HLB Essential Credit Card Revisions effective 1st May 2022

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  • HLB Essential Credit Card Revisions effective 1st May 2022
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HLB Essential Credit Card Revisions effective 1st May 2022

RM33.4 Billion of Payment Relief Assistance Provided to Hong Leong Bank and Hong Leong Islamic Bank

 

HLB Essential Credit Card Revisions effective 1st May 2022

Dear Valued Cardholders,

 

Effective 1st May 2022, there will be revisions to the HLB Essential Credit Card features.

 

Introduction of Cash Rebate Monthly Capping

Spend Categories

Cash Back %

Cash Back Monthly Capping Effective 1st May 2022

Insurance

Related Spends

0.4%

RM300 (NEW)

Other

Retail Spends

Tier 1 – 0.4% cash back on first RM7,000 spend

Tier 2 –1% cash back on subsequent spend amounts

 

Revision of Cash Advance Fees & Charges

Fees and Charges

Rates Before 1st May 2022

Rates Effective 1st May 2022

Cash Advance Fee

2% of the amount advanced or a minimum of RM5 per transaction, whichever is higher

5% of the amount advanced or a minimum of RM20 per transaction, whichever is higher

Cash Advance Finance Charges

10.8% p.a. of the cash advance amount calculated on a daily basis from transaction date until full repayment date

18% p.a. of the cash advance amount calculated on a daily basis from transaction date until full repayment date

Please click here, for the new Essential Credit Card Terms and Conditions effective 1st May 2022.

 

FAQ

Q1: How will the new cash back monthly capping affect me?

A: Effective 1st May 2022, you can only earn up to a maximum amount of RM300 cash back per statement month on your Essential Credit Card. Below are two (2) scenarios of different customer spending in a statement month.

 

Scenario A: Customer Spends RM40,000 in a statement month

Spend Categories

Transactions Performed

Cash Back Earned

Spend (RM)

Cash Back (RM)

Insurance

10,000

40 (0.4%)

Total eligible cash back is RM298 (rounded to the nearest Ringgit Malaysia)

Retail Spend

(Tier 1)

7,000

28 (0.4%)

Retail Spend

(Tier 2)

23,000

230 (1%)

Total

40,000

-

 

Scenario B: Customer Spends RM100,000 in a statement month

Spend Categories

Transactions Performed

Remarks

Spend (RM)

Cash Back (RM)

Insurance

50,000

200 (0.4%)

Total eligible cash back is RM300 (maximum monthly capping)

Retail Spend

(Tier 1)

7,000

28 (0.4%)

Retail Spend

(Tier 2)

43000

430 (1%)

Total

100,000

658

Q2: Will my outstanding Cash Advance balances from previous cash advance withdrawals be subjected to the new finance charges of 18% p.a. after 1st May 2022?

A: Yes, all outstanding Cash Advance balances on your Essential Credit Card will be subjected to the revised interest rate of 18% p.a. effective 1st May 2022.

 

Q3: Are there any changes in annual fees?

A: No changes. The annual fees remain the same (RM100 for Principal, RM50 for Supplementary).

 

If you wish to contact our Customer Relationship Officers, kindly drop us an e-mail at hlonline@hlbb.hongleong.com.my (please do not provide any private and confidential information).

 

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