In March 2011, Bank Negara Malaysia announced a new financial guideline to promote prudent financial management among credit card users.
The main objective of the guidelines is to stop the rise in household debt, which stood at RM580bil at the end of 2010. Credit card debt, was about 5% of this or approximately RM30bil.
Credit extended by the banks to the credit cards holders was much higher at RM124bil. This means that most of the card holders were not borrowing on credit cards because interest rates on credit cards are so prohibitively high.
The rates going to be much higher soon, as much as 1.5 percent higher than the current rates. The table below is the current & soon to be tier rates.
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Public Bank has a new credit card promotion specifically for PB-Esso Mobil VISA Gold Credit Card. Under this promotion, cardholders will earn up to 8% cash rebate on spending made at any Esso or Mobil Service Station.
This promotion is valid from 1st October 2011 to 29th February 2012. After the promotion period ended, card holders will continue cash rebate but only up to 5%. There is no registration required.
For a newly approve card holders, additional cash rewards of RM50 will be given after a minimum retail purchase of RM400 within first 2-month from the approval date.
These are the details about the cash rebate promotion,
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Public Bank has a new credit card promotion called “Spend For More Rewards with PB Credit Card Promotion”. Under this promotion, cardholders will earn up to 12% cash rebate on spending made with Public bank credit cards.
This is the continuation of the first promotion early this year. The criteria is also similar.
This promotion is valid from 1st August 2011 to 31th December 2011. During this promotion a total RM2.5 million cash back to be won by cardholders. This translate to RM500,00 cash back per month.
Under this promotion, cardholders who swipe at least 12 times per month will entitle for 12% cash rebate while cardholders who swipe at least 8 times per month will entitle for 8% cash rebate. All the spending must be in single receipt with minimum of RM80.
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AmBank is having a new promotion where AmBank credit card holders will enjoy 20% cash rebate on groceries, petrol, departmental store and pharmacy spending on Saturday and Sunday.
The promotion is running from 1st June 2011 to 31st March 2012. The promotion open to Principle Credit Card holder with the exception of PrePaid MasterCard and card holders whose card accounts have been suspended, cancelled or terminated.
To participate, you have to register your AmBank credit card via SMS. To register, send SMS through your mobile number by typing “cashback {space} 16-digits card no” to 36663. This is one time registration and will be charged 30 cents.
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HSBC Amanah has a new credit card promotion where MPower Visa Platinum Credit Card-i card holders will earn up to 6% cash back on petrol and groceries spending.
On top of that card holders also will earn 1% cash rebate on all retail overseas spending and 0.5% on other other retail spending.
This promotion is valid from 7th July 2011 to 31st December 2011. All MPower Visa Platinum Credit Card-i card holders are eligible. No registration is required.
These are the details regarding the cash rebate promotion,
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