Overview of AEON Credit Service
AEON credit cards in Malaysia offer a range of rewards and benefits to customers. AEON has a varied choice of credit cards that are accepted widely across Malaysia and have more than 500 local merchants from which a cardholder can get exclusive offers. Get rewarded with attractive deals from various restaurants and retail outlets. Below is the list of the various credit cards from AEON and their features.
Why choose AEON Credit Cards
- The AEON credit cards offer cardholders exclusive deals and offers from select merchants across Malaysia that enhance the shopping, dining or travelling experience of the holder.
- AEON credit card holders get great deals and discounts on select merchandise across AEON outlets and Max Valu stores. AEON also offers double the reward points during AEON member’s privilege day.
- The annual fees for AEON kad kredit are affordable and varies from lifetime free cards to RM 95 p.a.
- AEON kad kredit have a flexi pay plan that offers payment terms of 6 months, 12 months and 18 months for purchases from selected retail merchants.
- AEON credit cards have a balance transfer plan that gives great value by providing a 0% interest rate with no upfront handling charge for a period of 6 months.
- The AEON Credit Cards offer great deals for travellers including travel insurance and a world desk centre that offers services such as hotel bookings and assistance in case of stolen credit cards. Along with travel insurance and assistance, the AEON kad kredit also offers free access to Plaza Premium lounges at KLIA.
Features & Benefits of AEON Credit Service
- Anybody can apply for the AEON Credit Cards.
- AEON credit cards charge a 5% withdrawal fee
- AEON credit cards charge 18% on cash withdrawal
- Cash withdrawals are limited to RM 3000 per day
- Late payment of credit card bills attract a penalty of 1% of the outstanding amount
- The minimum payment per month is 5% of the outstanding amount or RM 50
- The interest rates for payment terms are 2.5% for 6 months when the expense charged is over RM 500, 3.5% for 12 months when the expense is over RM1000 and 5.5% for 18 months when the expense is over RM 2000
AEON Credit Cards Eligibility
- The Primary cardholder needs to have attained 21 years of age as at last birthday before applying for the card
- The supplementary cardholder needs to have attained the age of 18 years as at last birthday
- The minimum annual income required to apply for this credit card is RM 24000 for AEON Visa Classic, New AEON Visa Classic, AEON MasterCard Classic, New AEON MasterCard Classic and AEON Watami Classic.
- The minimum annual income required to apply for this credit card is RM 36000 for New AEON MasterCard Gold, AEON MasterCard Gold, New AEON Visa Gold, AEON Visa Gold, AEON Motorcycle Associate Affinity Gold.
AEON Credit Card Documentation:
Firstly to avail the AEON credit cards, the applicant must be a Malaysian citizen or a permanent resident working in Malaysia. At the time of application they should provide the following documents.
If the applicant is a salaried employee then the documents that are required
- Original identity card
- Pay slips for the last 3 months, last 1 month in case the applicant is an employee of an MNC, last 6 months in case of applicant is a non-permanent employee
- Latest bank statement, Latest EPF statement preferably printed out at an AEON counter kiosk, latest salary account statement in which the last salary was credited
- Latest BE form with tax payment receipts.
In case the applicant is a self-employed person, then the documents required
- Original identity card
- The company’s and business’s registration certificate which are the ROC and ROB forms, the last 6 months of the company’s primary account statement
- Latest BE Form and tax payment receipts and for verification purposes the latest bank statement.
AEON Credit Card Payment:
AEON credit cards allow the cardholder to make payments through a variety of channels. Payments can be made through Mandiri ATM machines using the Mandiri ATM card or through the BCA ATM using the BCA ATM card. The ATM payment methods charge a fee for the service but is convenient, requires no verification and transactions are carried out in real time
Payments can also be made through a convenient AEON pick up service that can be requested by contacting AEON customer service. This service attracts fee for each pickup request. Payments can also be made through cash deposits at the AEON service counter without paying any fees.
AEON CREDIT 0% Card Easy Payment
The 0% card easy payment service is applicable to all AEON cardholders. This service is applicable for retail transactions charged to the card on a single receipt amounting to or exceeding RM 500 and only from a participating merchant. The cardholder can choose payment terms of 6 months or 12 months. They can also choose any other term depending on the credit limit of the cardholder and the total amount of the transaction.
