Commercial Bank Card Issuers Will Consider Individual Financial Circumstances For New Credit Card Eligibility Requirements

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Commercial Bank Card Issuers Will Consider Individual Financial Circumstances For New Credit Card Eligibility Requirements

Kuala Lumpur, Friday, 18 March 2011:- The Association of Banks in Malaysia (ABM) assures credit card holders that their individual financial circumstances will be considered by its member banks/card issuers when implementing the new eligibility and minimum repayment requirements under the revised credit card guidelines introduced by Bank Negara Malaysia.

According to the revised guidelines, the minimum income which must be earned so as to be eligible for a credit card (with the exception of pensioners and retirees) is now RM24,000 per annum, up from the previous sum of RM18,000 per annum. In addition, applicants/cardholders, both new and existing, who earn RM36,000 per annum or less can only hold credit cards from a maximum of two card issuers with the maximum credit limit of two times his monthly income per issuer.

“The revised guidelines have just been issued and our member banks as well as other card issuers are working towards reviewing their operations and making the relevant process changes. Please give the banks and card issuers reasonable time to complete a quick first review and to better advise customers on their approach,” said Chuah Mei Lin, ABM’s Executive Director. In the meantime, ABM and its commercial bank card issuers have prepared a list of probable questions and the relevant responses for the ease of reference when handling queries from concerned credit cardholders.

“The deadline for the selection of the preferred two issuers does not kick in until 31 December 2011. Furthermore, a credit cardholder who elects to cancel a credit card will have at least two years to settle the outstanding balance at no worse off terms. Customers facing difficulties may contact their banks to discuss their personal situation and so that advice can be given,” added Chuah. On a case to case basis and depending on the individual customer’s circumstances, commercial bank card issuers may consider restructuring the credit card facility and/or repayments.

Members of the public who are for any reason unable to engage with their banks are welcomed to inform ABM through ABM’s toll free number, ABMConnect 1-300-88-9980 which is opened from Mondays to Fridays (save for public holidays), 9.00a.m. to 5.30p.m. or through its website, www.abm.org.my.

Updated List of Chargees for Executing Form 42B