I would want any Platinum card to carry some "real" Platinum standards. Had they approved the application, probably I'd reject the card anyway. Not sure whether anyone else felt this but when Direct Access first introduced their Gold and Platinum cards several years back - it had the lowest entry point for a Gold card as compared to other Gold cards from other banks at that point of time. So if you had a Direct Access gold card, probably the market didn't regard you highly if you hold this card. (The only selling point back then among consumers was its Free For Life status)

Now a new cycle has emerge with Platinum cards - Platinum cards providers are slowly lowering their standards and most cards now have Free for Life status in one form or another. Might be in the near future Gold and Platinum are just about the same.

This post has been edited by hye: Mar 9 2008, 10:34 PM

The system is very straight forward - about similar to the old Flexi Payment plan.

1. You buy anything you want - make sure it least falls within the minimum spending requirement.
2. Call up the call center and ask to convert your purchases into your desired plan. (Ideally once it's posted into your credit card account - easier if you have the Internet banking facility)
3. Call center will confirm conversion
4. Your next bill will have the a. Installment payment b. The once off interest fee.

That's all folks!

Took some time to dig through the old papers as the info is not available on the CIMB/Direct Access website yet

3 plans exist (Min Purchase Amount, No of monthly installments, One time Interest)

- RM 1K, 10, 2%
- RM 3K, 20, 4%
- RM 5K, 30, 6%

You can convert ANY of your purchases (local or abroad) to the plans above. Need to settle monthly installment in full or the outstanding amount will be charged 1.5% interest. The entire purchase amount will be taken out from your credit limit and will be gradually released back as you make the monthly installments.

Comparatively the old plan is (For Direct Access / CIMB)

- RM500, 12, 3% / RM500, 12, 3%
- RM3K, 24, 4.5% / RM3K, 24, 4%
- RM5K, 36, 6.5% / RM5K, 36, 5.5%

This post has been edited by hye: Mar 16 2008, 09:41 AM

FYI, I'm a user of their old plan and they don't hold your entire credit limit till full payment like other banks do. The new plan should work on a similar basis. Where did you get this info that the bank hold your credit limit till paid in full ?

There are certain promos that banks do not publish on the web site. All banks does this from time to time. For example of the previous promotions includes

-> Direct Access / CIMB Open Day - Visit them at their branch in Plaza Damansara and you'll get your card approved on the spot (Newspaper adverts only)
-> Hong Leong / Citibank - New branch opening, credit card approval on the spot + More than 1 year free annual free waiver. (Newspaper adverts only)

Just be on the lookout for weird promos which you know does not exist. HSBC usually is very conservative is their marketing but I think they got a little bit more exciting in terms on marketing recently. (But still careful on who they award the card to)

I know that HSBC have such promos because I got my card on that promo too previously and I have nothing to complain. Oh yes, there's a chance the CS might not know. For HSBC cards - ask the sales agent to show you the promo code that he/she is registering you under - different promos entitles you to different annual fee entitlement. However, the promo code might not be visible to the CS. (I tried calling once and the CS told me that all new HSBC cards application comes with 1 year free annual free waiver, subsequent years are chargeable)

The recently concluded MATTA fair (KL) saw a few credit card players going on the aggressive mode.

- Participating banks include EON, Citibank, UOB, RHB, StandardChartered, HSBC, AMBank, AllianceBank, MBF, Maybank, Hong Leong (CIMB, PBB, OCBC was not present)
- Free gifts are aplenty - 2GB thumbdrive, Calendar, bags, chess set, toys, bunny bank, massager, mini iron, etc. (I'm not that crazy about all these free gifts anymore)
- If you sign up with one bank, the next thing you notice you'll be swarmed with other banks clamoring for you application as well!
- Introduction of a new card from EON bank (Matta card - Classic, Gold & Platinum) On the spot approval (I didn't try so don't ask me) + the card uses the KLCC Twin Towers as the background. Annual fee waiver is based on no of usage per year similar to most of its other card products.
- If I'm not mistaken the RHB card application is being managed by an agency instead of the bank itself. StandardChartered has been on this model for years. (Not sure what this means - if the guys here could explain what's the impact both from the bank and the customer would be good)

This post has been edited by hye: Mar 16 2008, 09:49 PM

Yup ... agree with ya. Don't need to show off the Platinum status unnecessarily and people do know it's a HSBC Platinum card although how small the Platinum word is written. Simplicity, unique and humility I would describe the design of the card. It's always better to keep a low profile and be humble about it.

