New finance rates for credit card repayments effective 1 July 2008

I received a call from Citibank staff for offering me a loan and he told me that Bank Negara will impose a new interest rate charges for credit card effective from 1st July 2008. Accroding to him, there will be no more 20 days interest free period and any purchase we made by using the credit, interest will be charged immediately the next day. Further, the Bank also will charge interest base on the balance of the credit card (as usual). This mean that there will be "double" charge of interest effective from 1st July.

I was shocked when I got this message. I try to get more infomation from http://www.bankinginfo.com.my/ but too bad, can't read it as there is something wrong with the link.

So, for those who use credit cards frequently please stop now or else will end up paying for "double" interest. Suggest you clear as much as the credit card balance soonest possible before you "Pok Gai".

Seems now the day not only the government but the Bank also try to "rampas" our money trough credit card.