Announced at Buletin Utama just now, rules for minimum income requirement to apply for a credit card has been revised by Bank Negara Malaysia (BNM), effective immediately. The minimum income requirement to apply for a credit card revised to RM24,000 per annum from RM18,000 per annum with immediate effect.
For applicants or cardholders who earn RM36,000 per annum or less, they would be able to hold only credit cards from a maximum of two issuers. For existing credit card holders, they have to select their preferred two issuers by Dec 31, 2011.
The maximum credit limit extended to a cardholder also shall not exceed two times their monthly income per issuer.
Issuers will be also engaging with affected cardholders to assist them in restructuring their repayment, she explained.