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Monday, February 14, 2011

Malaysia Credit Card Annual Income Requirement & Credit Limit

This post was published in February 2011 before Bank Negara Malaysia announcement on 18th March 2011 that the New Minimum Annual Income to qualify for a credit card have been revised to RM24K per annum from RM18K.

Nowadays credit cards (also known as plastic money)  are accepted by many merchants in Malaysia. And sometimes to enjoy discounts at a particular merchant, we need a specific credit card. For example, Citibank Malaysia has an offer for free coffee (1 for 1) at Coffee Bean with their Clear Credit Card and you need to charge the transaction (may cost less than RM10) to the Clear card to benefit whereas if you pay cash you gain nothing extra.

With the reintroduction of the GST for credit cards in 2010, many people started cancelling their extra credit cards and only maintain cards that are beneficial to them. Competition amongst banks to attract customers have benefited consumers where more and more benefits are now permanent features of a particular credit card. Nowadays many banks offer cash back instead of points and free annual fee (with or without conditions).

Debit cards are getting popular too as it is more secure that having cash on hand and the plus point about debit cards is that some offer cash rebate for using it and it also gives discount at merchants similar to their credit card counterpart. Some of the debit cards in Malaysia that offer cash back are Public Bank Debit Cards, RHB Debit Cards and Alliance Bank Debit Cards.

Then we have Telcos like DiGi where we get RM5 cash rebate for signing up auto debit with out Credit Card but I was told not for Debit Cards. Do check on this the next time you are at DiGi centre. DiGi is offering new Apple iPhone with 24 months contract but to make it more affordable they have installment plans up to 36 months with AmBank credit card, CIMB Bank credit card, Citibank Malaysia credit card, HSBC Malaysia credit card, Maybank credit card and Public Bank credit card. Did you notice I mentioned credit cards and not debit cards. Many young people want the iPhone but cannot afford to purchase it outright and therefore need a credit card to get the phone. But the thing is I will advice you guys in this situation (no cash in hand but wanting a new iPhone) to instead save up for the phone first and by the time you have enough money, a newer and cheaper model will be available instead of paying installment for 24 months and after completing the installment you find that your iPhone is worthless and obsolete, and I am talking from my years of experience (and wasted tons of money) in chasing the latest mobile phones where today I buy a new phone and find that tomorrow it is obsolete.

Coming back to credit cards, so from above example you can see that by using credit cards you can get cash back and freebies or discount and also for purchasing stuff when you don't have the cash on hand.

But having a credit card comes with responsibility, more like you need common sense. If you don't have money on hand to pay for your transaction, better you don't go swipe your credit card because the interest rate imposed by the banks for credit cards are very high. Don't be mislead by the so called monthly interest rate because once you annualize it, it is damn high. For example, the monthly interest rate is quoted at 1.5% on outstanding balance and once annualized, this rate is equivalent to 18%! Equally important is that you must make the minimum payment due to the card issuer because once you fail to pay the minimum payment to the card issuer on time prior to the Due Date, your credit history will be tarnished and this will reduce your chances of getting loans from banks in the future.

With the above introduction, let's get to the matter on hand i.e. Malaysia Credit Card Annual Income  Requirement in and Credit Limit.


MALAYSIA CREDIT CARDS ANNUAL INCOME REQUIREMENT

The minimum income requirement for entry level or classic card credit card is RM18,000 per year in Malaysia. For first time applicants, they may find that the banks are kind of strict and need proof of one's annual income. Years back it was easy to proof annual income as IRB would issue J Form where it states clearly your taxable income and income tax to be paid. But now with self assessment, IRB no longer issue any official document to state your taxable income and therefore banks need other documents to process your applications. Some of the ways to proof your income are as follows:

  • Pay slips
  • Borang BE
  • Borang EA
  • EPF Statement
  • Company letter confirming your position and monthly or annual income. 
Some banks are stricter than others in evaluating an application and may even reject your application without giving you any reason. Besides the above documents provided by the applicant, the banks will also obtain a report on your credit history from the Central Credit Reference Information System (CCRIS) where all banks submit updated information on their customers having credit facilities (or even applying for credit facilities) with them periodically to Bank Negara Malaysia (BNM). For a person who never applied for a loan or other credit facility the report may be irrelevant but if you have made a late payment or paid less than the minimum amount for your credit card, this information will be reflected in your CCRIS report and that's why I say will reduce your chances of getting a loan as the banks will know you may be a liability to them.

