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 1 | Tier 1 For prompt repayment of 12/12 months | 15% | 13.5% |
Tier 2 | For prompt repayment of 10/12 months | 17% | 16% |
Tier 3 | For 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.

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