Thanks to a former colleague who got me alerted on this matter today.
I do not remember reading it in any newspaper. Maybe I missed it.
Malaysian National Bank (Bank Negara Malaysia) has implemented from 1
July 2008 that the 20-days interest-free credit is only eligible for
those who pay the bills in full before the due date.
For those who only pay minimum amount or anything less than the full
amount, you will be charged interest from the day that the transaction
is posted to your account.
Yes, the yearly interest rate will be reduced to 15% for those who pay
on time. However, the last time they said it was only a move to
encourage users to pay on time to curb the escalating credit-card debts
by Malaysian consumers. They never said anything about removing the
interest-free days.
As always, when a Malaysian top authority decides on a policy, the
"reasoning" is to be "in line with international practices".
So, credit card holders nation-wide, check your last bill for the due
date and make sure you charge your next purchase on the day after that
date so you won't get double interest.
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