For more information on CCRIS, click here to BNM website.

Most banks in Malaysia nowadays don't even need you to proof your annual income where they will accept and process your application for a new credit card if you have been holding a credit card for more than a year. Why is this so? I guess it is because the banks can check your credit history from your CCRIS report. For AmBank case, in their application form for a new credit card, they even accept if one has an existing credit card more than 6 months old.


There are many types of credit cards in Malaysia. Besides the standard Classic, Gold and Platinum credit cards, nowadays we have co-brand credit cards where banks will issue credit cards for a specific merchant where you can enjoy privileges only entitled for that card. For example, Citibank Air Asia credit card allows you to book special offers a day before it is open to the general pubic. Then there are Premium cards like Visa Signature, World MasterCard and Visa Infinite to name a few, where your annual income needs to be about RM200K for the Maybank, CIMB and Direct Access World MasterCard, or you need to be a Standard Chartered Bank Priority Banking Customer (deposit RM250K with them) to qualify for their Visa Infinite credit card. For RHB Visa Infinite credit card, even if you deposit RM500,000 to RM1,000,000 with RHB, you may not even qualify for their Visa Infinite credit card. 

So what is the difference between Classic, Gold and Platinum besides paying more annual fees?   

  • In terms of material used to make Silver, Gold and Platinum credit cards - they are all cheap plastic, no difference!
  • In terms of swiping at merchant - no difference as long as transaction can go through. If the merchant is offline, you got Visa Infinite also no point, hehe.

 So what is the difference?
  • Shiok Sendiri :)
  • Generally a Platinum credit card will have better benefits than Gold. For examples: Alliance Bank Platinum credit card will give you more cash back than Gold for the same amount spent. Standard Chartered Bank Visa Infinite gives you unlimited entry to airport lounges worldwide whereas their Platinum only gives you free entry to KLIA Plaza Premium Lounge. Click here to read about entry to airport lounges with credit cards. Some Platinum cards offer free green fees to golf courses and CIMB World MasterCard gets you free coffee at Dome (limited time offer). Stand Chart Platinum credit card have higher Travel Insurance compared to their Gold and Classic credit card. Some banks' Platinum and Premium credit cards have dedicated Toll Free line for Customer Service. The reason why banks give more benefits to the "higher" ranking cards is because they expect these customers to spend more and thus making more money for them. You see, the banks do make money every time someone uses his/her credit card where 1% to 2% of the transacted amount will be imposed onto the merchant for using the credit card service. So the banks like big spenders and if this big spender cannot settle his monthly bills in full, the banks are happier as they can make more money by imposing interest on the outstanding amount. 

Having said the above, the type of card is not very important but the benefit that comes with the card is. Each bank credit card type has different benefits. For example, Standard Chartered Bank Gold credit card offer Travel Insurance but UOB Platinum credit card no longer offer this feature come 1st March 2011. 

Below is a table I have prepared showing Malaysia Banks Classic, Gold and Platinum Income requirements and auto annual fee waiver. For those new to credit cards, most banks nowadays give you minimum first year free annual fee waiver and some even up to 5 years and some banks like Standard Chart giving cash to successful credit card applicant which is even more than the RM50 GST!

Malaysia Bank Credit Card Annual Income Requirement. By http://creditcardsmalaysia.blogspot.com/ 

From the table above, I can summarize that generally the annual income requirement for different types of cards are as follows:  

Classic - Income Requirement RM18 to RM30K p.a.

