Hong Leong Bank Bhd. has launched a credit card in Malaysia that will enable cardholders to receive cash instead of reward points or just cash back on purchases, according to the Kuala Lumpur-based bank.
Hong Leong is the first bank to issue such a card in Malaysia, the issuer noted in a Feb 18 release.
The bank’s proprietary research suggests consumers want rebates from all retailers with no specific constraints, Moey Tan, Hong Leong chief operating officer for personal financial services, said in the release. Cardholders may access the funds from any of the ATMs in the bank’s network.
Through a travel-protection plan, cardholders who charge their air tickets to their Hong Leong Fortune credit card automatically are insured for up to 500,000 ringgits (US$164,400 or 120,333 euros).
The Visa-branded card is for cardholders who use it twice per month or spend a minimum of 8,000 ringgits per year. They also would receive a credit limit of up to five times their monthly income, which would be more than any of the bank’s other nonpremium cards, the issuer says.
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