HLB Essential Credit Card Revisions effective 1st May 2022
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).
