Bank Simpanan National Credit Card Malaysia

By: EconomyWatch   Date: 6 October 2010

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Bank Simpanan National Credit Card Malaysia is offered by Visa and MasterCard to facilitate wider acceptance. It can be used for cash advances from over a million ATMs in more than 180 countries.

Bank Simpanan National Credit Card Malaysia: Issuer’s History

Bank Simpanan National (BSN) was established in 1974 by the Malaysian Ministry of Finance. It is owned by the government of Malaysia and has taken over the functions of the Post Office Savings Bank. The bank has over 382 branches and 621 ATMs across the country, with over seven million customers and RM8 billion in savings.

Bank Simpanan National Credit Card Malaysia: Types

Bank Simpanan National Credit Card Malaysia is available in two versions with certain exclusive features:

Visa/MasterCard Classic

  • Annual fee of RM60 on the principal card and RM30 on each supplementary card.
  • People with a minimum annual income of RM18,000 are eligible for the card.
  • Complete waiver of annual fee on spending over RM4,000 annually.
  • Complementary travel insurance cover of up to RM300,000.

Visa/MasterCard Gold

  • Annual fee of RM125 on the principal card and RM 75 on each add-on card.
  • People with a minimum annual income of RM48,000 are eligible for the card.
  • Full waiver of annual fee on spending above RM7,500.
  • Complementary travel insurance cover of up to RM500,000.

The Bank Simpanan National Classic Card and Gold Card share the following common features:

  • Low interest rate of 15% per annum or 1.25% per month.
  • No interest on installment plan for up to two years under the EasyPay plan.
  • Waiver of joining fee.
  • Waiver of annual fee for the first year.
  • Earn one bonus point for each Malaysian ringgit spent.
  • Balance transfer rate of 1% per month or 12% annually for the initial 12 months.
  • Interest free credit period of up to 20 days.
  • Interest fee of 5% on cash advances of at least RM10.
  • Minimum 5% repayment of the outstanding monthly balance.

Bank Simpanan National also offers a number of other services, including home loans, personal financing, Islamic banking, Premium Saving Certificate (SSP), Giro Savings Account as well as a debit card facility.

‘MasterCard’ is the trademark of the MasterCard Company, who can be found at www.mastercard.com/sea/

‘Visa’ and ‘Visa Cards’ are trademarks of the Visa Company, who can be found at www.visa-asia.com/ap/sea/

‘Bank Simpanan National Credit Cards’ is the trademark of Bank Simpanan National, who can be found at http://www.bsn.com.my/english/bsn/sejarah_bi.asp

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