Friday, February 13, 2009

New Interest Rate for Credit Card

Banks reduce the interest rate and late penalty charges, but still is no 20 days interest free if you are not make full payment, LPPL.

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From The Star:

Cardholders who pay at least the minimum amount promptly over 12 consecutive months (Tier-1) will pay 13.5% in annual interest from March 31, from the present 15%.

For those who pay promptly for at least 10 consecutive months (Tier-II), the interest rate will be 16%, down from 17%.

For those who do not fall into both these categories (Tier-III), the interest rate will be 17.5%, a minimal 0.5% reduction from 18%.

The present minimum late payment fee of RM10, or 1% of the total outstanding balance will also be reduced to RM5, and the RM100 maximum fee cut to RM75.

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