20141217040306_13. mpu3313 mpu2313 topic 9

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INTRODUCTION

Using your credit card wisely may be one of the most important steps you cantake towards keeping your financial health in check. A credit card is like akitchen knife. It has many benefits, but if used wrongly, you can cut yourself. Tomanage your credit card well, you must understand and monitor your creditstatements, correct errors when appropriate, and also recognise how financecharges are computed. You should avoid all fees, including finance charges,which means paying your balance in full every month.

TTooppiicc

99 Credit Card

Management

LEARNING OUTCOMES

By the end of this topic, you should be able to:

1. Describe how credit cards work;

2. Explain the benefits and problems of using credit cards;

3. Identify the right credit cards and their advantages anddisadvantages; and

4. Discuss credit problems, protect against credit card fraud, andmanage growing credit card debt.

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TOPIC 9 CREDIT CARD MANAGEMENT 145

WHAT IS A CREDIT CARD?

Let us first look at the definition of a credit card.

The most popular form of open account credit is the bank credit card issued bycommercial banks and financial institutions. Examples of these cards areMasterCard and Visa. They are accepted by a wide variety of merchants. Creditcard companies set credit limits that vary among individuals. Individuals whoare just beginning to establish their credit history will have low credit limits. Asthese individuals prove their credit worthiness, these credit limits are usuallyincreased.

While many credit card companies charge an annual fee, many companies will

waive the fee for individuals who use their cards frequently and pay their billson time. Credit cards have grace periods during which individuals are notcharged interest on their purchases. Many cards also offer cash advances throughautomated teller machines. Interest rates may vary widely among different cards.In choosing a card, individuals should consider the cards acceptance bymerchants, the annual fee, the interest rate and the maximum credit limit.

Figure 9.1 shows a few samples of credit cards issued by different banks.

Figure 9.1:Samples of credit cards

A credit card is an electronic payment tool which allows you to purchaseproducts and services without the exchange of cash. This is possible becauseyou have an open account credit.

An open account creditis a form of credit extended to a customer in advanceof any transactions.

9.1

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TOPIC 9 CREDIT CARD MANAGEMENT146

HOW DOES IT WORK?

The credit card issued to you will come with a line of credit called a credit limit,which is predetermined by the card issuer. When you use the card, the credit

card issuer will first pay the merchant on your behalf and bill you later.

Generally, if you have paid the full amount of your previous months retailtransactions, you are given an interest free period of between 20 and 50 daysfrom the date of your purchases to settle the outstanding amount. If you opt topay the partial or minimum payment, finance charges on your unpaid retailtransactions will be imposed and this is calculated from the day the transactionsare posted to your account.

OTHER TYPES OF CARDS

There are many other types of cards which serve different purposes such as thefollowing:

(a) Charge CardA charge card is a specific kind of credit card. A credit card allows you tomake a minimum payment when you receive your monthly statement, acharge card does not. The balance on a charge card account is payable infull when the statement is received and cannot be rolled over from one

billing cycle to the next.

9.3

9.2

ACTIVITY 9.1

1.

Go to any local banks website and explore the types of creditcards it offers.

2. Describe the features of credit cards.

SELF-CHECK 9.1

1. Describe the features of credit cards.

2. How does a credit card work?

3. What is the effect of making only the minimum payments on yourcredit card accounts?

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In short, you must pay the total amount due in full each month; failingwhich, late payment charges will be imposed. American Express andDiners Club are two well-known organisations that offer charge cards.

(b)

Debit Card

A debit card(also known as a bank cardor check card) is a plastic paymentcard provides the cardholder electronic access to his or her bank account(s)at a financial institution. The card, where accepted, can be used instead ofcash when making purchases. Figure 9.2 shows some sample Visa debitcards.

Figure 9.2:Sample Visa debit cardsSource:http://www.hsbc.com.my/1/2/personal-banking/debit-cards

Like a credit card, the debit card is a cashless payment tool that can be usedto pay for products and services. However, unlike credit and charge cards,the amount you spend on your debit card will immediately be deductedfrom your bank account, instead of your paying the money back at a laterdate. With a debit card, you can only spend up to what is available in youraccount.

