She Rambles On

Higher Interest Rates For Credit Card Balances

At least three banks in Malaysia have confirmed that they are raising interest rates on credit card balances (credit card debt) effective 1st march, 20122. They are Hong Leong Bank, Citibank and AmBank. Bank Negara Malaysia says this is not a directive from the Central Bank but the banks’ own decision, but the rates are still within the stipulated range by the Central Bank.

If you hold a credit card from any of these three banks, do take note as the increase is pretty hefty. And strangely, there is no rebate for those who have been settling their credit card balances 100% monthly, diligently! That’s not very fair, isn’t it?

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