QUOTE(ikengkai @ Dec 23 2013, 08:31 PM)
Most of the time, the bank need to put in the annual fee thing as requirement from BNM, especially foreign bank, they won't get good term like local bank. If you survey, most local bank offer Free For Life credit card in their credit card product list.
I not sure how could OCBC be the first foreign bank that allow to offer Free For Life in their TnC. Anyway, it depend on BNM and the bank, and remember this is BolehLand.
Bro, when did the above BNM guideline came into effect?
UOB has been offering FREE FOR LIFE for more than two decades with minimum X swipes, e.g. my UOB Plat used to need 12 swipes to get annual fee waived. However nowadays UOB keep changing their auto annual fee waiver policy, and at one stage we got to like swipe 60 times!
Click here to read my article UOB - Why You Force Me To Beg You?And for years too I only needed to swipe 12 times to get my HSBC Platinum credit card (they upgraded it to Visa Signature), but that policy is no longer stated in HSBC T&C. However, this year, initially I was told it is still applicable but they then charged me the annual fee,
click here to read about it at my Facebook post in June..
And for years and up to date, if one has Citibank Gold Status, UOB Privilege Banking Status, HSBC Premier Banking Status and OCBC Premier Banking Status, they do get FREE FOR LIFE credit cards without needing to swipe even once.
This post has been edited by Gen-X: Dec 23 2013, 09:25 PM