Tiring collecting and waiting your rewards point sufficient to exchange for real item? Now with Citibank Instant Citi Rewards you can redeem your rewards point as lower as 180 points to exchange RM 1 in purchase.

Now use your Citi Rewards Points for shopping, dining, movie tickets and more.

Here’s how it works:

1. Look out for our merchants displaying the “INSTANT CITI REWARDS” sign:
   
2. Select the item of your choice at the outlet
3. Inform the cashier you’re paying with your Citi Rewards points
4. 180 Citi Rewards points = RM1*
   Therefore, if your item is valued at RM20, just use 3,600 Citi Rewards points.
5. If you don’t have sufficient Citi Rewards points, the balance will be charged to your Citibank credit card automically.

Participating merchants:

• Cathay Cineplexes (tickets only, excluding Wednesday)
• The Coffee Bean (all outlets except Penang, International Airport, LCCT and all East Malaysia outlets)
• Senheng (all outlets nationwide)
• senQ (all outlets nationwide)
• Shu Uemura (boutiques only)
• The C. Club by The Carat Club (Pavilion KL)
• The Carat Club (Jalan Maarof, Bangsar and Pavilion KL)
• Samsonite (Tropicana City Mall, Jalan Maarof, Bangsar and Jalan University, PJ)
• Adidas TaylorMade (Dataran 32, PJ, Bukit Kiara Equestrian Club, KL and Bandar Sri Damansara Club, KL)

* This promotional conversion rate is valid until 31st January 2010. Normal conversion rate is 240 Citi Rewards Points per Ringgit Malaysia.

With the promotional conversion rate(180 points to exchange RM 1),  you only required 9,000 point to exchange RM 50 which is very attractive.  For standard Citibank rewards redemption, it cost 10,000 points to exchange Hush Puppies RM50 Voucher and this is the lowest point for RM 50 cash voucher redemption. It cost 12,500 points to exchange Jusco RM50 Voucher.

For more detailed info, please visit:

http://www.citibank.com.my/global_docs/microsite/citirewards/instant_redemp.htm

“Stretch your payment with the new PB Flexipay”

This is the slogan for Public bank new product “PB Flexipay”, a new product that allow you to convert your purchase to pay in installment method. The flexipay is different with the 0% IPP (Zero Percent Instalment Payment Plan) even though both allowed you to pay for purchase through installment scheme. For 0% IPP purchase, the installment interest payable to bank is paid by merchant and for the flexipay is paid by consumer to bank.

The flexipay is a very consumer friendly product if you required to purchase in large amount and the merchant do not provide 0% IPP.  With minimum interest paid to subscribe to the flexipay, now you can settle your purchase in installment way instead of pay off the bill immediately.

Public Bank Flexipay is one of the lowest offer in current market right now.

A one-ime interest will be charged upfront and the interest rates is based on the installment tenure.

• 2% for a 6-month instalment plan (Minimum purchase amount is RM 1,000)
• 3% for a 12-month instalment plan (Minimum purchase amount is RM 2,000)
• 6% for a 24-month instalment plan (Minimum purchase amount is RM 4,000)

To subscribe to PB Flexipay, card member must inform PB Card Services (PBCS) by calling the Customer ServiceDepartment of PBCS at 03 – 2176 8000 or complete the Flexipay application form and return it by fax or mail to PBCS.

*** Flexipay only applicable to retail purchase only, not applicable to cash withdrawal, balance transfer, annual fees, finance charge.

Please visit the site for more information & terms and conditions.
http://www.pbebank.com/en/en_content/personal/promotions/flexipay.html

To make online shopping safer, it is advise to make sure you have an extra level of authentication. The ‘extra’ level, is a password that you will have to enter after entering your credit/debit card details while making online payments.

This new technology is called Verified by Visa (for Visa card) or MasterCard SecureCode (for MasterCard).

Verified by Visa (VbV) is an online service designed to make Internet transactions safer by authenticating a cardholder’s identity at the time of purchase. Verified by Visa software installed at a merchant website activates the cardholder interface during the authentication process.