In many countries, the use of debit cards has become so widespread thattheir volume has overtaken or entirely replaced cheques and, in someinstances, cash transactions. The development of debit cards, unlike creditcards and charge cards, has generally been country specific resulting in anumber of different systems around the world, which were oftenincompatible. Since the mid-2000s, a number of initiatives have alloweddebit cards issued in one country to be used in other countries and allowedtheir use for internet and phone purchases.

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Debit cards usually also allow for instant withdrawal of cash, acting as theATM for withdrawing cash. Merchants may also offer cash back facilities tocustomers, where a customer can withdraw cash along with their purchase.

If you find that you are the type that always pays the minimum amount onyour credit card, it is advisable that you switch to a debit card instead.

(c) Prepaid CardCan be used to make purchases with a spending limit equivalent to theamount of money you place on the card. This card is similar to a prepaidphone card or a Touch n Go card where you have a fixed amount ofmoney you can spend. When the amount placed on the card gets low, youcan reload the amount.

ADVANTAGES AND DISADVANTAGES OFA CREDIT CARD

A credit card can be a useful payment instrument if you know how to use itwisely. Some of the advantagesof a credit card are as follows:

(a) It is a convenient and efficient mode of cashless payment, you do not needto dig into your wallet or purse to find the correct change and there is noneed to carry large amounts of cash around;

(b) It enables the purchase of products and services online including airlinetickets. It saves time and cost. In addition, it provides a ready record as theinformation can be saved in the computer for further reference;

(c) You will receive monthly statements. From the statement, it shows thebilling cycle and payment due dates, interest rate, minimum payment, andall account activity during the current period. The statements will assistyou in tracking your spending for budgeting purposes;

(d) Some credit cards provide free personal accident and travel insurancecoverage. Credit cardholders are partially protected;

9.4

SELF-CHECK 9.2

1. What is a debit card? How does it work?

2. Describe the differences between a credit card and a charge card.

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(e) Many credit cards offer attractive schemes, such as zero-interest instalmentplans, flexi-payment schemes and balance transfers. This helps to lessen the

burden of taking out a large sum immediately;

(f)

Credit card holders can earn loyalty points which can be redeemed forgoods and/or services. Redeeming is convenient as most supermarkets andoutlets allow cardholders to redeem the points in their outlets;

(g) A credit card is a temporary source of emergency funds; and

(h) Credit cards allow you the opportunity to buy needed items before ananticipated price increase takes place.

A credit card can be a bad payment instrument if you do not know how to use it

wisely. Some of the disadvantagesof a credit card are as follows:

(a) Overuse Revolving credit makes it easy to spend beyond your means.The convenience of credit card payment for internet shopping, hirepurchase of for electrical goods and services, like the booking of airtickets makes spending hassle-free. However, the convenience can beaddictive;

(b) Paperwork You will need to save your receipts and check them againstyour statement each month. This is a good way to ensure that you

havent been overcharged. Should there be any errors, you will needtime to contact the issuers and this can be a great hassle if the servicesfrom the issuers are slow and inefficient;

(c) High-cost fees Your purchase will suddenly become much moreexpensive if you carry a balance or miss a payment. Late payments incurcharges from the banks;

(d) No free lunch The high interest rates and annual fees associated withcredit cards often outweigh the benefits received. Savings offered by

credit cards can often be obtained elsewhere; and

(e) Deepening your debt Consumers are using credit more than everbefore. If you charge freely, you may quickly find yourself in over yourhead as your balance increases, so do your monthly minimumpayments.

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WHAT TO LOOK OUT FOR IN A CARD?

Before using your credit card, you should first understand some of the terms andconditions outlined in the following:

(a) Credit LimitThis is the maximum amount of credit that you can charge to your creditcard. Once you hit the limit, you will not be able to use your credit cardunless you pay off some of the outstanding balance.

Generally, the credit card limit given is two to three times of your monthlyincome. If you use your credit card up to this limit, you are effectivelyspending at least two to three months of your income in advance!

