#Belanjawan2027: Govt To Introduce Basic Credit Card With Interest Rates Capped At 14%
Alliance Bank, Maybank, and CIMB have begun offering these credit cards.
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Prime Minister Datuk Seri Anwar Ibrahim said several local banks have begun offering basic credit cards with interest rates of no more than 14% a year
Anwar, who is also the Finance Minister, announced this during tabling of the Belanjawan 2027 today, 9 October.
He said Alliance Bank, Maybank and CIMB have begun offering these credit cards and thanked them for offering this financial product.
According to Bank Negara Malaysia (BNM), credit card finance charges are capped at 1.5% a month, or 18% a year, for Tier III cardholders.
The caps for Tier I and Tier II cardholders are 15% and 17% a year, respectively.
The new basic credit cards have an interest rate cap of 14% a year, one percentage point below BNM's Tier I cap.
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