What Do You Think About New Rules for Credit Cards?

In order to ensure the usage of credit card is at a manageable level, the minimum annual income requirements for credit card eligibility has been raised from RM18,000 per annum (RM1,500 per month) to RM24,000 per annum (which is RM2,000 per month).


Besides that, those who is earning RM3,000 per month or RM36,000 per annum and less can only hold 2 credit cards from a maximum of 2 issuing bank.

Our government is very well aware of the citizen debt situation and many people become bankrupt due to improper using of credit cards. In my opinion, our government limit the number of credit cards is against consumers’ rights. Plus, most of the banks have invested millions ringgit to promote their cards previously, but now they will loose their card holders and it would be unfair to them.

If our government really serious in combating credit card debt issue, then they should ban cash withdrawal with credit cards as well. This is because it is easy credit service and most of the people would not think twice while withdrawing cash from ATM. What do you think?

6 thoughts on “What Do You Think About New Rules for Credit Cards?”

  1. I think banning cash withdrawal from ATM is not going to help. What Bank Negara need to do is to have a higher minimum payment. Should have a minimum payment of 25% of your outstanding. But at the same time, do NOT charge the public 18% PA. I mean if a customer were to have an outstanding of 10k for 5 years, the 10k is accumulated to 20K. Its just mind blowing.

  2. I also think that a good rules that can prevent people from trap more in debt.We should learn that credit card suppose used for easy to us not carry so much money for do purchase.But not for loan money for purchase that we cannot afford.

  3. I’m agree with Vincent. Dont swipe if you cant afford to pay back.Its not your money in first place.Its a loan money with interest 18%p.a, Credit card is part of status, doesn’t mean you have to maximize the credit limit provided.

  4. well for me im agree with it cause saw many of my friends suffering from d huge debt due to overuse of credit card as they cant control themself..some ppl just cant contrl themself n i tin its good to help them in anyway we could tho..

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