(b) Fees and ChargesThere are various types of charges that may come with a credit card

including joining fee, annual fee and finance charges. Table 9.1 lists anddescribes the different types of charges.

9.5

SELF-CHECK 9.3

1. Describe the advantages of using credit cards.

2. What are the disadvantages of using credit cards?

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Table 9.1: Types of Charges and Their Descriptions

Type of

charges

Description

Joining fee Some credit card issuers impose a one-time joining fee. This fee variesdepending on the card issuer.

Annual fee This is a fee which you pay annually once you have accepted the creditcard. However, some card issuers may waive this fee if you meet certainusage conditions.

Finance

charges

These are charges imposed on the outstanding balances after thepayment due dates. Currently, cardholders who promptly settle theirdues within a specified time frame will benefit under the followingtiered charges scheme:

Repayment Track Record

Interest

Charges

Cardholders who promptly settle their minimumpayment due for 12 consecutive months

Up to 13.5%per annum

Cardholders who promptly settle their minimumpayment due for 10 months or more in a 12-monthcycle

Up to 16% perannum

Others Up to 17.5%per annum

Cash

advance fee

This is a fee charged for cash advance transactions and it ranges from 3%to 5% of the total cash advanced from your credit card account. This feeis in addition to the finance charges imposed on the amount of advancegiven to you.

Late

payment

charge

This charge is imposed when you fail to pay the minimum monthlypayment by the due date. If you pay after the due date, you will becharged both the finance charges (the interest on your outstandingbalance) and the late payment charges.

Service tax Starting year 2010, a service tax of RM50 a year is imposed on a principalcardholder and RM25 for a supplementary cardholder. This amount isposted in the monthly statement.

Source: Credit Counselling and Debt Management Agency (AKPK)

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(c) Interest Free PeriodYou will enjoy an interest free period on the purchases made through yourcredit card if you do not have unpaid payments due from the previous

billing cycle. This interest free period is usually 20 to 50 days from theposting date of the transaction.

If you make partial or minimum payment of the amount due you will be

charged interest for all purchases made from the day the transactions are

posted to your account.

The statement above means that if you do not make the full payment onyour credit card bill for a particular month and carry forward the balance tothe following month, the interest free period would not be applicable.Interest charges would be imposed on your next transaction andcompounded on a daily basis until you settle your outstanding balance infull.

(d) Balance Transfer FacilityA balance transfer enables credit cardholders to transfer their credit card

balance (or part of) from one bank to another to save on interest charges.Usually, banks would offer you this facility at promotional rates toencourage you to transfer your balance. This may not be a bad idea as ithelps you save on interest charges.

However, before deciding on a balance transfer, ask yourself the followingquestions:

(i) How long does the promotional rate last?

(ii) What is the effective rate after that promotional rate expires?

(iii) Does the promotional rate apply to new purchases as well?

(iv) Is there a balance-transfer fee?

(v)

Is there a facility cancellation or early settlement fee?

While a balance transfer may be a good strategy to reduce interest chargeson your unpaid credit card outstanding, you have to be aware of the termsand conditions of such facilities.

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For example, some of these conditions may state that you can only makethe minimum payment of 5% of the amount transferred during thepromotion period and that you cannot pay more or settle the amount

earlier. In addition, there would be a lock-in period barring you fromtransferring your balance to another bank without first paying a penalty.Moreover, if you opt for a balance transfer and use the credit card fromwhich you have transferred the balance, you could incur more expensesthan you can manage if you are not prudent with your spending.

You also have to make sure that you keep to the repayment amount andschedule agreed upon. If you are unable to, then the promotional rateswould revert to the normal rate of 17.5% p.a. along with other late paymentcharges and penalties. This is also applicable to flexi-payment instalment

schemes.

(e) Flexi-Payment/Zero-Per Cent Interest SchemeThis is a facility arranged between credit card issuers and selectedmerchants where cardholders can pay for purchases made with themerchants at no interest by instalments ranging from 3 to 24 months. This issubject to the cardholders available credit limit at time of purchase.

