Banks Reduce Credit Card Interest Rate

Another good news for Malaysia credit card holder. The Association of Banks in Malaysia (ABM) announce reduce credit card interest rate effects from 31st March 2009.

Tier 1
From 15 percent per annual interest rate will be reduced to 13.5 percent per annual with who promptly settle their monthly minimum payments for retail purchases for 12 consecutive months.

Tier 2
Cardholder who promptly settle their minimum payments for 10 months or more in a 12 month cycle will also benefits as the relevant interest rate will reduced to 16 percent per annual from the current 17 percent.

Tier 3
In addition, cardholders who do not fall within the two categories and who are generally termed “Tier 3″ credit card holders will see the interest rate for them come down to 17.5 percent per annum versus the current 18 percent. Read more »