amount.
Is that only applicable at the stores that shows the banner or for any transactions?

anyone could try log into uob banking internet? i cant seem to login to check my cc statement, updated java to the latest version still having this problem, page doesnt load, stucked at login page.

this, u need to swipe rm50 for 7 times, with different merchant

more info here - http://www.hsbc.com.my/1/PA_1_1_S5/content...k_promo_tnc.pdf

May i know what is the basic salary as a credit card holder by now?

Yesterday only by call. Then fax my income document to them or by e-mail...

Only selected cardholder or every cardholder?

Dunno o. i also blurred about the new rule from BNM whether 2 cards are limited per bank or per person?

Seldom follow up recently.

I've been using MBB card on apple store, no hidden charge...


This post has been edited by Alec.Yong: May 24 2011, 03:25 PM


Attached thumbnail(s)

Shall be 2 card issuer per person...

You bought so many apple products ar?

One unit is mine. The rest are helping people to buy..

we can directly buy from apple store, SG?

huh? it's online apple store.

store.apple.com/my

yes apple.com.my BUT their office (or whatever you call it) is in SG. The transaction will show that it was done in SG. that's why ronnie and wshoh mentioned that CIMB charges additional fees as it is deemed the transaction was done in SG.

I fill the esso at georgetown, i think is the system problem, lets maybank figure out.

it should be rm24k/year.

new rules only for annual salary of rm36k or less.

the new rules are:
- max 2 banks
- unlimited cards within that 2 banks
- CL are shared (this rules already implemented) within bank and max only 2x monthly salary.

example, u can have maybank and cimb.

for maybank, u can have:
1. mbb2 amex gold + mbb2 mastercard gold
2. mbb petronas visa
3. mbb amex gold credit card
4. mbb sony visa
5. mbb gold mastercard (got annual fee)
6. mbb gold visa (got annual fee)

and all 6 cards will share CL which max only 2x ur monthly salary.
so if ur monthly salary is rm2.5k, all 6 cards will share rm5k CL only.

for cimb, u can have:
1. cimb generic classic/gold mastercard
2. cimb petronas mastercard
3. cimb touch-n-go visa

all 3 cards will be sharing CL of 2x ur monthly salary.

note: example of the cards above are all can be applied with salary of rm36k/year. pls remember each card got rm50 GST!

for people who earned more than rm36k/year, this new rules wont applied.

wah straight away qualify for Samsung Tab or Ipad2 contest

Thanks for the detailed explanations.

Hey guys, Citibank or HSBC gives more benefits n discounts?
Is HSBC Amanah the same as normal HSBC CC?

This post has been edited by McRyan: May 25 2011, 10:04 AM

Just want to ask 1 general question here....

I'm currently paying for my PTPTN loans monthly am I still eligible to apply credit cards? Beacuse I applied for CIMB and Citibank and both rejected. My income requirements per annum around rm25,000.

huh?

You made a lot of big purchases with MBB cards at the apple store. So you would qualify for (depending on card)

100 iPad 2 To be Won!

Samsung Galaxy Tab

This post has been edited by zenquix: May 25 2011, 11:19 AM

Ok, got.
Does it like lucky draw?

Not qualified for Samsung, cos not using AMEX...

This post has been edited by Alec.Yong: May 25 2011, 12:10 PM

bnm always come out with new idea how to stop u holding credit card...

sigh....now my cl limit so low

erm.. how much CL you expected?

Can anyone explain what it means by the bolded statement? thanks

ur welcome.

for me, there is another card better than both citibank and hsbc

but if u looking for only those 2, then it depends on where u will using it.'

example if u love watching movies on friday, citibank clear mastercard is the best, coz can buy 1 free 1 ticket, but, got annual fee.

while for hsbc, if u shop about rm1k per month at mid valley / gardens / isetan / parkon, then hsbc signature visa is the best, since it give 5x points, but, ur income must be rm100k/year.

for hsbc amanah, it is cashback card, which is 0.5% on everything.
while normal hsbc is points-based, 1 point for rm1.

and hsbc amanah cannot be use at non-islamic place such as for liquor, club, disco, gambling, etc.

Only thing to add is people with 36K or less annual salary cannot have another credit card, if the person has conventional and islamic credit card from the same bank issuer. The bank consider it as two different bank issuer.

Was in SG last few days and did not really see any MasterCard promotion for the great Singapore sale which starts tomorrow. But, at 313@Somerset, received SG$10 voucher (which can be used anywhere within the mall) for spending SG100 with my OCBC Titanium. What I want to share is this, many of the SG Malls like 313, Centre Point and OG and even Takashimaya have Tourist Card that entitles you to free gift or discount. So if you are going shopping there, always check with the CS counter. And remember to ask for GST receipt if you spend above SG$100 if you are flying out.

http://creditcardsmalaysia.blogspot.com/20...aysia-mega.html

Same problem. ESSO PJ

ya la,somemore they need 14 days to investigate. Suddenly need to pay extra Rm102 for my case,my statement is on 28/5 .

I remember the same thing happened to Citibank few years back and they rectified the problem in a few days...

I want to know if anyone can help me on this.
My credit card application was rejected for no apparent reason given.
I have cleared and double-check both my CCRIS and CTOS report (even they are puzzled why is this so).
I am earning about RM 150K per annum and I am trying to apply Visa Signature cards.