And ..... the UOB ONE is not a Platinum card.

This post has been edited by hye: Mar 17 2008, 11:37 AM

Sounds like you have a few cards on hand.

If all the Platinum card holders here hold true to their humble thoughts, it might be a bit of a problem to share their experience as it means they would have to reveal their identities as a Platinum card holder.

My old Citibank Clear credit card (now terminated already) started @ RM5K. (If I remember the limit correctly)

This post has been edited by hye: Mar 17 2008, 03:09 PM

I've known people holding Platinum credit cards with credit limit of lower than RM20k

I have a suggestion ... let's stop debating whether the UOB One Platinum is a real platinum card. No offense but it's getting rather tiring. Plus, the credit limit feedback from @siutimtim already said it all.

The folks here are rather polite but you should have make an effort to read the previous threads posted by the guys here and you'll get your answer. Make some effort or in other forums you'll be flamed very quickly on your laziness to search for the info.

Look in the previous threads and you'll find a PDF attachment from David83 and something from myself as well on the subject.

This post has been edited by hye: Mar 18 2008, 03:33 PM

A true Platinum card should have real Platinum credit limits. Not only that, it need to carry other characteristics as well with the end intention to make its customers feel its uniqueness, elegance and exclusivity.

A person who can own a Platinum card would highly likely wants a card befitting - and not a card which can be easily obtained by a larger customer base. The lower entry point for platinum cards is attractive to the mass market but it risks the bank alienating it's true Platinum card owners who no longer feel the exclusivity. At the end of the day - Platinum card customers cancels cards and runs over to another bank which still maintain that exclusivity while the other banks benefits from the premium annual fees and larger customer base which uses the "Platinum" card.

Possibly the ONE Platinum is the bank's marketing tactic to provide its customers access to a wide range of benefits at a very low entry point for everyone - more importantly having the opportunity to charge its customers "Platinum" level annual fees.

I kindof like HSBC's design and perhaps UOB Platinum's design. Both are black in colour.

Most banks uses the standard design which has the large "P" across the card - don't like this design (especially the generic Mastercard's Platinum design which is silver in colour) almost all banks uses the same design. Some variety exist in the co-branded card but can't comment much coz never see this in person only in the bank websites.

I didn't fancy EON's bank Matta Platinum card (Black colour) which features the Twin Towers. However, EON's bank Platinum Pavilion card is interesting the way they embossed the word "Pavilion" on the card. The wording is engraved and Red in colour.

Maybe which bank's Platinum card has a unique design would be a better question so that the generic designs are filtered out.

This post has been edited by hye: Mar 19 2008, 11:47 AM

Your research is a little bit inaccurate in the sense that some of the banks have different min income requirements for different type of Platinum card. For example, SCB - Mastercard is RM60K per annum but the VISA is RM105K per annum.

While in Singapore the difference between a Gold card and Platinum is maybe small but don't forget it's a small country. If they follow the normal rules then only a small percentage of the population will ever own a Platinum card. Some more, so many banks operate in Singapore aiming for the same amount of customer base - need to be competitive offer free gifts at sign up and perhaps annual fee waivers after the 1st year for customer retention.

Another approach you can consider is to apply for the DA card as it has a lower entry point for Gold card. If you use credit card often, you probably know that it's a good idea to have an alternative card from another bank just in case.

This post has been edited by hye: Mar 20 2008, 01:46 AM

Impressive but this is a thread for credit card not charge card. The card you mentioned is a charge card.

Enuff talk about the ONE Platinum What silver card in Genting are you talking about ? Enlighten us ....

Citibank (and also StandardChartered, HSBC) is well recognized if you use it overseas. To be fair to be fair actually all credit cards are accepted overseas but sometimes being recognized has its privileges. My experience with Citibank is good when it comes to handling transaction disputes - during the "petrol station fraud crisis" they accepted all my transaction disputes with minimal hassle. All my other cards at that time (including UOB) asked me to put up a lot of evidence and justifications to support my claims. I got all of them disputed in the end but Citibank gave me the least problems.

