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Credit Card Late Payment To Be Reduced Effective July 1
Bernama Online
KUALA LUMPUR, June 26 (Bernama) -- The Association of Banks in Malaysia (ABM) Friday announced that all its commercial banks will reduce the charge for late payment on credit card effective July 1.
In a statement today, the association said the late payment will be reduced from a maximum of RM75 to a maximum of RM50.
Going forward, it said credit cardholders will thus be required to pay a minimum of RM5 or one percent of the total balance outstanding as at statement date whichever is higher, up to a maximum of RM50 for late charges.
Effectively, both minimum and maximum late payment fees have been reduced by half in the last three months.
The minimum charge was reduced from RM10 to RM5 while the maximum payment was brought down from RM100 to RM75 and now RM50.
In addition, effective July 1 or as soon as the requisite system changes can be made by the respective banks, credit card users will be given a minimum three-day grace period from the due date of payment.
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