BNM Guidelines

BNM Credit Card Guidelines

Does It Affect You?

BNM Credit Card Guidelines Does It Affect You?

Bank Negara Malaysia (BNM) Guidelines on Credit Cards

Bank Negara Malaysia announced revisions to the credit cards guidelines on 2 July 2019. 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 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). To change your current over limit status at any time, please contact Citibank Online Live Chat.

If your updated income is RM36,000 per annum or less, we will deactivate your overlimit facility and it will not be available to you. This will apply to all supplementary cards as well, if any. 

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

Yes. We do appreciate it if you could submit your latest income documents within 30 days from the SMS notification date (as stipulated in our SMS to you) as per the submission procedures stated below 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 your credit card. If you submit after 30 days, you are required to submit a Permanent Credit Limit Increase application for credit limit assessment based on the latest income documents that you have provided.

No. You are encouraged to update your income at any point in time by submitting your income documents as per the submission procedures stated below.

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

For Fixed Salary Earners

  • Latest 1 month computerized payslip 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 payslips 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:

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.
  2. In the event where your actual annual income is above RM 36,000 and is updated within 30 days from the SMS notification date, the requirements of the BNM guidelines will not impact you. Your credit limit will revert to the original limit and you may continue using your credit card with no interruptions. If you submit after the 30 days grace period, you are required to submit a Permanent Credit Limit Increase application for credit limit assessment based on the latest income documents that you have provided.

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 documents, your credit limit may be revised accordingly or your credit card(s) closed based on your current income with us. As such, you may not be able to enjoy the credit card facility or credit limit you deserve.

We have progressively sent out SMS to our customers whose income is "RM36,000 per annum and below" based on our records. If you have received this SMS, we kindly request that you follow the instructions stated in the SMS 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, cardholders with an updated income of RM36,000 or less per annum may have their credit limits decreased if the existing limit exceeds two times (2x) their monthly income or closed.

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. 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.

Your updated income is below RM24,000 and does not meet the new credit card applicant requirement of a minimum annual income of RM24,000. You will still be able to pay down your outstanding balances on your card (including instalment balances), based on the current monthly minimum payment due as stated in the Citibank Credit Card Terms and Conditions, clause 7.10.

Please redeem your rewards points/ miles balance within 10 days from the SMS notification date before we close your credit card. For avoidance of doubt, any unredeemed rewards points/ miles after the 10th day will no longer be valid for any redemption offer at any channel.

If you wish to continue to hold a Citi credit card, please apply via Citibank Online.

You can refer to the income submission methods stated above for futher details.
Instalment limit refers to a separate limit on your credit card that can be utilised for instalment plans such as Citibank's Balance Transfer via Instalment Plan and Quick Cash. We will remove the unutilised instalment limit by stages and will remove all once you have paid  down your instalment balances.