Gold - Income Requirement RM24-48K p.a. and above (except for Standard Chartered Bank where the requirement is RM18K).

Platinum - Income Requirement 60K p.a. and above. 

Premium Cards - Income Requirement above RM100K p.a. 

Over the years, the annual income requirement for Gold and Platinum credit cards has been dropping. Previously one could only get a Gold and Platinum credit card if their annual income was RM50K and RM100K respectively. If we were to purely consider inflation over the years, the annual income requirement should actually increase. In order to achieve targeted customer base, the banks just keep lowering the entry requirement for Gold and Platinum and nowadays some banks don't even issue Gold credit cards anymore. And Gold credit card is the new entry level credit card as in the case of Stand Chart where they only need annual income of RM18K to qualify for a Gold card. 

There are still some exclusive credit cards out there available only by invitation such as CIMB Enrich World Master Card and RHB Visa Infinite and certain cards only available to Premier/Priority/Privilege Banking Customers such as HSBC Premier World MasterCard and Stand Chart Visa Infinite. 

Earlier I mentioned that once you have a credit card for more than 1 year, it is easier to get other credit cards as banks can review your credit history and the annual income requirement is not so important. Banks also often upgrade their customers credit cards from Classic to Gold to Platinum over time even though their annual income is lower than the stated requirement. 

One can also apply for an upgrade of card type simply based on credit limit of their existing card. For example, if you have a RHB Gold credit card with a credit limit RM30K, you may apply for Citibank Platinum credit card. Or if you have HSBC credit card with credit limit above RM40K, you can apply for CIMB World MasterCard. Of course the bank would still check your credit history to confirm your worthiness. 

For my case, I used to have the Citibank Malaysia entry level Clear credit card where I  applied for it long ago when it offered discount at Coffee Bean and Dome but since it does not offer auto annual fee waiver and I seldom use it, decided to cancel it last year. All my credit cards now have free annual fee waiver  with and without conditions and this saves me time calling the Customer Service for annual fee waiver except for my Hong Leong Bank Platinum MasterCard where they gave me 20,000 reward points and 3 year auto annual fee waiver when I wanted to cancel it sometime in 2009. Click here to about my existing credit cards and debit cards.


MALAYSIA CREDIT CARDS CREDIT LIMIT

This subject would interest many especially people getting their first credit card. As you are now aware, the entry level credit card annual income requirement is RM18,000 p.a. which works out to be income of RM1,500/month. 

When one applies for a credit card, they'll always wonder how much credit will be assigned to them.  Different banks in Malaysia have different criteria when evaluating a person's application and some banks are more generous than others in offering credit limit to the successful applicant. However for the case of people who just manage to qualify for a credit card with annual income of RM18,000-RM20,000 and also people having no credit history, most probably the credit limit assigned would not be more than RM5,000.00 and in most cases RM3,000.00.

Now RM3,000 is a lot of money to a person earning RM1,500 a month in my opinion. I am sure many of you know people earning less than RM2K per month are having a hard time servicing their car loan or  housing loan. These people are already having a hard time trying to cope with daily survival gets a credit card with credit limit of RM3,000. I always mentioned that 0% installment plan is a trap by banks, why is this so? Below is a hypothetical scenario (more like story telling from my imagination running wild, haha):

Take for example a person earning RM1.5K a month having two credit cards with credit limit of RM3000 each. He goes to buy an iPhone with Credit Card A by signing a 24 months contract where he needs to pay about RM200 a month towards the installment plan and the DiGi iPhone plan. RM200 a month may not seem much when one is buying the iPhone at that particular moment but 24 months is a long time and anything can happen. After buying the iPhone he wanted a LCD TV to watch the recorded videos in HD with his new iPhone. So he goes out and buys a LCD TV costing RM1200 with 12 months installment plan with Credit Card A. Once again RM100 a month does not seem to be a lot while signing on the transaction slip but now the guy has committed RM300 monthly to the bank. Then 6 months later, suddenly his car breaks down and needs RM5K to make good the car. He has RM2K in savings and uses it to pay for part of the car repairs and the balance RM3K charged to his Credit Card B. The following month he gets his 2 credit cards' Statements but he can only afford to pay RM300 monthly to the issuer of Credit Card A which he has already committed with the installment plans and defaulted in paying Credit Card B. The issuer of Credit Card B will then impose late charges and daily interest charges on the outstanding balance and the beginning of his spiraling journey deeper down into the shit hole. 


