In the efforts to promote prudent financial management among credit card users and to ensure credit card debt remained at manageable levels, Bank Negara Malaysia announce new guidelines on credit cards.

It also also aimed to promote fair and responsible business practices by credit card issuers and to further enhance credit cards security.

Guidelines for Cardholders

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Hong Leong Bank recently introduced Hong Leong Fortune Credit Card which offer real cash to card holders. Instead of reward points or cash back for the usage of the card, card holders will receive real cash. The cash will be accessible to card holders anytime, anywhere via HLB’s wide network of ATMs.

Card holders will earn 1 percent cash rebate on every spending such as from shopping, dining, petrol or anything else. On top of that, card holders are also eligible to earn cash bonus on card anniversary based on yearly spending amount.

Below are the main features of Hong Leong Fortune Credit Card;

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Debit Card

Bank Islam recently launched a new debit card called “Bank Islam Visa Debit Card-i”. It is a multi functional card that combines the features of ATM a Visa card.

One of the main benefit of this card is, on every retail purchases made using Visa Debit Card-i, card members will enjoy 0.5 percent cash rebate.

The new Visa Debit Card-i will also allow card members to conduct transactions such as bill payments, dining, charitable contributions, online shopping, petrol purchases, Pilgrimage Fund Board’s (Tabung Haji) transactions or ticket bookings.

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Maybankard 2 Cards offers two credits cards together to a card members with one signup. They will issued an American Express and a MasterCard credit card together and have a choice of Gold and Platinum.

With Maybankard 2 Cards, card members will enjoy the lowest finance charge of 8.88% per annum on outstanding balance and only a RM50 service tax charge for the two cards.

The other main benefits of Maybankard 2 Cards are;

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Credit card users are encourage to disipline themself when spending and make their monthly payment promptly. This is because credit card interest rates for outstanding balance is very high. The best practise is to make full payment on all outstanding balance every month.

Most banks in Malaysia offered tiered interest as per Bank Negara Malaysia (BNM) credit card interest rate structure which last revised in March 2009.

The tiered interest rate structure rewards those who pay their credit card bills promptly. Below are the details on tiered credit card interest rate structure.

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