NEW MEASURES

New Credit Card Guidelines

Does It Affect You?

New Credit Card Guidelines Does It Affect You?

Bank Negara Malaysia (BNM) Guidelines on Credit Cards

Bank Negara Malaysia has announced new measures for credit cards on 18th March, 2011. For more details, please visit www.bnm.gov.my

Citibank views these guidelines as timely and aligned to Citi's principles of responsible finance. We are focused on ensuring that we provide necessary solutions/options to all affected customers. Specific customer needs are being addressed by our professional staff with our comprehensive range of products and services that best suits their financial needs.

At Citibank, we believe our credit card offers compelling value and is the most rewarding way to pay.

Important Information on Overlimit Transactions

Subject to Citibank's absolute discretion and approval, Citibank may provide you the flexibility to spend beyond your credit limit to ensure you do not experience any interruption when using your Citibank credit card(s). If you do not want such flexibility, please contact CitiPhone at 03-2383 0000 03-2383 0000 (KL), 04-296 0000 04-296 0000 (Penang), 07-268 0000 07-268 0000 (JB), 09-509 0000 09-509 0000 (Kuantan), 06-852 0000 06-852 0000 (Melaka), 1-800-82-1010 1-800-82-1010 (Sabah & Sarawak).

Note: A fee of RM25 will be charged if your total outstanding balance exceeds your credit limit.

FAQs

Frequently Asked Question (FAQs) on the Bank Negara Malaysia (BNM) Guidelines on Credit Cards ("Guidelines")

  1. Principal cardholders must be at least 21 years old with a minimum annual income of RM24,000.
  2. Principal cardholders earning RM36,000 per annum or less are restricted to:

    1. Holding credit cards from a maximum of two credit card issuers
    2. Having a maximum credit limit of two times their monthly income per credit card issuer

You may select your preferred 2 credit card issuers and to cancel the credit cards from the remaining issuers.

If you wish to retain Citibank as one of your Maximum 2 credit card issuer, submit your latest income document(s) to Citibank to update your income records.

By doing so, we will be able to update your income record with us and ensure that you enjoy the credit limit you deserve. We strongly encourage you to retain your Citibank credit cards as they have a diverse range of benefits and privileges to suit your lifestyle.

The bank may review your eligibility on the Anniversary Date of your Citibank credit card and subject to the outcome of the review, may potentially cancel your credit card(s).

No. You will be given a 2 years grace period to settle the required outstanding balance of your credit card. During this period:

  1. You will be given the opportunity to restructure or reschedule your credit card debts;
  2. There shall not be any additional fee or increase in finance charges that has not been incorporated in your existing fee/card facility; and
  3. You shall not be charged any over-the-limit fee for any reduction in credit limit.

Yes. We do appreciate it if you could submit your latest income documents (as stipulated in our letter to you) as per Question 7 for us to update our records. By doing so, you will be able to continue using your credit card with no interruptions and enjoy the various privileges and benefits that comes with our credit card.

Income Documents Required (including variable income and bonus(es))

For Fixed Salary Earners

  • Latest 1 month computerized pay slip OR
  • Latest computerized EA Form (dated within the last 12 months) OR
  • Latest EPF Statement (dated within the last 12 months) OR
  • Latest Borang BE with LHDN receipt (or proof of tax paid)

For Self-Employed

  • Latest Borang B acknowledged/ duly certified by LHDN, with LHDN receipt (or proof of tax paid)

For Commission Earners

  • Latest 3 months computerized pay slips OR
  • Latest computerized EA Form (dated within the last 12 months) OR
  • Latest EPF Statement (dated within the last 12 months) OR
  • Latest Borang BE with LHDN receipt (or proof of tax paid)

Note:

For non-computerized income documents, it is advisable for you to provide more than one type of income document (e.g. bank statements, EPF, EA) to provide the required evidence of salary received.

We have a few channels for you to submit income documents:

  • Mail your income document to

    Citibank Berhad (297089-M),

    Bankcard Credit Initiation Department,

    IDC Programme (RC:0100100479),

    Level 17, Menara Citibank,

    165 Jalan Ampang, 50450 Kuala Lumpur.

  • Email your income document to updateincome@citi.com
  • Citibank Branches (Find the nearest Citibank Branch at http://findmyciti.com)
  • Fax us at 03 2383 9913 03 2383 9913

Your income documents will be reviewed and your income records will be updated accordingly:

  1. In the event where your actual annual income is RM 36,000 or less, your current credit limit will potentially be revised to 2x your monthly income and you will may be restricted to having credit cards from not more than 2 issuers.
  2. In the event where your actual annual income is above RM 36,000, the requirements of the new guidelines will not impact you and you may continue using your credit card with no interruptions.

Should there be any revisions to your credit limit, we will notify you in advance.

Having your income records updated will ensure that the appropriate and deserving credit limit is assigned. In the event that we do not receive your latest income document, your credit limit may be revised accordingly based on your current income with us. As such, you may not be able to enjoy the credit limit you deserve.

We had progressively sent out letters to our customers whose income is "RM36,000 per annum and below" based on our records. If you have received this letter, we kindly request that you follow the instructions stated in the letter to submit your latest income documents to us.

Please do not hesitate to contact us at 03-2383 0000 03-2383 0000 should you have any queries.

Existing cardholders who earn more than RM36,000 per annum will not be affected by the 'Guidelines'. However, those earning RM36,000 or less per annum:

  1. May only be allowed to hold credit cards from a maximum of two credit card issuers; and
  2. May have their credit limits decreased if the existing limit exceeds two times (2x) their monthly income.

Therefore, it is important for customers to ensure that their income records with Citibank are up to date.

New credit card applicants must now have a minimum annual income of RM24,000 (new guideline requirement) as compared to RM18,000 (previous guideline requirement). Also, applicants who earn RM36,000 per annum or less and already hold credit cards from two credit card issuers, are not eligible to apply for credit cards from a third credit card issuer.
You can download a copy of the Income Document Submission Guide here for a step by step guide on the income document submission procedure.