Upon opting for an easy payment instalment plan, the credit limit of the cardholder will be reduced by an amount equivalent to the purchase amount and is made unavailable to the cardholder. This credit limit however is gradually returned as and when the cardholder continues making payments. If the cardholder does not make the monthly instalments but instead pays the minimum amount of 5% of the outstanding bill, then the remaining amount will incur interest charges.
If the cardholder takes up the 0% easy payment plan and settles the amount before duration of the instalment tenure, an early settlement fee of RM 30 is levied.
AEON Redemption Rewards Program
When you use your AEON card, you are rewarded with a singular AEON Rewards Point for every RM1 that you spend. All you need to do is simply accumulate all these reward points and redeem it for great items. Note that this offer is not available for JUSCO Credit Card and NEW AEON Credit Cards. For redemption of the points you can contact AEON through mail, phone or in person.
Types of AEON Rewards
There are majorly 10 types of categories of rewards available from AEON Redemption Rewards Program:
- Home Improvement: This category includes products such as Dinner sets, kitchen ware, storage utility for homes, electronics such as microwave ovens, toasters, Owens, grilling pans etc.
- For Kids: From fabulous toys for kids to colourful and bright wall cloaks can be redeemed in this section. Crayon and art sets are also available with sufficient number of points.
- For Her: From branded cosmetics and perfumes and classy handbags, this reward program has a variety of items to offer for women in this section.
- Vouchers: A variety of gift vouchers, including from brands such as KFC and Pizza Hut are available as rewards in this section. You also get AEON vouchers here.
- For Him: This has a wide selection of watches and perfumes for men that they can enjoy with the accumulated reward points.
- Outdoor and Travelling: Gorgeous travel bags, including duffel bags, sling bags and strolleys are up for grabs here.
- Annual Fee Waiver: Get memberships free on AEON cards and annual waivers to choose from if you wish to save more money.
- IT Gadgets: A variety of Samsung phones and cameras are ready to be chosen and enjoyed.
- Cash Rebates: Get great offers and discounts in this section.
- Beauty and Health Care: Pedometers, weighing scales, Manicure Sets and other useful health and beauty related electronics are available here.
AEON Credit Limit Increase
One of the perks of using AEON credit card is that you can use a feature so convenient that it also helps in emergencies. You can simply increase your credit limit, when needed, temporarily or permanently with the AEON Credit Limit Increase. This is a special feature that has been offered to AEON credit card users.
How to Increase My Credit Limit Temporarily for My AEON Credit card?
You just have to make a call, to the customer care officer on a particular number which is available on the AEON website.
How to Increase My Credit Limit Permanently for My AEON Credit card?
For a permanent credit limit increase on your AEON card follow the below given simple steps:
- You need to download the credit limit increase form from the AEON website. Please print out the document.
- You need to fill it in with all the details asked for other than the lower portion which has to be filled by the bank. Make sure that you sign clearly on the box.
- You need to attach proof of employment and income with this form so that the bank knows that you can afford the amount suggested for increase in credit limit:
- Salaried Individuals can submit any one of the following:
- Salary slips of the last 3 months
- A copy of your latest Form B, but the tax receipt also need to be attached with this document.
- A copy of your latest EPF statement.
- A copy of your latest Form EA
- Self-employed individuals have to submit their company’s latest bank statements for 3 months.
- You can fax, drop-off, email or mail it to AEON. For address and number details visit the AEON website.
Things to Keep In Mind for AEON Credit Increase
- The limit increase is available only to primary cardholders and they also need to submit all current income documents that shows increase of their monthly income. They also should not have had any credit limit revisions in the prior 12 months.
- AEON Credit Service as the card service provider has and reserves the right to ask you for more income related documentation.
- Note that the documents submitted will not be returned to you.
- The application may be accepted based on the decision and absolute discretion of the company.
- The decision for AEON Credit Service is final unless a fresh application is made with proof of higher income.
AEON Flexi Payment Plan
- This is easy way to pay your bills flexibly from AEON.
- You can call AEON’s contact numbers to apply for this card available on their website.
- There are 3 payment tenures that you can choose from, that includes 3 months, 12 months and 18 months.
