Overview of AmBank Credit Card
The AmBank credit cards offer great deals on shopping and travel and help the cardholder attain maximum value on their expenses. The cards offers bonus points that can be redeemed for exciting offers on airline miles, Cosway stores and gifts from AmBank Rewards Programme. The rate of interest is competitive and the cards over easy pay plans and a balance transfer plan. The different AmBank credit cards and their features are given below
Why Choose AmBank Credit Cards
AmBank is among the largest banks in Malaysia and caters to a wide range of customers that include personal banking, business banking and investment banking. The credit cards offered by AmBank have specific benefits that meet the customer's requirements. These benefits include cashback benefits and reward points that can be exchanged for discounts on merchandise or air fares and other offers. The cards offer exclusive concierge services, travel insurance, personal insurance and other benefits that provide the maximum value for the money spent. Credit cards from AmBank offer not just a status to the cardholder but a solution to meet their financial requirements. The cards from AmBank offer easy pay plans with payment terms of 6 months 12 months and 24 months.
Features and Benefits of AmBank Credit Cards
- The AmBank Bank Credit cards attract a late payment penalty of 1% of the outstanding amount or RM 10 and is capped to a maximum of RM 100.
- The daily cash withdrawal is limited to RM 5000.
- The interest charged on cash withdrawals is 18 to 19.08%.
- There is a cash withdrawal fee which is either 5% of the amount withdrawn or RM 50 to 53, whichever is higher.
- The AmBank credit cards are free for life with no annual fee.
- The flexi payment options are 6 months at an interest rate of 4.99% p.a. with no upfront handling charge for any amount starting from RM 1000, 12 months at an interest rate of 8.99% p.a. with no upfront handling charge for any amount starting from RM 5000 and 24 months at an interest rate of 8.99% p.a. with no upfront handling charge for any amount starting from RM 5000.
Eligibility for AmBank Credit Cards
- The minimum annual income required varies from card to card. To avail the AmBank Cosway Platinum MasterCard, AmBank Platinum MasterCard and AmBank Carz Platinum Visa Card the applicant needs to earn at least RM 60,000 annually.
- To avail the AmBank Cosway Gold MasterCard, AmBank Imagine Visa Card and the AmBank Carz Gold Visa Card the applicant needs to earn a minimum of RM 24,000 annually.
- To avail the AmBank True Visa Card the applicant needs to earn a minimum of RM 36,000 annually.
- To avail the AmBank World MasterCard and the AmBank Visa Signature Card the applicant needs to earn a minimum of RM 100,000 annually.
- The minimum age of the primary cardholder should be 21 years of age and the minimum age for the supplementary cardholder needs to be 18 years of age.
- Anybody meeting the criteria can apply for this card.
AmBank Credit Card Documentation
Aspiring cardholders can obtain a copy of the application form either through the website or at any of the AmBank branches. If the applicant meets the age of 21 years and income requirement of RM 24,000 annually which may change depending on the card being applied for, they can fill out the application form and submit them with the necessary documents. The completed forms can be handed over at AmBank branches, submitted online or sent through fax. The required set of documents are as follows
If the applicant is salaried then the required documents are
- A photocopy of both sides of the MyKad or identity Card.
- A copy of the employment letter.
- The latest Form J or income tax statement.
- Latest pay slips dating back at least 2 months.
If the applicant is self-employed then the required documents are
- A copy of both sides of the Identity card.
- The copy of the business registration.
- Bank statements dating back at least 6 months.
- The latest Form B statements with tax payment receipts.
If the applicant is a foreign national then the documents required are
- A copy of the Passport.
- A copy of the job appointment letter.
- Latest Payslips.
- A valid work permit that has been valid for at least 6 months at the time of application.
AmBank Credit Card Protection
AmBank Credit cards offer a secure way of conducting transactions that are less prone to fraud through employing the 3D secure service. This service is free of charge and is automatically applied on AmBank credit cards. It acts as a security buffer while making purchases online.
When making an online transaction, the cardholder will be requested to key in a Transaction authorisation code or TAC which is an 8-digit one time password (OTP) that will be sent as an SMS to the cardholder’s registered mobile number. Therefore it is imperative that the cardholder registers their mobile number with AmBank and updates it if there is any change.
AmBank Credit Card Balance Calculator
The AmBank Credit Card Balance calculator is an effective tool available online to help assess the total amount of interest to be paid on an outstanding amount allowing cardholders to manage their finances effectively. Cardholders need to enter their outstanding amount and the interest rate charged to calculate how much interest will be charged and the time required to settle the outstanding balance.
Credit card calculators are widely available online and are free to use. They allow cardholders to not only calculate the interest charged but certain calculators also allow cardholders to calculate how much interest they would save up on if they made more than the minimum monthly payment.
AmBank Credit Card Customer Service
AmBank believes in putting the customer first and offers world class customer service including an international number for any credit card related queries. The customer service provided by AmBank offers solutions to queries ranging from promotions to payments and assists in case of loss of card, fraudulent transactions or errors in credit card statements.
Customers can call on the 24 hour helpline at 1300 80 8080 or on 603-2026-3939 to connect with the customer service team. Along with the customer service numbers, the credit cards offered by AmBank offer exclusive concierge services that not only assist in booking hotels and flights but also provide assistance in case of emergencies while travelling.
AmBank Online Credit Card Application
The AmBank credit cards provide an easy and eco-friendly mode of application by allowing aspiring cardholders to apply for the credit card through their website. Applicant can download the application form and submit it along with the required documents to begin processing the credit card application. Both primary and supplementary credit card applications can be found on their website. Alternatively, one can visit their nearest AmBank branch and submit the forms over the counter or fax the completed application form along with a copy of the applicant’s I.C and other income and tax related documents to 603-2162-3067 or 603-2167-3344.
Frequently Asked Questions – AmBank Credit Cards
Q) How can I register/update my contact details?
A) If the cardholder’s contact details are not updated then they can visit one of the many AmBank branches to update the same. They could also call Customer Support at 1300 80 8888 for domestic calls and 603 2178 8888 for overseas calls.
Q) What is AmBank 3D Secure? How does it work? What are its benefits?
A) 3D secure is the latest online payment service provided by AmBank. 3D secure uses verified by Visa or MasterCard Secure code and protects your card against unauthorized use during online transactions. The AmBank secure does not require additional software downloads. The cardholder while making purchases online is directed to the bank’s authentication page. The cardholder has to click on request for TAC and a TAC is sent to your mobile number. Cardholders should ensure the bank has their latest mobile numbers. Once the TC has been entered, the purchase is verified.
Q) What is the TAC for?
A) TAC is a one-time password that is sent to the cardholder’s mobile number. This password is secure as it cannot be saved or forwarded to any other number. The TAC is required to verify the identity of the cardholder. A TAC also has a validity period of 30 mins or 0.5 hours, after this period, the TAC is not valid anymore and the cardholder will have to request for a new TAC.
Q) How does a cardholder enrol for 3D secure and is it valid on prepaid cards?
A) An AmBank cardholder is automatically enrolled into the 3D secure program and does not need to apply anywhere. The 3D secure program automatically enrols prepaid card users as well.
Q) What is the maximum card limit?
A) In case the cardholder has an annual income below RM 36000, then the maximum credit limit granted to the cardholder is 2 times the monthly income. So if a cardholder receives RM 2500 monthly, the maximum credit limit they would receive is RM 5000.
Q) If income of cardholder increases from date of application for the card does the credit limit increase?
A) Credit limit is capped to a maximum of 2 times the monthly income and as such an increase in the monthly income would lead to increase in credit limit. In case the income has increased and differs from the income declared to the bank, cardholders should declare their latest income to the bank. They can download the reply slip form found on the bank website and fax in the form to 603 2171 3171 or email it to email@example.com.
Click here for all AmBank Credit Card Promotions
Other Products offered by AmBank:
Apart from offering Credit Card,AmBank 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 AmBank Credit Card
Swiping Credit Card Helps AmBank Customer Win Big
Johorean Hairunazuan Nordin, an AmBank credit cardholder swiped his way to a cool sum of RM50,000. The resident of Taman Pagoh Jaya won the grand prize in the Caltex: Fill, Swipe & Win” contest by swiping his credit card to buy fuel for his car.
He was handed over the prize in a ceremony organised at the Caltex Petrol Station in Kuala Lumpur. The refuelling station uses pin-and-pay terminals for card transactions.
The campaign, which was a joint marketing exercise of AmBank and Caltex, has been a raging success with an increase of 14% on year-on-year retail spending and a 35% growth in AmBank card expenditure at Caltex.
To enter the contest, the participants had to register for it using a one-time SMS. They had to refuel at any one of the 420 Caltex stations spending a minimum of RM50 with their AmBank debit or credit cards. The cardholders with a total monthly expenditure of RM200 and RM400 were eligible for an added 25 and 50 contest entries, respectively.
Besides daily cash backs, a RM50,000 grand prize and four RM5,000 monthly cash prizes were awarded. Total cash prizes worth RM70,000 were given away in this contest.
9th January 2017
AmBank anticipates loan growth to escalate more
AmBank expects its loans to grow more in the financial year 2017, compared to the previous financial year in spite of the complicated banking scenario. The CEO of AmBank said that the bank has a good non-performing loan position as well as a firm capital ratio.
The bank has come up with many campaigns recently. The most recent one is for AmBank credit cardholders where 2 cardholders can win an Audi TT 2.0 TFSI whenever they spend RM50 on a single bill. There are also monthly and daily prizes including 30 Samsung Galaxy S7 Edge phones given on a monthly basis and RM50 cashback options given every day.
