Update in Credit Card Cardholder Agreement with effect from 26 September 2021
Kuala Lumpur, 6 September 2021
Update in Credit Card Cardholder Agreement with effect from 26 September 2021
Dear Valued Cardholders,
Effective 26 September 2021, HLB will be updating its Cardholder Agreement with the following changes:
1. The cumulative contactless limit will now refresh daily or upon successful PIN entry. The cumulative contactless limit for credit card remains defaulted at Ringgit Malaysia Two Thousand (RM2,000).
2. To serve you better, HLB at its sole discretion may offer an Overlimit service which will grant up to 5% credit above your Prescribed Credit Limit or Ringgit Malaysia Fifty Thousand (RM50,000), whichever lower, to avoid unnecessary rejection during payment especially during emergencies.
The Cardholder Agreement will be revised as follows:
New Clause |
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Cumulative Contactless Limit |
Clause 7 – Contactless Transaction (i) The Cardholder acknowledges that certain Visa/MasterCard cards issued by the Bank will incorporate a feature known as Visa PayWave or MasterCard PayPass which enables the Visa/MasterCard cards to be utilized to perform Contactless Transactions at any point-of-sales terminal displaying the Visa/MasterCard contactless logo. (ii) Contactless Transactions without PIN verification are capped at Ringgit Malaysia Two Hundred and Fifty (RM250) per transaction (“Contactless Transaction Limit”). The Cardholder will be required to perform PIN verification for Contactless Transactions above Ringgit Malaysia Two Hundred and Fifty (RM250). (iii) Contactless Transactions without PIN verification are capped at Ringgit Malaysia Two Thousand (RM2,000) per day or such other limit as may be set by the Cardholder in accordance with Clause 7(iv) below (“Contactless Daily Cumulative Limit”). Any Contactless Transaction without PIN exceeding the Contactless Daily Cumulative Limit will be declined and the Cardholder will be required to perform PIN verification in order to proceed. The Contactless Daily Cumulative Limit resets on a daily basis and whenever the Cardholder performs a PIN verified transaction at the Point-of-Sales. (iv) The default Contactless Daily Cumulative Limit is set at Ringgit Malaysia Two Thousand (RM2,000). The Cardholder may at any time set their preferred Contactless Daily Cumulative Limit from RM0 to RM2,000 via any Bank branch nationwide. If the Cardholder wishes to disable Contactless Transactions without PIN verification, the Cardholder should set the Contactless Daily Cumulative Limit as zero, i.e., RM0. (v) The Contactless Daily Cumulative Limit is a subset of the Cardholder’s retail purchase limit. Therefore, the Contactless Daily Cumulative Limit can never be greater than the retail purchase limit set by the Cardholder. The Contactless Daily Cumulative Limit will be by default match the retail purchase limit if the retail purchase limit is less than the Contactless Daily Cumulative Limit. For instance, if the Cardholder sets his/her retail purchase limit as Ringgit Malaysia One Hundred (RM100), the Contactless Daily Cumulative Limit will be Ringgit Malaysia One Hundred (RM100). |
Overlimit |
Clause 8 – Limit of Cash Advances, Purchases and Transactions (v) Bank may at its sole discretion offer a credit overlimit (“Overlimit”) of up to 5% of the Cardholder’s Prescribed Credit Limit or Ringgit Malaysia Fifty Thousand (RM50,000), whichever is lower, to facilitate the Cardholder to make payment(s) above his/her Prescribed Credit Limit. The Overlimit will only be applied if the Cardholder’s utilised credit limit is less than the Prescribed Credit Limit. If the Cardholder’s utilised credit limit already exceeds his/her Prescribed Credit Limit, the Overlimit is not applicable
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3. Updates to the Bank’s discretion to handle credit balance in Card Accounts:
Existing Clause |
New Clause |
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c) If there is still a credit balance in the Card Account (“Excess Monies”), the Excess Monies will be refunded to the Cardholder’s current account or savings account maintained with the Bank or such other bank in Malaysia as instructed by the Cardholder to the Bank (“Nominated CASA”), within fifteen (15) Business Days from the receipt of the Excess Monies. |
Clause 48 – Discretion to Handle Credit Balance in Card Account
c) If there is still a credit balance in the Card Account (“Excess Monies”), the Excess Monies will be refunded to the Cardholder’s current account or savings account maintained with the Bank or such other bank in Malaysia as instructed by the Cardholder to the Bank (“Nominated CASA”). |
4. Fair Treatment for Financial Customers (Revised FAQ) – With immediate effect, relevant clauses on which excludes or limits the FSP’s liability for breach of contract or non - performance of obligations by the FSP and exclude or limit its liability for losses caused by events which are not reasonably foreseeable, the FSP must not require consumers to indemnify the FSP for the losses given that such events are also outside the consumers’ control updated to meet the FTFC revised FAQ provide by BNM.