Credit Card Guidelines
Bank Negara Malaysia (BNM) had issued a new guidelines for credit card in November. I guess most of the credit card holder had received letter from their credit card issuer. Here are the new rules:
1) With effect from 1 January 2012, cardmembers earning RM36,000 per annum or less can only hold credit cards from a maximum of TWO credit card issuers
2) The maximum credit limit extended to a cardmember shall be TWO times his/her monthly income per credit card issuer. As such, if the credit limit extended to a cardmember exceeds twice the cardmembers’s monthly income, the credit card issuer shall reduce the credit limit. If after the reduction of the credit limit, the cardmember’s existing outstanding balance exceeds the credit limit, the cardmember will be given a grace period to settle the amount in excess of the credit limit.
Again, government is trying to curb the increasing household debt. BNM impose GST on credit card last year to curb the usage of credit cards.
Well, I think this is a good move.
[Reply]
Mrcoolku Reply:
January 3rd, 2012 at 9:10 pm
Ya, definitely can reduce household debt with quick effect
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