Please be informed that the Association of Banks in Malaysia via a press release on 12th February 2009 has announced that Banks will reduce the credit card interest rate and late payment fee effective 31st March 2009.

The change in tiered-interest rate framework is expected to further encourage prudent repayment habits and instill a strong sense of personal financial management.

In line with ABM’s directive, Maybank will implement the new tiered-interest rate framework and payment charges effective 31st March 2009. Credit card users who have been good paymasters in the last 12 months from the date of implementation will immediately enjoy the revised lower interest rates.

Finance Charge

   OLD NEW *
 Tier 1Tier 1 For prompt repayment of 12/12 months 15% 13.5%
 Tier 2For prompt repayment of 10/12  months 17% 16%
 Tier 3For prompt repayment of less than  10/12 months 18% 17.5%

New* - effective date 31st March 2009

Late Charge

  OLD NEW *
 Min RM10 RM5
 Max RM100 RM75

New* - effective date 31st March 2009

Note:  The calculation of Late Charge is still the same. i.e., 1% of the previous statement balance but minimum amount charged will be changed NEW* subject to whichever is higher, up to a maximum of RM75.

Notice on Reduction in Credit Card Interest Rates FAQs

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