(f) Liabilities of Supplementary CardholderThe principal cardholder is primarily held responsible to pay for thepurchases made by the supplementary cardholder. However, most credit

card issuers also hold the supplementary cardholders liable if no paymentsare made.

SELF-CHECK 9.4

1. The monthly statement is a key feature of bank and retail creditcards. What does this statement typically disclose?

2. What is an advance fee and when will this fee be imposed?

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HOW TO AVOID THE CREDIT TRAP?

If you make only the minimum payments on your credit card outstanding, you

will end up paying more money to the card issuer as compared to the originalamount you paid for the products or services due to compound interest.

Table 9.2 provides an illustration of the repayment period and the total interestcharged if you pay only the minimum monthly payment of 5% each month.

Table 9.2:Repayment Period and Total Interest Chargedfor Monthly Payment of 5%

Outstanding amounts RM1,000 RM5,000 RM10,000

Interest rate (per annum) 17.5% 17.5% 17.5%Years to pay off 2 5.8 7.3

Total interest charged RM191 RM1,838 RM3,897

Based on Table 9.2, you can observe that if your outstanding balance isRM10,000, it will take you about 7.3 years to settle your total debt. You wouldhave also paid RM13,897 for what was initially only RM10,000.

Now, read the following story of two friends who had different financialmanagement habits.

The Tale of Two Spenders and the LCDTVMohan saves 10% of his net income every month, while his close friend Rohanis a compulsive spender and does not have any savings. Both Mohan andRohan were in the hypermarket to buy an LCD-screen television which costRM3,000.

Mohan used his savings to buy the television and paid cash. Rohan, on theother hand, bought the television using his credit card which has an annualinterest rate of 17.5%. As Rohan only paid the minimum payment due on hiscredit card every month for the purchase, it took him four and a half years topay off the balance.

While Mohan paid only RM3,000 for his TV, Rohan ended up paying the cost ofthe television plus interest charges totalling to RM4,014. Rohan did not onlypay an extra RM1,014 due to the interest from making only the minimumpayment on his credit card, he also lost the opportunity to invest RM1,014 in

building his wealth.

9.6

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TIPS ON WISE USE OF CREDIT CARDS

The following are some tips on using credit cards effectively:

(a) Shop around for the best deal. Look for waivers on joining and annual fees;

(b) Limit the number of credit cards you carry based on your needs and

payment capability (recommended a maximum of two cards only);(c) Shop online only with trusted websites;

(d) Pay before the due date to avoid late payment and penalty charges;

(e) Pay the amount due in full when you get your monthly statements to avoidinterest charges. Know the consequences of paying only the minimumamount;

(f) If you have a cash flow problem, pay the minimum amount for a start andwork towards paying the full amount as soon as possible;

(g) Avoid using your credit card if you cannot make the monthly payments;

(h) Do not use your credit card to get cash advances from an ATM. Remember,each time you use your credit card to withdraw money, you are increasingyour loan commitments in addition to paying upfront withdrawal chargesand daily interest;

(i) Keep your credit card receipts. Always check your credit card monthlystatements to ensure proper transactions and charges are recorded. Thesestatements will detail all your transactions, including fees and charges,

payment due dates and the minimum payment. Call your bank if there arediscrepancies in your statements or if you have not received one. Banksmake mistakes, too!; and

(j) Notify your bank if you move. Late fees can happen needlessly if you donot get your bill on time because the bill was sent to wrong address.

9.7

SELF-CHECK 9.5

Describe how to avoid the credit trap.

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HOW TO PROTECT YOURSELF AGAINSTCREDIT CARD FRAUD

Among some common examples of credit card frauds are unauthorisedtransactions and identity theft. Although credit card issuers are always on the

alert for fraudulent transactions and scams, you should also take the necessarysteps to minimise the risk of being an identity theft victim.

