In The Star, today it was reported that AmBank, Citibank and Hong Leong Bank will be raising their tiered interest rates for Outstanding Balance effective 1 March 2012. They will also be increasing late payment penalty.
Below are parts of the report by Yvonne Lim and Melissa Soo at The Star Online:
Ambank card holders who have been paying their outstanding credit card bills on time for 12 consecutive months will be charged an interest rate of 15% per annum, up from 13.5%.
Prompt payments for at least 10 months will come under a 17% interest charge (previously 16%) while those who do not fall into either category will be slapped with the highest interest rate of 18% (previously 17.5%).
For late payments, card holders will be charged a minimum of RM10 or 1% of the outstanding balance, whichever is higher, and up to a maximum of RM100.
Citibank will raise its tiered pricing rates for prompt payments over 12 months from 13.5% to 15%, 16% to 17% (for 10 prompt monthly payments), retaining the maximum interest at 17.5%.
Hong Leong Bank’s new interest rates are 15%, 17% and 18% in the respective categories.
Click here to read the full article in The Star.
Click here to see Hong Leong Bank announcement on New 3 Tiered Interest Rates.
Click here to see Citibank announcement on 4 New Tiered Interest Rates and Late Payment. For those who pay 50% or more of their Outstanding Balance promptly for 12 consecutive months, the interest rate is 8.88%. Late payment charge will be revised to a minimum of RM 10 or 1% of total outstanding balance as at statement date (whichever is higher), up to a maximum of RM 75, with effect from 1 March 2012.
Click here to see AmBank 4 Tiered Interest Rates where the True Card interest rate is 12% for those who have made 12 consecutive prompt payments. Late Payment charge will be revised to a minimum of RM 10 or 1% of total outstanding balance as at statement date (whichever is higher), up to a maximum of RM 100 effective 1 March 2012.
[Update 27 Feb 2012 - HSBC also hiking their interest rates on Outstanding Balance on 15 March 2012. Click here to read more.]
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