The goal of Verified by Visa is to create a level of consumer trust and confidence in online shopping similar to that in the physical shopping environment. It is designed to improve both cardholder and merchant confidence in Internet purchases as well as reduce disputes and fraudulent activity related to the use of Visa payment cards. As a merchant you can benefit from guaranteed payments and reduced costs associated with the most common types of Internet disputes with Verified by Visa.

Visa official website has provided animated demonstrations show how simple it is for customers to use Verified by Visa:

• Verified by Visa activation during shopping demo
• Verified by Visa enrollment demo
• Verified by Visa shopping demo

MasterCard SecureCode is a new service from MasterCard and your card issuer that provides added protection when you buy online. There is no need to get new Mastercard card. You choose your own personal MasterCard SecureCode and it is never shared with any merchant. A private codes means added protection against unauthorized use of your credit or debit card when you shop online. Every time you pay online with your MasterCard card, a box pops up from your card issuer asking you for your personal SecureCode, just like the bank does at the ATM. In seconds, your card issuer confirms it’s you and allows your purchase to be completed.

You can check out the basic demonstration provided in MasterCard official website from the link below.

How It Works Demonstration

Bear in mind that not all banks in Malaysia offering this extra security safeguard a.k.a Verified By Visa & MasterCard SecureCode. Having this extra security feature can safeguard your cards against Internet transaction fraud.

Please do enroll your cards to Verified By Visa or MasterCard SecureCode as soon as possible. Internet transaction can be happened anytime if your card number, name, expiration date and CVV number being exposed. We don’t know when this will happen and this is possible happen, especially those people with quick reading can read and memorize these information within few seconds.

List of bank in Malaysia offering Verified By Visa & MasterCard SecureCode:

(click the name of the bank to visit the bank official page for more information)

• Alliance Bank
• EON Bank
• HSBC
• MBF – Visa, MBF – MasterCard
• Hong Leong Bank
• Public Bank
• Bank Islam
• CIMB Bank
• Maybank (Maybankard Secure Online Shopping (MSOS))
• RHB Bank
• Direct Access

Don’t forget to check out this site for step by step to activate Verified By Visa & MasterCard SecureCode for most of banks listed above.
http://www.ipay88.com/my/3dsecure.asp

Lastly, make sure you know How To Prevent Credit Card Fraud.

Credit card frauds are very common these days. We must take full precaution to prevent any kind of fraud that might happen. This post consolidates some of the prevention tips which found from Internet and present it in more organized and easy to understand format.

Receiving New/Renewed Cards

• Always check that the card is in your name, and that the sealed package is not compromised.
• Destroy your old/expired/unusable card, ensuring that the chip and magnetic stripe portion is completely damaged.
• Sign on the signature panel using permanent ink pen.

Safeguarding your PIN

• When receive your PIN, ensure the sealed envelope has not been opened.
• Go to the nearest Branch/ATM to change your PIN immediately.
• Change your PIN regularly for precaution.
• You must not disclose the PIN to any person, including any employee of the Bank.

Safeguarding your Card

• Never leave your credit card in an unsecured place, lying around at home or in the office.
• Never sign a blank receipt.
• Do not lend your card to anyone. Your card is not transferable.

Using your Card at Retail Outlets

• Keep your card secured and ensure that it is in your possession at all times.
• Check and ensure that the card you received after a transaction at a merchant is yours.
• Void incorrect charge slips before you sign a new one.
• Make sure your credit card is returned to you promptly after a purchase.

Online Usage

• Give your credit card details only on reliable websites and is from a company you trust.
• Register for 3D SSL(Verified By Visa or Master SecureCode) for extra security when you shop online.
• Manage your password carefully.
• Do not send credit card details via e-mail.
• Make sure the payment page is secured with SSL (the domain start with https://)
• Avoid using a public computer to shop online.
• Always print and save the confirmation page when completing an online purchase.
• Record or keep your receipts for all your online purchases.
• Never respond to e-mails that request for your credit card information.
• Be cautious about phishing e-mails .
• Never click on Internet links within e-mails. Instead, type the known URL.

Managing & Filing your Statement

• Secure your letter mailbox, report to bank if not receive your credit card statement on time.
• Shred all documents(charge slip, statemen) before discard them.
• Promptly check your credit card statement and report any suspicious transaction.
• Opt for e-statement if available.

