Starting July 1, BNM announced that credit card holders who pay bills promptly – either in full or the minimum amount, for 12 consecutive month – will enjoy a reduced interest rate of 15% from 18% per year.
Those who pay at least minimum repayment due to promptly for at least 10 out of 12 month cycle will be charged a maximum interest rate of 17% p.a.
Defaulters will be charged the current interest rate of 18%p.a.
As a deterrent, if you missed a month payment, you’ll be charged 1% of the total outstanding balance or RM10 whichever is higher. The previous rate was 1% of the minimum repayment or RM5 whichever is higher.
Source : The Star (Sunday 1/7/07)
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