How Credit Card Limit Works In Malaysia
Ever wondered why your bank gave you the credit limit that it did? Ever wondered why your maximum accessible credit is much lower or higher than your friends’? Read on to find out about the rules that govern credit card limits in Malaysia.
Income earners of RM36,000 p.a. or less
In Malaysia, cardholders earning RM36,000 or less in a year are bounded by the following rules:
– An individual can only hold principle cards from a total of two credit card issuers
– The maximum limit extended shall not exceed two times of his monthly income per issuer
The above measures were introduced by Bank Negara Malaysia (BNM) in 2011 in a bid to inculcate sound financial and debt management among cardholders in Malaysia, and was implemented in 2013.
Income earners of more than RM36,000 p.a.
As of 2013, there are no specific measures from BNM with regards to the credit limit for cardholders earning more than RM36,000 a year.