If he had not bought the iPhone and LCD TV, he could have saved RM300 a month and for 6 months that would total up to RM1,800. So he would have RM3,800 on hand when his car needed repairs and only needed to use up RM1,200 credit from Credit Card B and can still afford to pay RM300 a month to the issuer of Credit Card B for the next 5 months where he would have cleared his debt. 

Here's another hypothetical scenario as how a person can accumulate debts with credit card.

A young executive earning RM5K a month, so qualifies for OCBC Titanum MasterCard with credit limit RM15K. Guy paying for Honda Insight loan, medical insurance premium, iPhone installment with DiGi, Unifi Broadband, paying Condo loan, works in city center (got the Insight to save the Environment in traffic jams), into latest fashion trend and dine at air-con restaurants With RM5K per month not a problem for a bachelor. Guy then falls for a girl and knows that the girl just loves LV handbags. To impress her and hoping she will fall for him, on Valentine's Day guy goes buy a LV handbag that cost RM5,000 (LV got no installment plan but he plans to pay RM1K a month) and gives it to her. Girl falls for boy and both boy and girl happy dating at fancy restaurants - happy moments just like advertisement by Citibank encouraging people to spend with their credit card and then opt for an installment plan which they failed to highlight the interest charges. End of month boy gets his credit card Statement totaling RM6K and can only afford to pay RM1K. Guy continues dating girl and buying her stuff, guy goes for beauty treatment to impress girl and going for holidays with RM9 air ticket but total bill for a couple comes out to more than RM1K with fuel surcharge and airport taxes. Following month, credit card Statement Outstanding Balance increased to RM10K and this continues until his credit card reaches RM15K and he has no more credit. So date girl at mamak stall over teh-tarik, you think the girl with her thick make up and LV bag wants to sit at non air conditioned restaurant ar? Girl finally comes to her senses that she got no security with that guy and leaves. The guy had invested on other people's wife and can't afford to settle his debt in full. So guy goes apply for new credit card and do Balance Transfer (to save on interest charges) to another bank but the fact remains that he is still in debt and unless he changes his lifestyle he will be deeper in debt and working for the bank for a long time.

Anyway, here's what is stated in some of the banks website in respect to credit limit:

AmBank for their Visa True credit card, it was stated that the credit limit would be 3 times monthly income.

Citibank Clearcard states that credit limit to be 2.5 times salary. Click to on Clear Card Credit Limit

Below gives you some indication on the criteria used by banks to assign credit limit to credit card(s) taken from http://www.citibank.com.my/english/docs/use-credit-wisely/card-limit.htm

When you apply and are approved for a credit card, the credit card issuer sets a credit limit, which is the maximum balance you can avail on your account. Each credit card issuer has its own standards for setting credit limits. Some factors that may affect their decision are:
  • Your monthly income
  • Current debt (other credit cards, car loans, etc.)
  • Length of residence at your current address
  • Home ownership
  • Number of times you've applied for credit
  • How much credit you need or use
And here's your answer if you want to request a higher credit limit for your credit card: 
You may ask your credit card company to increase your credit limit. The answer will depend on your total financial picture. You may qualify for a higher credit limit if you always pay on time, if your income has increased or your debts have decreased, and if you always pay more than the minimum due or your balance in full.


Now say you got a lot of money but for some reason you cannot proof your source of income (maybe you work in Singapore for example), there are still ways to get a credit card. One way is by opening a Priority/Premier/Preferred/Privilege Banking Account with banks where it automatically qualifies you for a Platinum credit card where the annual fee is usually free and the starting credit limit should be RM20K or more. But if you don't have a couple hundred thousand, you still can get a credit card with the credit limit you wish by pledging the same amount as the credit limit you want into FD with banks like OCBC Malaysia, Hong Leong Bank and Public Bank. 