- The minimum retail purchase transaction limit also are based on the tenures that you choose:
a. 3 months: RM 500
b. 12 months: RM 1000
c. 8 months: RM 2000
- One-time upfront is applicable for the 3 plans, which is:
a. 3 months: 2.5%
b. 12 months: 3.5%
c. 18 months: 5.5%
- This is a feature available exclusively for AEON card members.
- It is a useful tool for comfortably paying bills.
AEON Cash Advance
If you are in dire need of cash and do not have too much in your bank account, what do you do? If you have a credit card, then the AEON Cash Advance will definitely save you from much trouble. You can now use your credit card to draw money that will be charged to your credit card bill with some interest. AEON Cash Advance is very simple to use and can be very helpful at dire situations of cash requirements.
Features and Benefits of AEON Cash Advance
Some of the major features and benefits of AEON Cash Advance include:
- You can make a cash withdrawal of up to RM 3000 in a day. However, there are cash advance limit assigned to people based on which customers can withdraw an amount.
- This is a 24 hours and 7 days service, since this feature or option can be obtained at ATMs and ATMs are available all time.
- This feature is available to all AEON card holders, but they must request for a PIN.
- This is a hassle-free way to get access to quick cash.
- No network fee will be charged at any of the AEON ATMs, for this service.
How to Use AEON Cash Advance
You will need to first have a PIN to use this service.
- You need to request for a PIN by calling AEON.
- The PIN will be sent to you by snail mail.
Once you have the PIN, here is how you use AEON Cash Advance:
- Insert the AEON card at an ATM which accepts Cirrus and Plus cards.
- You would need to key-in your PIN number and simply enter the amount you need to withdraw which should be RM 3000 or less.
Therefore it can be used just like an ATM card.
Fees and Charges for AEON Cash Advance
This is the basic fee structure to avail the service:
|Fees and Charges for Each Cash Withdrawals||Handling Fee||Finance Charges on Amount Being Withdrawn|
|Amount of withdrawal||5% of withdrawal amount or RM 15 charged. (Whichever is higher)||Charged at 18 percent each year but on a daily basis|
|RM 300||RM 15||RM 0.15 each day|
|RM 500||RM 50||RM 0.25 each day|
|RM 1000||RM 50||RM 0.50 each day|
Frequently Asked Questions - AEON Credit Cards
Q) Where should one submit their credit card applications?
A) Credit card applications can be submitted at any of the AEON Credit Branches, to the staff on duty in AEON Big and AEON stores or can be mailed to the AEON Credit Service Berhad, Level 29, Menara Olympia, 8, Jalan Rajan Chulan, 50200 Kuala Lumpur.
Q) How can one view the status of their credit card application?
A)The applicants can utilize the AEON Inquiry on demand system by sending an SMS or they can contact customer care at 603 2719 9999 to check on their status.
Q) How can I opt for a 0% Interest Instalment Plan?
A) The Instalment plan is only applicable with select merchants. If the merchant is a participating merchant, then the cardholder is required to inform the merchant that they wish to opt for the instalment plan. The 0% interest is applicable on retail purchases above RM 500 to RM 3000 with payment terms ranging from 6 months to 36 months.
Q) How soon should a cardholder file for an insurance claim?
A) The cardholder should file for a claim within 30 days from date of incident. The cardholder can contact 603 2772 9837 between 9 AM to 6 PM on weekdays except for public holidays.
Q) Can cash withdrawals be made over the counter at the AEON Credit Branch?
A) The cardholder cannot make cash withdrawals over the counter but can make cash withdrawals at any AEON ATMs in AEON Credit Branches.
Q) Are there any networking fees for cash withdrawals?
A) No there are no networking fees levied on cash withdrawals however there is a cash withdrawal fee of 5% of the amount withdrawn and the interest charged on cash withdrawals is 18%
Q) Can I combine reward points from AEON to redeem gifts from AEON member point’s redemption program?
A) No. The member points and reward points cannot be combined. Reward points can only be redeemed at AEON rewards redemption program and member points can be redeemed through the AEON member counter at AEON Stores.
Q) What is the credit limit offered if the cardholder’s annual income is below RM 36,000 per year?
A) For any cardholder with an annual income below RM 36,000 the credit limit is a maximum of 2 times the monthly income.