To reduce your chances of being defrauded, here are some suggestions youshould follow:

(a) Sign your credit card immediately after receiving it;

(b) Do not let anyone else use your credit card;

(c) Never, ever, give your account number to people or organisations who call

you. Do not provide your credit card details to an unknown party as theymay use it to make purchases via telephone, mail or the Internet;

(d) Make sure you cut your expired credit card after getting a new one toprevent it from being cloned or tampered with;

(e) Check all details on the charge slips before signing;

(f) Keep all your charge slips and check them against your credit cardstatement when you receive it. If you find a mistake, call or send a letterimmediately, detailing the error.

(g)

Keep your credit card in the same place in your wallet or purse so that youwill notice immediately if it is lost or stolen; and

(h) Report lost/stolen cards or unauthorised transactions to your bankimmediately. If you do not report the loss, you are liable for all transactionsposted to your card until it is reported.

9.8

SELF-CHECK 9.6

1. Suggest how to use your credit cards wisely.

2. Why must you keep your credit card receipts?

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WHAT HAPPENS IF YOU ARE DECLAREDBANKRUPT?

Among other things, if you are declared bankrupt, you cannot do the following:

(a) Hold any public office without the approval of the Director-General ofInsolvency Malaysia (DGI);

(b) Pursue and court action without the DGIs permission;

(c) Leave the country without the courts or DGIs permission. The DGI willhold your passport;

(d) Be a company director or carry out your own business or be involved in themanagement of a company without the courts or the DGIs approval;

(e)

Be involved in the management of a company or be an employee of acompany that is owned by your spouse or close relatives and their spouses;

(f) Be a committee member of any registered body; and

(g) Open a bank account without the approval of the DGI.

A bankrupt can work but he or she has to leave a certain percentage of his or herincome to the DGI to repay debts. A person can be discharged frombankruptcy when he or she has settled his or her debts in full.

The sensible way to avoid becoming a bankrupt is to pay your credit card billsfully and promptly every month upon receiving your statements.

9.9

SELF-CHECK 9.7

1. Describe how to protect yourself against credit card fraud.

2. Explain why you should not allow anyone else to use your creditcard.

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Can you Go Bankrupt if you Default on your Credit Card?

According to Malaysian law you can become a bankrupt when the outstandingsum involved is RM30,000 (previously it was RM10,000) or more with a default

period of six months or more. Defaulting on credit card payment is one of theways that people becoming bankrupt.

A person who is bankrupt can only use his existing credit card up to the amountof RM1,000. If the bankrupt individual wishes to continue using his credit cardfor an amount of more than RM1,000, he must notify the issuing bank or financecompany as to the status of his bankruptcy so as to allow them to decide whetherthey are prepared to continue to extend the credit to the bankrupt. If the

bankrupt fails to notify the issuing bank or finance company, he will be deemedto have committed an offence under the Bankruptcy Act 1967.

NEW CREDIT CARD GUIDELINES BYCENTRAL BANK OF MALAYSIA

The Central Bank of Malaysia (also known as Bank Negara Malaysia) announcednew measures on credit cards as part of its continuous efforts to inculcate soundfinancial and debt management among credit card users. These measures are alsoaimed to promote fair and responsible business practices by credit card issuerswith further enhancements in the cards security infrastructure.

Figure 9.3 shows the logo of the Central Bank of Malaysia.

Figure 9.3: Logo of Central Bank of MalaysiaSource:http://www.bnm.gov.my

9.10

SELF-CHECK 9.8

Is it possible to go bankrupt if you default on your credit card? Explain.

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With immediate effect, the eligibility requirements for credit cards are revised asfollows:

(a)

The minimum income eligibility for new credit card holders is set atRM24,000 per annum;

(b) For cardholders earning RM36,000 per annum and less, the followingwould be applicable:

(i) Cardholders can only hold credit cards from a maximum of twoissuers.

Existing cardholders who currently hold credit cards from morethan two issuers are given up to the end of 2011 to select their

preferred issuers. Cardholders will also be given at least two yearsto service their outstanding credit card debt for the credit cardsthat have been cancelled for the purpose of meeting thisrequirement.

(ii) The maximum credit limit extended to a cardholder shall not exceedtwo times their monthly income per issuer.