Please do help and suggest any other means to obtain financial reports or credit score reports.

Thanks

Wong

Sometimes, clean CCRIS and CTOS records do not guarantee your card application approval. You may have busted the bank's MUE and failed the utilisation ratio test.

What's MUE and utilisation ratio test ?

Which banks you applied for?


tgeoklin gave example last time I think. Something to do with outstanding loan versus income.

You need to furnish us with a whole lot more to do the diagnostic.
E.g. What banks did you apply for ?, How many cards do you have currently ... each of their exposure, (if any) outstanding amount, age of card, etc.
Loans you have on hand, etc

As the folks said ... if CCRIS and CTOS is already eliminated as a potential cause then it is all related to your risk exposure level. You said so yourself ... credit score reports. This "credit worthiness" report can be internally be built by the bank as your credit information is shared across all other banks. Credit score no good then CC no go.

Note : This will vary from bank to bank as each has their own tolerance setting.

This post has been edited by hye: May 26 2011, 05:11 PM

Income and credit checks aren't the only determinants in approving credit cards.

It could also be because you fall under the non-target segment or you fail certain scoring based on info provided in your app form. Such as occupation, nature of business, highest qualification etc etc.

In such instances, it's flat out reject no matter how high your income is.

Mine one Esso Jelutong Penang

wow,quite many people affected.

jus checked after saw someone posting this
i also kena

change of policy?....

Just checked mbb2u, adjustment has been done.

Hey guys, a noob here. I'm planning to get my first credit card.

My salary goes into CIMB Bank, and i have a Maybank account prior to working. I plan to get the Maybank2, and the normal CIMB generic card, cos its FREE. I'll be spending a lot on petrol, my workplace is 40km away T-T

Just want to clarify, that lets say if i swipe my card, and i pay before the due date, I will not be incurred interest? meaning i swipe 50bucks, i pay in time ill just pay 50bucks.

i just heard tht petrol stations would charge a certain amount to banks until the final/actual figures are finalize.

It's all about credit exposure and risk.

MUE = Maximum unsecured exposure
Utilisation ratio = Outstanding balance vs CL

after seing yr post, i checked my maybank2u, and see the adjustment made yesterday.

Yup because there is no interest fee only if you will pay the full amount you swiped within 20 days. If you pay on time but will only pay minimum, there will be interest. If there's delay on payment, there will be interest+late payment fee. Always pay on time and in full, if possible.

last time when i use my alliance bank cc, they charged 200 until they finalize the exect figure..but my maybank card is never like that..they charge the same amount on the spot

Thank you!!

They oso adjust the treatpoints, i think they should keep us the pts for compensation for the hassle

Alliance Bank? Sounds like their debit/prepaid card. Never encounter that with their CC.

Actually, all petrol stations also will earmark RM200+ lor. Ppl don't usually realise it so much with credit card cos it doesn't appear in sttmt.

But some debit/prepaid cards will show the earmark amt and reversal and actual amt charged.

If anybody wants to avoid earmarking, just pay at cashier. Then you're charged the exact amt u pump and dun hv 2 worry abt funds being held up until settlement is done.

This post has been edited by mushu_pork: May 27 2011, 11:49 AM

To be precise, all petrol stations will pre-authorize RM200 every time you decide to use your card at the pump. All banks have the same practice and this is not new ... it has been like that for many many years. A petrol station which claims the authorize amount and later the bank adjust to the exact figure is an absolute myth. (I also have a friend which owns a petrol station thus I understand what is involved in their claim process for cc transactions)

For debit cards ... they need to "lock in" the authorize amount before arriving to the actual number. Process is almost the same except the difference is that for credit card, we are "using" the bank's money and not our own money when we pump petrol. Thus the amount being "locked" is the bank's money and not ours.

The actual amount will be charged to the customers account once the merchant (petrol station) submits their claim / do their settlement with the bank at the end of the day (or whenever they do it). Customers will only see the actual amount charged once this settlement process occurs. This explains the concept of Transaction Date and Posted Date which you sometimes see in your online banking system.

This post has been edited by hye: May 27 2011, 12:28 PM

anyone applied for a card before just using their offer letter/?

I did that 5 years when I first work.

Correct, plus thats is why some people will call the bank CS and screw them due to tranx decline given the example like below:

Available limit: RM100.00
Amount Charge: RM50.00
Petrol Pump Pre-Auths: RM200.00

Of course decline lah.... the sad part here is, after the bank CS explain to whole logic.... the customer say, "you guys need to improve this is not acceptable, i dont care about the pre-auths of RM200.00. All i care is i have RM100.00 available and when i charge RM50.00 it suppose to go thru".... which customer have a points but the bank cant do much.

This post has been edited by ak1977: May 27 2011, 02:41 PM

Well ... that's the purpose of this thread. To provide some form of education to the readers on how things work.
There's no way the above scenario can be made to fit the demand of the customer. I have to side with the bank as making the change will have a lot of impact and there's a lot of costs in making those real time transactions to work.

Plus currently the customer can go to the counter and ask them to swipe after the petrol is pumped at the slight cost of time and convenience. The option exists, so the excuse for customer to demand the above is lesser and not to their favor.

This post has been edited by hye: May 27 2011, 03:15 PM