New credit card criteria slightly less exploitative

Commercial banks will consider individual financial circumstances under the new credit card eligibility requirements, says the Association of Banks in Malaysia (ABM).

Under the revised credit card guidelines introduced by Bank Negara Malaysia the minimum income must be RM24, 000 per annum, up from the previous RM18,000. For applicants or card holders who earn RM36, 000 per annum or less, they can only hold credit cards from a maximum of two issuers.

The maximum credit limit extended to a card holder shall also not exceed twice their monthly income per issuer.

ABM’s executive director, Chuah Mei Lin said the revised guidelines have just been issued and member banks as well as other card issuers are working towards reviewing their operations and making the relevant process changes.

In the meantime, ABM and its commercial bank card issuers have prepared alist of probable questions and the relevant responses, for the ease of reference when handling queries from concerned credit card holders.