For existing cardholders whose credit card outstanding balanceexceeds the maximum credit limit, a grace period of two years will

be given to them to meet with the new requirement.

Card issuers will engage with the affected cardholders to assist them inrestructuring their repayments to facilitate the smooth implementation of thismeasure. In addition, cardholders can also seek the assistance of CreditCounselling and Debt Management Agency, which is also known as AgensiKaunseling dan Pengurusan Kredit (AKPK), for advice on their debtmanagement.

9.10.1 Responsible Business Practices in Provision of

Credit Cards

Credit card issuers are required to adopt a fair, transparent and responsibleapproach in the marketing and offering of credit cards to consumers. Issuers arenot allowed to increase cardholders credit limit without obtaining their consent.Issuers are also not allowed to offer a credit advance in the form of chequepayable to the cardholders unless the cardholders have requested for the creditadvance.

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To facilitate consumers in making comparison and informed decisions, cardissuers are required to provide a Product Disclosure Sheet that contains keyinformation on the cards features, fees and obligations of the cardholders.

Issuers are also required to display prominently alerts to communicate tocardholders the implications of meeting only minimum and partial repayments.

At the end of each year, customised information on how long it will take to fullypay off the cardholders outstanding balance and the total interest costs if thecardholder only makes minimum repayment will be issued to each cardholder.This has been effective for annual statements issued from December 2011.

9.10.2 Further Enhancements to Credit CardInfrastructure Security

In the effort to further enhance credit card security and to promote publicconfidence in the usage of credit cards as a safe payment instrument, effective 1

January 2012, transaction alerts via Short Messaging Service (SMS) has beenimplemented by card issuers for their cardholders after transactions areperformed. This will be followed by the implementation of the PersonalIdentification Number (PIN) verification for all card transactions from 1 January2015 onwards.

A credit card should primarily serve as an electronic payment tool tosubstitute the payments that you make with cash.

A credit card should not be used as a tool for easy credit.

Always try to pay your credit card outstanding balance in full, and on time.

By only paying the minimum amount on your credit card, you will be payinga high interest cost (due to the effect of compounding interest).

Read and understand the terms and conditions before using your credit card.

Always safeguard your cards and check your transactions.

SELF-CHECK 9.9

Describe the new Credit Card Guidelines by Bank Negara Malaysia.

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1. Which of the following are benefits of a credit card?

A.

Alternative to cash

B. Electronic mode of payment

C. Easy to monitor and track expenses

D. All of the above

2. A cash advance is a very convenient way to obtain cash, but it should beused ____ as it can be costly.

A.

as and when you likeB. when you want to buy expensive items

C. only as a last resort

D. to pay for everything

3. Which of the following are tips on using a credit card wisely?

A. Limit the number of credit cards that you have

B. Always pay your outstanding balance in full

C.

Pay before the due date to avoid late payment and penalty charges

D. All of the above

4. If you pay your credit card bills after the due date, you will be charged with____.

A. an annual fee

B. service charges

C. late payment charges

D.

minimum charges

5. Which statement is FALSE with regard to a credit card?

A. It is a convenient and an efficient mode of payment.

B. You can use the statement to track your spending.

C. You are encouraged to make only the minimum payment.

D. Some credit card issuers introduce attractive schemes, such as zero-interest instalment schemes, flexi-pay schemes and balance transfers.

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6. Charge card users have to pay __________ stated in their monthlystatement or will be charged with a late payment fee.

A. half the amount

B.

the full amount

C. 5% of the amount

D. any amount affordable by you

7. Which card can be an ideal payment instrument for imposing financialdiscipline?

A. Credit card

B. Charge card

C.

Debit card

D. MyKad

8. To prevent fraud, you should ____________.

A. keep your card safely

B. never sign a blank sale or charge slip

C. not let anyone use your card

D.

all of the above

9. If your cards have been stolen, you should FIRST ___________.

A. notify your card issuer immediately

B. make a police report

C. just ignore it

D. apply for a new card from another card issuer

Source:AKPK

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20141217040306_13. mpu3313 mpu2313 topic 9

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