Never saw anyone carry the RHB Visa Infinite although I would sure love to own one. Agreed that the design for this card is cool. Wish that HSBC Premier also have equally cool design (Platinum design is better unfortunately) - similar to VISA Infinite, this HSBC card is higher than Platinum and carries a whole lot of other privileges. Not everyone can own this card - your income need to justify it.

This post has been edited by hye: Mar 22 2008, 11:46 AM

Emmm .... I was attracted by their Pavilion card promotion as well several months back. The main selling point was the on-the-spot approval - unfortunately I didn't get the confirmation on the spot nor got it within the same day. I later found out that overseas transactions attract an additional 2.5% on top of what you have to pay for all EON Bank credit cards - I didn't like this at all either. I'm not sure for other banks how much are the extra charges (most banks word this rather ambiguously in their T&C - lookout for the clause in your respective bank's cc T&C) they impose for overseas transactions.

I didn't like this attitude of bluffing the customers for business so when I got my card - I canceled it without activating the card at all. Those eager to apply for EON Bank credit cards beware of the so called "On-the-spot-approval".

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Added on March 22, 2008, 9:53 pmOur CC's are internationally accepted. I've never heard of such thing before actually except for the fact that some of the international online merchants refuse to accept credit cards originating from Malaysia unless a photostat copy of that CC + ID verification is produced.

This post has been edited by hye: Mar 22 2008, 09:53 PM

The transition to chip based was due to the requirement from Mastercard and VISA international. Malaysia implemented this transition earlier than most countries in the Asia Pacific deadline due to Bank Negara's push for it - partly driven by the high fraud cases at that point of time especially due to the high frauds from petrol stations.

There's a possibility that online frauds also attributed to these problems but whatever it is I think the international online merchants community were advised to be careful from CC originating from Malaysia. The additional ID verification could come in the form of your driving license or passport which has a picture of you. I'd has experience online merchants from the US, Japan and on one occasion from Malaysia itself asking from the ID verification + copy of your CC.

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Added on March 23, 2008, 6:23 amDid you get a credit limit upgrade or did they retain the old limit ? (How much is your old limit ?)

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Added on March 23, 2008, 6:29 amYes, even a CC issued from BSN is recognized internationally.

Emmm .... just look at it this way. If you are a restaurant owner in Malaysia and you have tourists want to pay for the bill via credit card - which one would you feel more comfortable to accept ?

1. Citibank credit card.
2. Their local bank credit card (e.g BNP Paribas or Credit Agricole)

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Added on March 23, 2008, 6:37 amUnder normal circumstances, you can perform balance transfer so long your bank allows you to do so and you have enough credit limit to sustain the transferred amount. However different banks have different promos and T&C on balance transfer - maybe you want to call your bank just to make sure what are the policies.

BTW - if you are restructuring your CC debts, better you consolidate multiple card accounts into just 1 one time off. At least you get everything done and over with.

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Added on March 23, 2008, 6:38 amYup that's right.

This post has been edited by hye: Mar 23 2008, 06:38 AM

The banks make money out of the CC transactions 2 ways
1. (You) as their customer in the form of annual fees & interest from outstanding balance (if any)
2. (Merchant) as a cut from the transactions incurred. Range from 1.5-2.5% (Can be lower but not zero as the banks still need to pay a certain percentage to Mastercard/VISA International). I think there's a possibility overseas banks charges the merchant more as compared to Malaysia - I remembered buying online from Japan and they charge me something like 3.5% for using my credit card)

I'm not sure whether the owner of the brand would have to pay the banks to launch the co-branded cards (e.g Citibank AirAsia, Petronas CIMB/Maybank,etc) but I think maybe it's the case also. (FYI, I don't work for the cc industry ... these are just my observations)

Using the example above - your bank pays you your money excluding the fees and then pays the foreign bank excluding the fees as well. I think everyone wins and make money just that it's a competitive market out there for credit cards (in Malaysia) and most banks chooses not to make money from the annual fees anymore.

This post has been edited by hye: Mar 23 2008, 12:58 PM