Bank Negara Malaysia(the central bank of Malaysia) regulates the new rules for credit card holders in Malaysia,eventually the new rules are more specific to low income class.By tying up the credit policies,Bank Negara will be able to reduce the risks of inflation in the country and bankruptcy issues on individuals.The details are:
1.Minimum income requirement of applying credit card is RM24,000 per annum.
2.For cardholders earning RM36,000 or less per annum:
(a)only can hold credit cards from two issuers.For those who have more than 2 cards currently,they are given to choose two preferred issuers before the end of this year.Cardholders will be given at least 2 years to pay the debts on the cards cancelled for the purpose of meeting the requirement.
(b)the maximum credit limit should not exceed 2 times of monthly income per issuer.For the outstanding balance over that maximum credit limit,a grace period of 2 years will be given to them to meet the new requirement.
All above rules are affected immediately.
BNM also announced that Further Enhancements to Credit Card Infrastructure Security will run by steps.Effective 1 January 2012, transaction alerts via Short Messaging Service (SMS) will be implemented by card issuers for their cardholders after transactions are performed. This will be followed by the implementation of the Personal Identification Number (PIN) verification for all card transactions from 1 January 2015 onwards.
I support the move of BNM of controlling the credit market to make it grow stable and healthy.
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