Q1. When was the first Tiered Pricing Structure implemented? A1. The Tiered Pricing Structure was implemented on 1 st of July 2008.
Q2. What are the new changes to the recent Tiered Pricing Structure & when is it effective? A2. The new changes to the Tiered Pricing Structure are to be effective for one year beginning 31 st March 2009 to 30th March 2010.
Below is the table of the changes to the Interest Rates.
Description
Revised Interest Rates
Current Interest Rates
Prompt payment for 12 consecutive months
13.5% p.a.
(1.13% p.m.)
15% p.a.
(1.25% p.m.)
Prompt Payment for 10 months or more within 12 months
16% p.a.
(1.33% p.m.)
17% p.a.
(1.42% p.m.)
Prompt Payment for less than 10 months within 12 months
17.5% p.a.
(1.46% p.m.)
18% p.a.
(1.5% p.m.)
Q3. How do I qualify for the lower interest rates as per the tiered range? A3. To qualify for the respective Tiered Rates, you must ensure that your repayment of your credit card due is prompt (Repayment to be made on/before due date)
*Please refer to Table A for an example
Table A
Tracking begins July 2007 (click on image below to view larger version)
Q4. What does it mean by “prompt repayment? A4. Prompt repayment means paying the minimum due or in full of your credit card outstanding balance before or on the payment due date
Q5. What other changes are made? A5.There are changes to the Late Payment Charges.
Late Payment Charges Cardmembers have to pay a minimum of RM 5 (previously RM10) or 1% of total outstanding balance as at statement date, up to a maximum of RM50 (previously RM75)
Q6. How about the Interest Free Period? A6. The Interest Free Period still remains as per below:
Interest Free Period
The Interest Free Period for retail transactions is 20 days from the statement date and is applicable only for cardmembers who pay in full on or before the payment due date. If cardmember opts to pay partial or minimum payment, finance charges for retail transactions will be calculated from the day the transactions are posted to the card account.
Q7.Which 12-month period is taken into consideration to determine the Tier I am in? A7.Cardmembers payment behaviour from July 2007 (12 months historical) onwards will be taken into consideration to determine which tier you will be enjoying (Please refer to Table A).
Q8. Will my supplementary cardholders be affected by these changes? A8. Yes, supplementary cardholders will be affected by these changes.
Q9. If I do a Cash Advance and/or a Balance Transfer, does it contribute to the total outstanding balance that I am charged according to the Tier I am in? A9. No, the interest rates are only applicable to retail transactions, not for Balance Transfers or Cash Advance.
Q10. I am a new customer; at what rate am I charged? A10. If you are a new customer, or a customer who has yet to build up a 12-month credit card history with RHB Bank, you will be charged 17.5% p.a. until you have built up a 12-month profile. Then on your 13 th month, your rates will be determined from the repayment behaviour of your previous 12 months.
Q11. I have 3 RHB Credit Cards, am I charged 1 single rate or are the rates charged per Card payment behaviour? A11. Each Card will be charged a different rate according to the Cards’ payment behaviour. E.g:
Card A has 1 default=16% Card B has no default=13.5% Card C has 3 months default=17.5%
Q12. Where can I obtain more information on this Revised Interest Structure? A12. Please call our phonebanking at 03-9206 8118 for Peninsular Malaysia, 082-276118 for Sabah & Sarawak
