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| Banks win, Customers lose |
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By abolishing the 20-day interest free grace period, credit card customers actually lose money by spending on their credit card. This is because the interest charged is much higher than what the banks are giving on their savings accounts to their customers. The banks may probably say, customers can choose to spend with cash instead. This will result in customers making more frequent ATM cash withdrawals but we all know that banks also charge for ATM withdrawals exceeding a certain frequency.
So, it would seem that either way, the customers loses out.
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Banks in Malaysia are actually no better than a licensed ah long (loan shark). I remember the time when ATM cards were issued free of charge and a customer could just walk into any bank branch to change money and/or coins.
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