Rule 13.2 of the Bank Negara rules on credit

All Malaysians should be made aware of this clause .

The limit of your liability for a lost or stolen credit card is RM250.00 only under Rule 13.2 of the Bank Negara rules on credit card if it has been fraudulently used.

Please note this limit and ensure that your bank does not overcharge you should your card have been used illegally.

Most are unaware of RM250 limited liability PLEASE READ AND BE INFORMED! CARDHOLDERS need not pay more than RM250 whenever their lost or stolen credit cards are used by others. Yet, often times, they end up paying much more.

This is because Bank Negara has not informed cardholders that they do not have to pay more than RM250 for fraudulent transactions carried out using their lost or stolen cards, when they had not acted fraudulently and had informed the banks about the lost or stolen cards as soon as possible.

This protection is given under Clause 13.2 of Bank Negara’s Credit Card Guideline:

“The cardholder’s maximum liability for unauthorised transactions as a consequence of a lost or stolen credit card shall be confined to a limit specified by the issuer of credit cards, which shall not exceed RM250 provided the cardholder has not acted fraudulently or has not failed to inform the issuer of credit cards as soon as reasonably practicable after having found that his credit card is lost or stolen.”

Banks know about Clause 13.2 but have chosen to ignore it. Instead they pursue cardholders for the fraudulent transactions.

They will tell cardholders that a clause in the credit card contracts states that all transactions carried out before the loss of the cards are reported to the banks, are deemed to be carried out by the cardholders.

Many cardholders then pay up because they are unaware of the RM250 limited liability.


Hence why we shouldn’t even use credit card. No money, then no money… why need to spend more than we can earn. Beside, if bank was like a religious institution, then we all will be probably live a better life… why? No money to pay… nevermind, pray to God and ask for forgiveness and all debt will be wiped out. But, economically… we will use much more and probably burn more resources than we need.

It’s not a rant, it’s just my opinion.

No money, no talk. :oops: