Overview of Affin Bank Credit Card
The credit cards offered by Affin Bank have great features and competitive interest rates. The cards come in a variety of choices, each catering to a specific need. Affin Bank offers credit cards designed to enhance shopping and travelling experience as well as cards designed for motorists. Whatever the need, there is an Affin Credit Card to meet it. Below is the list of Affin Bank credit cards and their features.
Why Choose Affin Bank Credit Cards
Affin Bank which is a subsidiary of Affin Holdings Berhad and offers a range of credit cards that are loaded with benefits for the customers. The benefits include cards with some of the lowest interest rates with rates starting at 9.9% p.a. or as low as 2.5% per month depending on the payment term chosen. The cards from Affin Bank come equipped balance transfer plans and Flexi Payment options on any retail purchase with payment terms starting from 6 months and ranging up to 36 months.
The cards from Affin Bank also have a high daily cash withdrawal limit as compared to credits cards offered by other banks. The main benefit of credit cards from Affin is that they offer cashback at a rate of 0.8%. This cashback is also uncapped for retail purchases above RM 1501 per month. The credit cards also offer privileges such as cashback on petrol purchases, contactless payment cards with Touch ’N’ Go feature, travel insurance that covers lost baggage, an emergency helpdesk and the Affin Bank World MasterCard offers exclusive concierge services.
Features and Benefits of Affin Bank Credit Cards
- The Affin Bank Credit cards have a Late payment penalty of 1% of the outstanding amount.
- The daily withdrawal limit is RM 5000
- The interest charged on cash withdrawals is 17.5%
- There is a 5% withdrawal fee on the amount withdrawn
- The minimum monthly payment is 5% of the outstanding amount
- The flexi payment options are 6 months at an interest rate of 0% p.a. with a 2% handling charge for any amount starting from RM 500, 12 months at an interest rate of 0% p.a. with a 4% handling charge for any amount starting from RM 1000, 18 months at an interest rate of 0% p.a. with a 5% handling charge for any amount starting from RM 2000, 24 months at an interest rate of 0% p.a. with a 6% handling charge for any amount starting from RM 2000, 36 months at an interest rate of 0% p.a. with a 7% handling charge for any amount starting from RM 3000
Eligibility for Affin Bank Credit Cards
- Anybody can apply for the credit cards from Affin bank
- Their minimum age must be 21 years and their maximum age must be 60 years. The supplementary cardholder needs to have attained 18 years of age.
- The credit cards that require a minimum annual of RM 24000 are Affin Bank Visa Classic, Affin Bank BHpetrol MasterCard and Affin Bank Touch ‘N’ Go MasterCard Classic, Affin Bank MasterCard Classic.
- The credit cards that require a minimum annual of RM 36000 are Affin Bank Visa Gold, Affin Bank Touch ‘N’ Go MasterCard Gold and Affin Bank MasterCard Gold
- The Affin Bank World MasterCard requires an annual income of RM 120,000.
Affin Bank Credit Card Documentation
Affin bank credit cards require the applicant to meet certain eligibility criteria such as age and income requirements. If aspiring candidates meet the requirements, they can download the credit card application form available on the website, fill it out and submit it with the list of supporting documents. These documents vary depending on the source of employment of the applicant.
If the applicant is employed with a fixed source of income from either a private company or a government agency, the documents required are
- A copy of both sides of the I.C.
- A copy of the latest salary slips dating back at least 2 months.
- A copy of the latest Bank statement.
- A copy of the employment confirmation letter.
If the applicant is a self-employed person, then the required documents are
- A copy of both sides of the I.C.
- A copy of the bank statements for the past 6 months.
- A copy of the latest EPF statement.
- A copy of the latest BE Form with tax payment receipts.
- A copy of the Form 9, 24 and 45 if the company is a private limited or a copy of the business registration certificate.
If the applicant is a foreign national employed in Malaysia, the documents required are
- A copy of the Passport.
- A copy of the current work permit that has been valid for at least 6 months at the date of application.
- A copy of the latest salary slips dating back at least 2 months.
Affin Bank Easy Instalment Plans
Affin bank allows it cardholders to convert their retail purchases into easy and affordable monthly instalments. The easy instalment plan allows the cardholders to convert any retail transaction of a minimum amount of RM 500 in a single receipt into an easy instalment plan. The easy instalment plan attracts a small one time interest charge and does not apply to any cash advances and annual fees. The cardholder is required to make the minimum monthly payments failing which the amount would incur prevailing interest rates.
Frequently Asked Questions - Affin Bank Credit Cards
Q) Do the credit cards from Affin Bank provide any rebate?
A) Yes. The cardholders who are good paymasters and pay the minimum amount due before or by the date of payment receive a finance charge rebate. This rebate is 7.5% p.a. for the MasterCard/Visa Gold, Classic and Basic credit cards and 5.01% p.a. for the BHPetrol Touch & Fuel MasterCard credit card.
Q) How much is the card replacement penalty amount?
A) The Affin Bank credit cards cost RM 50 for replacing a MasterCard/Visa Gold and Classic and BHPetrol Touch & Fuel MasterCard. The replacement charge for Visa and MasterCard Basic credit cards is RM 20. The replacement penalty is charged directly to the customer’s account.
Q) What is an Interest Free Period?
A) For all retail transactions, Affin Bank offers a 20 day interest free period. The cardholder can pay off any amount due in this period given that they have cleared any outstanding dues within the date of payment.
Q) Will there be a Goods and Services Tax imposed on the credit cards?
A) Yes. Affin Bank credit cards are subject to a 6% GST on the card fees and charges such as yearly fees, Courier and delivery fees, cash withdrawal fees and statement request fees.
Q) Is there a maximum age limit for a primary and supplementary cardholder?
A) The maximum age for a primary cardholder should be no more than 60 years of age and there is no maximum age limit for a supplementary cardholder.
Q) What is the cash withdrawal limit per day and how many withdrawals can be made in a day?
A) The daily cash withdrawal limit is RM 5000. This number of withdrawals that can be made is 3 as long as the total amount of money withdrawn does not exceed RM 5000.
Q) If a cardholder has multiple cards will they have multiple credit limits?
A) If any cardholder has more than one card, for example if a cardholder has both Visa and MasterCard credit card then the applicant will have a combined credit limit and not separate credit limits.
Q) How much insurance cover will a cardholder receive?
A) Affin Bank credit card holders automatically receive an insurance cover of up to RM 500,000 for MasterCard/ Visa Gold, BHPetrol Touch N Fuel MasterCard Paypass and RM 250,000 for MasterCard/Visa Classic and Basic.
Q) When will cardholder receive travel insurance?
A) The cardholder receives Travel Insurance every time they purchase air fares solely using the card.
Other Products offered by Affin Bank:
Apart from offering Credit Card, Affin Bank 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 Affin Bank Credit Card
Bank Negara grants Affin a 4-month extension to Complete Talks
Affin Holdings Bhd while filing with Bursa Malaysia, stated that they have received a 4 month extension by Bank Negara and now has up to Feb 29, 2016 to complete its talks with Daiwa Securities Group Inc., which has plans to purchase a minority stake in Affin Hwang Investment Bank Bhd. Affin Bank also said that they would make further announcements as and when there are any material developments with respect to the proposal.
Daiwa and Affin have been in collaboration since the latter half of 2013. Through a business Alliance that took place 1n 2013, Affin and Daiwa worked with each other and Affin Investment shared their research reports with the global client base of Daiwa and Daiwa shared its research reports with Affin’s client base on a co-branded basis.
The business alliance between Daiwa and Affin had resulted in Affin Investment receiving an additional revenue through Daiwa securities channelling all of its client’s trades for shares on Bursa Malaysia through Affin Investment. The same principle was applied vice-versa and saw Daiwa securities also witness additional revenue.
18th November 2015