Below is taken from Public Bank website:

For Public Bank Fixed Deposit (FD) customers who opt to apply PB Credit Card secured by FD, the credit line assigned will be based on the FD Pledged amount at a ratio of 1:1. To apply, please personally submit your application at your FD account holding branch and bring along your FD certificate for verification and photostat copy of your NRIC (both sides).

The credit limit assigned by the bank is shared with supplementary cards and other type of cards issued by the same bank and is called the Combined Credit Limit. For example, you have a Maybank Petronas Gold credit card with existing credit limit of RM10K and you go apply for the Maybankard 2 Card American Express and Visa, Maybank would most likely approve your application for the Maybankard 2 cards and the credit limit is shared with your MBB Petronas Gold credit card (MBB may or may not increase your combined credit limit with the Maybankard 2 card approval).


Over they years, many of my credit card issuers have increased my credit limit without me asking and the one raising the fastest was Hong Leong Bank and Citibank (Clear Card cancelled) where they would increase my credit limit every two years or so. However I have also asked for increase in credit limit from Maybank and Alliance Bank (that time Alliance conversion rate was competitive for overseas transactions) where both granted me the credit limit as requested.

My Maybank credit limit experience goes like this, I was at a Petronas station one day to buy the Transformer cap and T-shirt for my younger son and a lady approached me asking for "help" to get a credit card where she gave me some story about having no customer on that day and having 2 children to feed. So I applied for the Maybank Petronas Gold Credit Card and filled in my salary greater than RM50K p.a. So I was issued my first credit card from MBB, the Maybank Gold Petronas credit card with credit limit RM20K which was more than enough to pump petrol at Petronas where I seldom pump petrol in the first place. Then applied for the AMEX's Ames Gold credit card (5X points for Telco and Petrol) and it was approved and the credit limit is shared with my MBB Petronas Gold credit card. However I felt that the credit limit was low for my Amex Gold credit card, so called up AMEX to request for increase in credit limit, initially the customer service said I can't request for increase in credit limit because my two credit cards with MBB were less than a year. I requested that she forward my request to her supervisor and to check my history for my American Express Gold Charged Card. After that the CS called me back and asked me how much I wanted for credit limit and subsequently my request was approved and the CS even asked me whether it was enough! Then I was going to US in 2009, so applied for the MBB Petronas Platinum Visa (as MBB conversion rate was the lowest for overseas transactions) and it too was approved and I ended up with 3 credit cards from Maybank (i.e. MBB Petronas Gold, MBB Petronas Plat and Amex Gold credit card) sharing the same Combined Credit Limit. 


Below is a table taken from RHB Bank indicating the minimum and maximum credit limit for all their types of credit cards where the minimum credit limit for entry level cards is RM3,000.00 but can go up to RM100,000.00. So the next time you see a person having a RHB Gold, Evo and even TESCO credit card, don't look down on him as his credit limit may be much more than the thousands of Malaysians carrying a Platinum credit card including me. A person holding a Platinum credit card does not mean he is of "higher" class or richer than a person holding a Gold credit card. You'll be surprised that many of the rich older gentlemen only carry a single Gold credit card and a young but broke guy having 10 Platinum credit cards (example - yours truly).  
Source - RHB Bank Credit Card Limit posted at http://creditcardsmalaysia.blogspot.com/


So from the above, it can be said that Gold Card minimum credit limit should be around RM8K and Platinum RM20K but do take note that RHB annual income requirement is higher than other banks for their Gold and Platinum credit cards. The RHB Visa Infinite credit card minimum credit limit is RM200,000 and maximum RM500,000. 

Other banks' maximum credit limit that I managed to find from their website are  Citibank Malaysia and Hong Leong Bank where their Platinum credit cards have maximum credit limit of RM450K and RM300K respectively. 

