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 Too



The Ambank announcement in August is attached.



This post has been edited by Tham: Dec 8 2019, 08:15 PM

Yes, it is a very stupid directive.

The economy is going downhill ever since those
new kids on the block took over the country last year.

It seems lots of jobless these days.

Just look at the US dollar exchange rate. Our currency
plunged down the moment those guys won.


Have you noted your interest charges on your statements ?

If you look carefully, and compare with the opening balance
of your account before and after November, your interest will
surely have gone up.


It seems they are going back to the days when the
minimum payment was 15 percent.

So you appear to have unlimited funds and have no
problems with paying 1,000 percent interest ?

Why are you even holding a CREDIT card for then ?

Pick up your phone immediately and call your "friendly" neighbourhood loan shark.

Call up American Express and Diners Club as well and tell
them you are throwing away your "low class" credit cards since
you find their CHARGE cards far more attractive and prestigious,
which require you to repay FULLY at the end of the month.

Charge cards give you far more "benefits and privileges", since
that is what you are interested in as well, not CREDIT.

I posted a simple question to ask if anyone had noted the
increase in interest charges, and expected simple objective
answers - yes, no, amount of increase, etc, but get these
type of silly nonsensical responses.

This confirms what my friends have been telling me - they don't
waste their time in these local Low Yat "kopitiam" forums - they
said there's "nothing but a bunch of silly kids here "talking cock" .

Yes, thank you to all of you for your precious time, anyway.