Click here for all AEON Credit Card Promotions
Other Products offered by AEON:
Apart from offering Credit Card,AEON offers other products and services which include:
- Cash vs Cards Payments Malaysia
- How to Find the Perfect Credit Card in Malaysia
- How to Improve your Credit Rating in Malaysia
- How to Increase Credit Limit in Your Credit Card
- How to Pick an Emergency Credit Card
- Student Credit Cards in Malaysia
- Supplementary Credit Cards in Malaysia
- When to Use Credit over Cash
- Shed the Excess Interest Rates
- Protecting One’s Credit Card While Travelling
- Defaulting Your Credit Card Bills in Malaysia?
- Top 5 Reasons Why Owning a Credit Card is Good for You
- How to improve your chances of having a credit card approved
- Credit Card fraud: Are you aware of it?
- Understand Credit Card interest free period
- Reward Credit cards Malaysia
- Best Cash Back Credit Cards in Malaysia
- Best Zero Annual Fee Credit Cards in Malaysia
- Personal Loan Against Credit Card
- How to Maximise Your Credit Card Benefits
- Popular Credit Card Fees and Charges in Malaysia
- How to Apply for Credit Cards in Malaysia for Foreigners
- Top 10 Credit Cards in Malaysia 2016
- Best Low Interest Rate Credit Cards in Malaysia
- What charges do you pay for when you swipe your card overseas
- Best Petrol Credit Cards In Malaysia
- Credit Cards for Employees in Malaysia
- Common Mistakes to Avoid While Applying for a Credit Card
News About AEON Credit Card
Aeon Credit Looks at Robust Loan Growth
Small financial institutions like Aeon Credit Service Bhd are reaping the benefits of tougher rules for lending for bigger institutions like banks. Aeon Credit’s business is expected to register strong growth in their business of providing personal loans.
The business model of Aeon Credit is another reason for its success, while most other financial service providers are facing difficulties in growing their portfolios in the current economic scenario. It caters to niche customers from the retail market. Experts believe that the retail sector would keep registering high demand of finance in the near future.
Alliance DBS Research expects Aeon Credit’s loan receivable to increase at 16%-18% p.a. for the financial year 2017-18 (FY18) and 2018-19 (FY19).
For the third quarter, the company’s net profit rose 25.76% from RM53.36 million last year to RM67.05 million. Revenue grew 14% from RM245.78 million last year to RM280.35 million.
9th January 2017
Four New digital Branches by Aeon Credit Service.
Aeon Credit Service (M) Berhad – one of the credit card providers in Malaysia are going to set up four digital branches in Malaysia by the end of February, 2017. With the purpose of offering superior and enhanced customer service to customers, the credit card company decides to increase the number of its digital branches. As per the plan, the proposed branches would be opened at Kota Baharu, Segamat, Sungai Petani, and Shah Alam. The credit card company is in the process of turning its existing 60 branches into web-based digitalized branches for superior customer experience.
These new digital branches are expected to save a lot of time and cost. The company also has plans for expanding its e-money, insurance and credit card businesses. The pre-tax profit of the company increased by 4.7% to RM301.59million in the financial year Feb 28, 2016. Previously, it was RM289.27million. Similarly, revenue of the company increased by 10.7% to RM965.23mil from RM871.60million in 2015.
23rd June 2016
Aeon Credit Card Bullish
Aeon Credit Service revealed that it made a net profit of 53.36 million ringgit during the third quarter of 2015 with a revenue of 245.78 million ringgit. The company also revealed that the net profit for the cumulative nine months was 160.09 million ringgit, with a revenue of 706.94 million ringgit. The ratio of non-performing loans stood at 2.68% as on the 30th of November, 2015. It was 3.07% as on the 20th of November, 2014.
The financial receivables as on the 30th of November, 2015, was 5.15 billion ringgit, marking an 18.3% increase from the 4.35 billion ringgit recorded on the 20th of November, 2014. The operating income for the third quarter of 2015 was 21.63 million ringgit, and for the nine months ended 30th November, 2015, was 65.32 million ringgit, comprising primarily of commission income from the sale of insurance products, bad debts recovered and AEON Big loyalty programme processing fees.
06th January 2016