The bank is seeing a rise in new credit cards also as they are implementing special strategies to attract more new credit card customers.
21st December 2016
AmBank is launching a new phase of mobile banking
AmBank will be launching a new phase of mobile banking. The bank’s CEO is shifting the focus to mobile banking as it is more convenient. The mobile solution will be a part of the new digital banking platform which is supplied by Backbase. The product is highly valuable and agile system. The CEO claims that this will be a quantum leap for the bank’s performance. AmBank implemented Webmethods and middleware form German-based software, AG. AmBank is the 6th largest bank is aiming to be in the top 4 by 2020.
25th November 2016
Profits of AMMB slipped to RM352.6 million for the second quarter
The profits of AMMB Holdings Bhd slipped to RM352.63 million in the second quarter. This was 7.81% lower than it was for the same quarter last year. The profits reduced mainly because of the high operating expenditure. The CEO of AMMB, Datuk Tahir said that the group is well positioned to face the current operating environment. He expects the loan growth to pick up for the financial year 2017.
23rd November 2016
AmBank has plans to boost its card business
AmBank has plans to boost the card business. AmBanks is the 6th largest bank in the country and is aiming to be in the top 4 by 2020. The CEO, Datuk Tahir said that they will be launching new phase of mobile banking very soon. The bank wants to add new features and increase the penetration of the merchant base for the cards. The bank is now focussing on what it has and is trying to understand the environment and how they can align the resources in the areas it can grow.
7th November 2016
AmBank to increase SME lending
AmBank group is aiming to increase the SME lending in partnership with Credit Guarantee Corp. Malaysia Bhd to over RM1 billion. The group signed a Portfolio Guarantee agreement with CGC to offer second tranche in financing to SMEs. Portfolio Guarantee scheme was launched in January 2015. RM300 million will be made accessible to the mid and large SME for meeting their working capital requirements. RM150 million under the scheme is for small SMEs. AmBank Group Managing Director, Pushpa Rajadurai said that they would like to increase the SME lending to RM1 billion and will work with more packages with CGC. Portfolio Guarantee allows CGC and banks to speed up the approval and disbursal of loans to SMEs. Pushpa said that RM300 million is expected to be taken over in the next 6 months. 15% of the second tranche has been utilised already. The first and the second tranche has benefitted 160 SMEs till date. SME segment is the key growth area to increase AmBank’s market share. AmBank is aiming to double its SME portfolio in the next 3-4 years. AmBank has extended up to RM12.15 billion worth of loans to SMEs in Malaysia.
10th August 2016
AmBank’s New Campaign “Win an all-new 2016 Toyota Vellfire with AmBank”.
AmBank (M) Berhad, one of the leading banks in Malaysia, comes up with a new campaign to achieve additional profit of RM1.8bil through its fixed deposits. The campaign has been named as "Win an all-new 2016 Toyota Vellfire with AmBank”. The campaign was launched recently and will be effective form from 31st October. Already, AmBank has been successful in gathering RM500million in fixed deposits. The bank has opened 15,000 new deposits in the last couple of months. The promotion is directed towards the savings/current account holders and credit card holders. The bank aims to target up to 100,000 new credit cards by the end of this year. For credit card holders, the promotion will end on 30th September.
The campaign is a part of AmBank’s effort to encourage customers to save money by investing in fixed deposit and use credit cards to shop for the daily needs. The bank aims to improve the existing sluggish environment by encouraging customers to save more in banks. The campaign would help customers win three Toyota Vellfire cars. What they have to do is to deposit a minimum of RM10, 000 in fixed deposit or term deposit or a minimum of RM1, 000 in savings account/current account; or spend a minimum of RM80 with AmBank Credit Card in a single receipt.
As a part of this campaign, AmBank would provide 200 Samsung Galaxy S7 Edge smartphones to savings/current account owners who deposit RM488, 000 for a period of six months
1st July 2016
AmBank Group Expected to Pay Penalty of RM53.7m to Bank Negara, Malaysia
AMMB Holdings Bhd (AmBank Group) has made an agreement to make a penalty payment of RM53.7 million for non-compliance by its consumer banking and Islamic banking units to Bank Negara Malaysia (BNM).
However, the nature of non-compliance has not been made public. The representatives from Ambank mentioned, "The penalty pertains to action pursuant to section 234 of the Financial Services Act 2013 and section 245 of the Islamic Financial Services Act 2013 with respect to non-compliance with certain regulations by AmBank (M) Bhd and AmBank Islamic Bhd, respectively, “as it filed with Bursa Malaysia on Monday.
Ambank also added, "Moving forward, we have agreed with BNM that we will set aside an average of RM25 million per annum for four years for investment in systems, infrastructure and training.”
25th November 2015