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Bank Negara Malaysia (BNM) Guidelines on Credit Cards
Bank Negara Malaysia announced revisions to the credit cards guidelines on 2 July 2019. For more details, please visit www.bnm.gov.my
Citibank views these guidelines as timely and aligned to Citi's principles of responsible finance. We are focused on ensuring that we provide necessary solutions/options to all affected customers. Specific customer needs are being addressed by our professional staff with our comprehensive range of products and services that best suits their financial needs.
At Citibank, we believe our credit card offers compelling value and is the most rewarding way to pay.
Important Information on Overlimit Transactions
Subject to Citibank's discretion and approval, Citibank may provide you the flexibility to spend beyond your credit limit to ensure you do not experience any interruption when using your Citibank credit card(s). To change your current over limit status at any time, please contact Citibank Online Live Chat.
If your updated income is RM36,000 per annum or less, we will deactivate your overlimit facility and it will not be available to you. This will apply to all supplementary cards as well, if any.
Frequently Asked Question (FAQs) on the Bank Negara Malaysia (BNM) Guidelines on Credit Cards ("Guidelines")
- Principal cardholders must be at least 21 years old with a minimum annual income of RM24,000.
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Principal cardholders earning RM36,000 per annum or less are restricted to:
- Holding credit cards from a maximum of two credit card issuers
- Having a maximum credit limit of two times their monthly income per credit card issuer
You are receiving this credit limit revision SMS due to your annual income on-file with Citi is lesser than RM36,000 per annum; and resulted to a reduction in your credit limit.
However, if your actual income is more than RM36,000 per annum, kindly submit a Permanent Credit Limit application with your latest income documents here: http://www.citi.asia/dcli to update your latest income record with the bank and for a credit limit review.
You will need to upload your latest income document(s) in the application. Please refer to the table below for the accepted income documents applicable to you. Your income record will be subsequently updated regardless of the outcome of your application.
Yes. You are encouraged to update your income at any point in time by submitting your income documents as per the submission procedures stated below.
Please refer to the following table for a detailed view of the accepted income documents to be included when you submit your Permanent Credit Limit Increase application. Only one type of income document is required if you are submitting a computerized income document.
| Income Documents Required (including variable income and bonus(es)) | |
|---|---|
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For Fixed Salary Earners
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For Commission Earners
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For Self-Employed
|
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Note:
If you are submitting a non-computerized income document, it is advisable for you to provide more than one type of income document (e.g. bank statements, EPF, EA) to provide the required evidence of salary received.
Your income documents will be reviewed and your income records will be updated accordingly:
- In the event where your actual annual income is RM 36,000 or less, your current credit limit will potentially be revised to 2x your monthly income.
- In the event where your actual annual income is above RM 36,000 and is updated within 30 days from the SMS notification date, the requirements of the BNM guidelines will not impact you. Your credit limit will revert to the original limit and you may continue using your credit card with no interruptions. If you submit after the 30 days grace period, you are required to submit a Permanent Credit Limit Increase application for credit limit assessment based on the latest income documents that you have provided.
Should there be any revisions to your credit limit, we will notify you in advance.
Having your income records updated will ensure that the appropriate and deserving credit limit is assigned.
In the event that you do not update your latest income documents with us, your credit limit may be revised accordingly. Additionally, your credit card(s) may be closed/blocked if your current annual income on-file with Citi is lesser than RM24,000 per annum. As such, you may not be able to enjoy the credit card facility or credit limit you deserve.
We recommend that you update your latest income documents with us by applying submitting a Permanent Credit Limit Increase here: http://www.citi.asia/dcli
Existing cardholders who earn more than RM36,000 per annum will not be affected by the 'Guidelines'. However, cardholders with an updated income of RM36,000 or less per annum may have their credit limits decreased if the existing limit exceeds two times (2x) their monthly income or closed.
Therefore, it is important for customers to ensure that their income records with Citibank are up to date.
New credit card applicants must now have a minimum annual income of RM24,000. Also, applicants who earn RM36,000 per annum or less and already hold credit cards from two credit card issuers, are not eligible to apply for credit cards from a third credit card issuer.
Unfortunately, your credit card(s) was closed/ blocked because your updated income is below RM24,000. All credit card holders are required to have a minimum annual income of RM24,000. Although your card is blocked, you will still be able to pay your outstanding balances on your card (including instalment balances), to avoid any finance charges.
If you wish to continue holding your Citi credit card, please send your latest income documents and Income Update Form to incomeupdate@citi.com within 10 days from the SMS notification date. Please indicate ‘Income Update for BNM Guidelines' as the email subject. Please be informed that credit card reinstatement is subject to bank's approval.
If you do not want to update your latest income with us, you are advised to redeem your rewards points/ miles balance within 10 days from the SMS notification date before we close your credit card. For avoidance of doubt, any unredeemed rewards points/ miles after the 10th day from the day of the SMS, will no longer be valid for any redemption offer at any channel.
*Important:
Please call us at 03-2383 0000 to unblock/ reactivate your credit card if your updated annual income is above RM 24,000 and/or if you have updated your income documents within 30 days from the SMS notification date. No action will be taken if you do not call in to unblock/ reactivate your credit card.