Lower finance charges for good paymasters
Lower finance charges for good paymasters
PETALING JAYA : Credit card users who display qualities of a good paymaster for 12 consective months will have their finance charges reduced from the maximum 18% per annum to 15%. Bank Negara said in a statement today a tiered pricing structure for card users to promote the use of credit cards as a payment instrument has been introduced.
It is part of the central bank's continuous efforts to promote prudent financial management and inculcate good financial discipline among card users. Bank Negara said on average, a third of credit cardholders use their cards as a payment instrument, settling their card outstanding amount in full every month.
"More than half of the cardholders pay at least the minimum amount due promptly and roll over the remaining balance," the central bank reported. Card issuers will begin to track the repayment behaviour of the cardholders effective from Sunday. The tiered pricing structure will be implemented on July 1 next year. Bank Negara also encouraged debit cards as an alternative payment instrument.
"The domestic banking institutions are in the process of upgrading all credit card terminals deployed by them to accept ATM cards," the bank reported. Bank Negara said the upgrading exercise is expected to be completed this year and it will enable a total of 15.4 million ATM cardholders to use their cards to make purchases at participating merchants. "The greater use of these payment cards is part of central bank's drive to accelerate the migration to e-payments," said the statement.
Source : The Sun
PETALING JAYA : Credit card users who display qualities of a good paymaster for 12 consective months will have their finance charges reduced from the maximum 18% per annum to 15%. Bank Negara said in a statement today a tiered pricing structure for card users to promote the use of credit cards as a payment instrument has been introduced.
It is part of the central bank's continuous efforts to promote prudent financial management and inculcate good financial discipline among card users. Bank Negara said on average, a third of credit cardholders use their cards as a payment instrument, settling their card outstanding amount in full every month.
"More than half of the cardholders pay at least the minimum amount due promptly and roll over the remaining balance," the central bank reported. Card issuers will begin to track the repayment behaviour of the cardholders effective from Sunday. The tiered pricing structure will be implemented on July 1 next year. Bank Negara also encouraged debit cards as an alternative payment instrument.
"The domestic banking institutions are in the process of upgrading all credit card terminals deployed by them to accept ATM cards," the bank reported. Bank Negara said the upgrading exercise is expected to be completed this year and it will enable a total of 15.4 million ATM cardholders to use their cards to make purchases at participating merchants. "The greater use of these payment cards is part of central bank's drive to accelerate the migration to e-payments," said the statement.
Source : The Sun
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