As many of you may know by now, in order to qualify for a credit card, one has to earn minimum RM24K per year. And for those for earn less than RM36K/year, your credit limit from a single issuer (you can have more than one credit card from a bank) shall not be more than 2X your monthly income.
Click here to read more on Bank Negara Guidelines and Regulations for Credit Card 2012
However, many of us have may be holding credit cards applied years ago where then our income were less than RM36K/year. So for those of you who are earning more than RM36K/year, do update your annual income with the card issuer to ensure that your credit limit is not affected or worst off, your card suspended because the banks’ system shows you hold credit cards from more than 2 different issuers.
In my prelude to my series of Introduction to Credit Cards articles titled Life – Pay Now with Credit Card Earn Later OR Save Now with Fixed Deposit for Retirement (click here to read it), I have quoted a report from The Star that as as of 2010, 50% of the 3.2 million credit card holders in Malaysia are earning less than RM36K.
I guess many credit card holders have yet to update their latest income info; and therefore the Association of Banks Malaysia had to made the above announcement in the main stream media.
Some of you may also have invitation by SMS from the banks to increase your credit limit. Unlike previously, now the banks are not allowed to increase your credit limit without your approval.
Click here to read my article Invitation To Increase Credit Limit by SMS where my wife received such an invitation.
