For those of you holding Ambank credit card, how are
your interest charges ?
Since that announcement in early August 2019 that they
were revising the way they calculate interest starting from
October 2019, my interest charges have increased more
than 50 percent since my November statement.
I was thinking of switching to Hong Leong or Public Bank's cards,
but it seems they and several other banks have increased their
interest charges as well.
They are likely to be following this Bank Negara directive -
Unpaid Credit Cards Balances Wlll Soon Incur Interest on Finance Charges TooThe Ambank announcement in August is attached.
reason behind the new directive was to 'encourage cardholders to pay on time'. alloo if they have the means, they would have done it! and now they'll be burden for the additional fees based on the new calculation, and harder to pay full further