I do know that the CIMB and Direct Access World MasterCard credit card minimum credit limit is RM100K but got no idea what is the maximum but I guess should be around RM450K too. 


From my experience, Public Bank is the most stingy when coming to credit card credit limit where they only assigned me a credit limit of RM30K when they approved my application for a Platinum Visa credit card. Heck, this credit limit was the same as my then entry level Citibank Clear Visa Card. When I collected the card at the branch, the bank officer did ask my credit limit and told me many people were complaining about the low credit limit for their Public Bank Platinum credit card. I cancelled the PBB Platinum credit card before 2010 as I did not really use it.

Just to give you an indication on banks' generosity on credit limit, here are my credit limit for for credit cards:

My credit cards with credit limit above RM100K in alphabetical order are CIMB Bank World Master Card and Visa Infinite, EON Bank Visa Signature and Hong Leong Bank Platinum MasterCard. My credit cards having credit limit between 50K to 100K in descending order are Maybank Platinum Visa/MC and Amex Gold credit card, RHB Bank Platinum Visa, Alliance Bank Platinum Visa, UOB Bank Platinum Visa, OCBC Titanium MasterCard and HSBC Platinum Visa. So far HSBC have yet to increase my credit limit once but I suppose it is because I seldom use it. I would be reducing my OCBC Titanium credit limit to either RM28K or RM18K or even RM8K (I just like the No.8) as the card is "useless" to me once I hit the capped monthly rebate of RM50 since it does not award any reward points for using it.



If you are into number No.8 like me, I have posted two articles at my other blog on it, click here to read my article titled Currencies Rolex No.8.


CONCLUSION

To qualify for a credit card in Malaysia, one has to have minimum income of RM18,000 per year. If you have been an existing credit card holder for more than a year, the banks may not require any proof of income as they can refer to CCRIS to check on your credit history. And to avoid tarnishing your CCRIS report, you should and must pay at least the minimum amount stated in your Monthly Statement before the Due Date. Paying in full after the Due Date, not only would you be imposed with late charges and interest charges but would also tarnish your CCRIS report. It is a good practice to always pay in full few days before the Due Date especially if you pay by cheque. Since the early 2000, I have not submitted any proof of income for all my credit card applications except when I wanted to upgrade from Platinum to Direct Access World MasterCard where I submitted documents to CIMB as my Direct Access was applied during Southern Bank time and that time for Gold Card. Nowadays, for CIMB World MasterCard, you can qualify for it simply by proofing you got Credit Limit of RM40K above with your HSBC or Standard Chartered Bank credit card and your income may even be under RM100K per year. This just shows that the CIMB World MasterCard has lost its exclusiveness and same goes for the Platinum where the annual income requirement can go as low as RM48K. Card issuers are desperate for new customers as many have cancelled their credit cards with the imposition of RM50 GST. 

As for credit limit, no point having a higher credit limit if you're not going to utilize it. Few years back I was issued a RHB Evo as I applied for it as a favour to the bank teller and RHB gave me RM40K credit limit (actually prior to the EVO, I had a RHB Platinum with higher credit limit but cancelled it after they refused to waive my annual fee). But since I don't use the RHB Evo, I asked RHB to cut the credit limit by half and subsequently cancelled it before the government tax came into effect. Late last year (about more than a year from the time I cancelled my Evo) I reapplied for the RHB Platinum credit card and RHB assigned a credit limit more than twice the original Evo credit limit. Banks are now again very generous in giving and raising credit limits but in a recession, they will cut it down which happened to my UOB Gold credit limit in 1998. In 1998 UOB Malaysia reduced my Gold credit card credit limit from RM40K to something like RM30K but in 2002 UOB  upgraded me to Platinum credit card and raised my credit limit to RM50K. If you have been paying promptly and utilizing your credit card, the banks will increase your credit limit with time. For example, when I first got my Citibank Clear Card, the credit limit assigned to it was the lowest amongst all my other credit cards at RM7K, but by the time I cancelled it, it had reached the maximum Clear Card credit limit of RM30K. My latest credit card, a EON Visa Signature was approved without me submitting any documents and they assigned me a credit limit of 6 figures. For my case, my first local issued credit card was in 1991 by UOB Bank and now I have 12 credit cards (still waiting for my Maybankard 2 American Express and Visa as I write this post) from 9 different banks and totaling up all the credit limit from these 9 banks, it would equal to about 3.8 times my annual income for year 2010! Like I mentioned earlier, banks are now back to being generous in giving out credit limit and this is not a good sign for people who do not have the discipline to control their spending.

