credit card

Tonight newspaper.... about credit card.

Bank Negara raises income level for credit card applications

Today newspaper…. the use of credit cards and its new ruling. Bank Negara says the minimum income requirement for credit card applications has been raised to RM24,000, from RM18,000 currently.

Bank Negara Malaysia (BNM) has revised the minimum income requirement to apply for a credit card to RM24,000 per annum from RM18,000 per annum with immediate effect.

For applicants or cardholders who earn RM36,000 per annum or less, they would be able to hold only credit cards from a maximum of two issuers,

For existing cardholders, they need to select their preferred two issuers by Dec 31, 2011.

Currently, 50 per cent of 3.2 million credit card holders have income below RM36,000.

Cardholders would be given at least two years to service their outstanding credit card debt for the cards that had been cancelled for the purpose of meeting the requirement.

The maximum credit limit extended to a cardholder also shall not exceed two times their monthly income per issuer.