If you are not suitable of using credit card, change to use DEBIT CARD.
PETALING JAYA: Credit card interest rates and penalty fees are going down.
Cardholders who pay at least the minimum amount promptly over 12 consecutive months (Tier-1) will pay 13.5% in annual interest from March 31, from the present 15%.
For those who pay promptly for at least 10 consecutive months (Tier-II), the interest rate will be 16%, down from 17%.
For those who do not fall into both these categories (Tier-III), the interest rate will be 17.5%, a minimal 0.5% reduction from 18%.
The present minimum late payment fee of RM10, or 1% of the total outstanding balance will also be reduced to RM5, and the RM100 maximum fee cut to RM75.