The articles sound like this:
Revert to 20-day grace period, consumer groups urge banks
Kuala Lumpur: Consumers groups are calling for banks to revert to the old policy on the 20-day interest-free period for credit card holders.
Late last month, Bank Negara announced that the interest-free period would only be enjoyed by those who pay the outstanding amount in full. <----what for we use a credit card if we were afford to pay a one lump sump amount.
Previously, credit card holders who made a partial or minimum payment of their outstanding amount were able to enjoy the grace period.
According to Consumers Association of Penang (CAP) president SM Mohamed Idris, the old ruling was more flexible and did not burden consumers.
“The new ruling states that the grace period can still be enjoyed by those who pay the full amount, but what about those who can only pay a partial sum? Not everyone can pay the full amount every month.
“It is not because they won’t; it’s because they can’t,” he said. <----this is correct. I agree much.
Fomca secretary-general Muhammad Sha’ani Abdullah said: “Not all cardholders can maintain full payment. What if they get sick or retrenched?”
Sha’ani added that the interest-free period is one of the advantages of using a credit card.
“Without the grace period, there is no difference between using a credit card and paying cash,” he said. <------this is correct too.
Meanwhile, Fomca president Datuk N. Marimuthu said that the interest that must be paid by users who default more than once, as stated in the new three-tier structure, should be reduced from between 15% and 18% to 12%.
“The reduction can help those who cannot manage their credit card debts,” said Marimuthu.
He added that if the system continued this way, people would be discouraged from using credit cards.