Having many credit cards will also result in you having more credit to utilize and most probably cannot  afford to pay back if you max out all the cards you have. Or if someone stole your wallet or clone your cards, big headache for you (including me). 

It is very easy to apply for credit cards where there are agents at malls and some even give you free gifts when you apply. When applying for a credit card, do not just sign blindly on the application form, always tick on the card type you want and read the annual fee waiver conditions. Never believe 100% what the agent tells you especially how much credit limit you will get because if he can tell you how much is your  credit limit, he might as well approve your application on the spot. If you are applying for a new card with your existing credit card, do blank out the security numbers behind the card on the Photostat copy. Ask the agent to make a copy of your application form so that you can have a record in the event of a dispute e.g. you wanted MBB Petronas Gold credit Card but MBB issued you the MBB Sony credit card.

My other posts which may be of interest for credit card beginners:

  • If you are thinking of doing Balance Transfer, click here to read my 1st post on Balance Transfer. Please also read the article by  Daljit Dhesi by clicking on it, the article may look a bit long but it is very informative and the point is don't fall into the same trap as others by using the credit limit offered by banks to you when you don't have the cash on hand.
[Update October 2011 - Below table shows the annual income requirement for Platinum Cards as of October 2011. Click here to read my article Malaysia Platinum Credit Cards - Which Is Best For You?




4 comments:

  1. Hi, any idea which bank would consider Malaysian working overseas to apply for local credit card?

    ReplyDelete
  2. Richard, no idea, BUT you can go check with HLB, Public Bank and CIMB if you will be issued a credit card by pledging FD or opening an account with them. If you have RM200K and above to deposit, you can open a Privilege/Premier/Priority Banking account with Alliance, CIMB, HLB, UOB, Citibank, HSBC and RHB where you will automatically be entitled to a credit card for FREE.

    ReplyDelete
  3. Hi! Nice to meet you! Accidentally Google to your blog and your title of "which is the best credit card in Malaysia" attracts me and I have one little question.
    Currently I'm working in Singapore and earning over SGD 30k p.a. which equivalent to at least RM 60k p.a. Just get my 1st HLB card in early year 2010 and get the 2nd UOB lady's card in late year 2010 but for both credit limit I only get RM 3k. Of course for me, I think it's quite pathetic as I heard from my both Malaysian's and Singapore's friend that their credit limit is at least from RM10k or SGD 7k and above which their income are only higher than me slightly a bit.
    So just wants to check with you, how do I can increase my credit limit or do you have any solution? Credit limit is real important to me especially for someone like me working in Singapore and tried to improve my better home with installment. I would appreciate if you can help on this and also thank you for reading my message. Have a good day!

    ReplyDelete
  4. wεitìηg, thanks for accidentally dropping by :) I have a requirement at my main blog that one has to be my follower to post a comment or question but in your case I will make it an exception because you are a blogger too :)

    As for increasing your credit limit, if you use the card frequently, card issuers would increase the CL over time. However with BNM ruling, they cannot do it automatically now but you got to request or they invite you to accept their invitation to increase CL.

    So, call up CS and tell them the CL too low for you and request that they increase your CL. However if you have not been using your card much, they may not entertain you.

    For those of you who really want high CL, get American Express charge card :) No preset spending limit but based on your spending pattern.

    ReplyDelete

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