Bank Negara Malaysia has recently announced new rules for credit card in Malaysia. The rationale being to ensure household debt stayed at manageable levels.
Immediate Effect New Credit Card Rules To Be Implemented
Minimum Income Requirement
Is now increased from previously RM18,000 per annum to RM24,000 per annum.
Maximum Credit Limit
If before this, the credit limit was set based on bank’s discretion but now for those who earn less than RM36,000 per year, credit limit shall be capped at two times their monthly income per issuer.
Maximum Credit Card Issuer
For those who earn less than RM36,000 per year, they shall be restricted to hold credit cards from not more than two issuers.
Effective December 2011,
Cardholders’ annual statements issued by issuers shall include the details of time frame needed to fully pay off the outstanding balance and the total interest costs to be charged if only minimum repayment is made.
Effective 1 January 2012,
Issuers shall send a transaction alert via SMS for cardholder after each transaction is performed.
Effective 1 January 2015,
Personal Identification Number (PIN) verification shall be performed for all credit card transactions.
Source : Banking Blog
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