If Card is Lost/Stolen

• Keep the bank phone numbers readily available with you.
• Report to your Bank immediately if your card is lost or stolen.
• Always check your credit cards to ensure that the cards are not missing from your wallet.

Beware of Scam

• Be wary of high-pressure sales tactics such as “SCRATCH & WIN” where they ask for your card details.
• Don’t provide your credit card information to anyone calling you. Bank don’t ask for your credit card information if they called you.

References:
http://www.wikihow.com/Prevent-Credit-Card-Fraud
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre07.shtm
http://www.citibank.com.my/MYGCB/APPS/portal/loadPage.do?htmlPageName=/info/det/fraud_prevention.htm&tabId=Credit%20Cards
http://www.hsbc.com.my/1/2/personal-banking/credit-cards/credit-card-education/protect-your-card/fraud-prevention

Petronas recently partnership with Maybank Islamic & CIMB Islamic bank to launch two new Islamic based co-brand credit cards, credit cards that Syariah compliant.

The two new cards named: CIMB Islamic PETRONAS MasterCard, Maybank Islamic Ikhwan Petronas Gold Visa.

One of the greatest feature of these two credit cards is “Non Compounding Charges”. Visit this site for the comparison of Compound and Non-Compound Interest. In short, you are NOT charged interest on the interest charged!

CIMB Islamic PETRONAS MasterCard

• Free For Life
• 2% Rebate at all PETRONAS Stations
• 0.5% Rebate on all Retail Transactions
• Discount at over 500 Merchants
• Special rebate offer
• MasterCard Paypass
• Free For Life
• 2% Rebate at all PETRONAS Stations
• 0.5% Rebate on all Retail Transactions
• Discount at over 500 Merchants
• Special rebate offer
• MasterCard Paypass
• Minimum Annual Income of RM18,000

Maybank Islamic Ikhwan Petronas Gold Visa

• Free Annual Fee for Life
• Non Compounding Interest
• 5x TreatsPoints at all PETRONAS Stations (with no expiry date)
• Free Petrol with TreatsPoints
• Free Maybankard Touch ‘n Go Zing Card
• VISA PayWAVE
• Free Annual Fee for Life
• Non Compounding Interest
• 5x TreatsPoints at all PETRONAS Stations (with no expiry date)
• Free Petrol with TreatsPoints
• Free Maybankard Touch ‘n Go Zing Card
• VISA PayWAVE
• Minimum Annual Income of RM30,000

List of Charge Cards Issuers in Malaysia:

For more information about charge card, can visit to the respective bank/card issuer official website.

In summary, charge card could be considered as alternative to credit card if you preferred to settle your debt every month, want to enjoy better rewards and no limit on spending.

Charge card is a payment card with a preset limit that can be used to make payments for goods and services at participating merchants either locally orinternationally. The usage of the charge card is similar to other payment cards such as credit and debit cards. In Malaysia, charge cards are issued based on conventional or Islamic principles.

While both charge cards and credit cards allow you to conduct cashless transactions, there are differences between these two types of payment cards. The main difference between charge cards and credit cards is on the required amount that is payable by the payment due date. Late payment charge (conventional) or compensation fee (Islamic) will be imposed if you failed to settle the outstanding balance in full by the payment due date.

Summary of the comparison between Credit Card and Charge Card:

You maybe interest to read more on:

List Of Charge Cards Issuers In Malaysia

List of Credit Cards In Malaysia

Visa & MasterCard are the most popular credit card issuer in Malaysia. There’s no different when using the card for purchase. However, each card issuer offered different promotion and privileges. The promotion and privileges are different for each types of the card as well. So it is good to know which bank offered Visa or MasterCard and the types of the card as well, to fully enjoy the privileges of the card.

This post summarized the list of credit cards available in Malaysia. The table below will showing the list of bank and the types of credit card offered, either class, gold, platinum, Visa Infinite or World MasterCard.

From the table above, we can know that CIMB bank is the only bank offered the complete set of credit cards for Visa & Master Card, range from the classic card to the highest range of the card, Visa Infinite & World MasterCard.

The following information is deemed correct at the time of posting. Feel free to contact me if there’s any correction to made. Thanks.