Hong Leong Bank (HLB) has announced that it will be ceasing the use of several of its credit cards come 1 September 2020, including its Fortune Credit Card, Mach Signature Credit Card, and Mach Gold Credit Card.
A total of six credit cards will no longer be usable from September:
- Fortune Credit Card
- Mach Signature Credit Card
- Mach Gold Credit Card
- AIA/ING Credit Card
- Liberty/UniAsia Credit Card
- P&O Credit Card
HLB had previously announced the discontinuation of some of these cards, such as the Fortune Credit Card in January 2019, as well as Mach Signature Credit Card and Mach Gold Credit Card in January 2020. However, these earlier announcements stated that existing cardholders were allowed to continue using the cards and enjoying its benefits until the expiry dates on their cards.
What does the latest announcement mean for cardholders?
Following the latest announcement, HLB clarified that its cardholders will still be able to receive all their cashback earnings, rewards points, and miles gained through their existing cards, based on transactions performed until 31 August 2020. These will be credited to you by 31 October 2020. However, HLB also said that you will not be allowed to redeem the points accumulated in your existing card from 1 September onwards.
Additionally, if you are unable to settle any outstanding balances or still have active instalment plans parked under any of these cards by 1 September, the bank will continue to keep your accounts and plans active until you’ve fully settled your payments. However, you will not be able to use your cards starting from 1 September.
Similarly, any standing instructions that you have set for your savings/current account to repay your credit card bills will also remain active until you have fully settled your outstanding balance. Meanwhile, existing direct debit and auto-billing payments that were enrolled under these cards will cease to be active, and must be moved to other HLB credit cards to avoid interruptions to your payments.
There is also an extra clause for Fortune Credit Card cardholders which states that HLB will waive the annual fee paid for the card as a gesture of appreciation. The waiver will be credited to you by 31 October. The bank further clarified that this means it will not credit you again if you’ve already paid your annual fee for the year.
Replacement credit cards for affected cardholders
In addition to the above, HLB also announced that it will issue a replacement credit card for each discontinued cards. Here’s a summary of the replacement cards that will be sent out to affected cardholders:
|Discontinued credit cards||New replacement credit cards|
|– Fortune Credit Card||
Essential Credit Card
|Mach Gold Credit Card||WISE Credit Card|
|Mach Signature Credit Card||Infinite Credit Card|
The Essential Credit Card offers 0.4% cashback on eligible retail transactions up to RM7,000, and an unlimited 1% cashback rate if the total monthly retail transaction is above RM7,000. However, the cashback rate for insurance transactions is capped at 0.4%, but with no maximum monthly cashback amount.
Meanwhile, the WISE Credit Card offers 8% weekend cashback on petrol, groceries, and dining on weekends with a minimum spend of RM500 per month, and 1% on weekdays. The maximum cashback that you can get for each of the three categories per month is fixed at RM18, while cardholders enjoy 0.25% unlimited cashback for all other spend.
The Infinite Credit Card, on the other hand, is an air miles credit card that offers 1 Enrich Mile for every RM2.80 spent on local retail transactions, or every RM1.80 spent on overseas retail transactions.
According to HLB, the new cards will be posted to your home, although you can also opt to decline if you do not want them. As an additional gesture, HLB is extending a 3-year annual fee waiver for cardholders who will be receiving the Essential and WISE Credit Card, provided they activate their new replacement cards by 30 September 2020.
For more information about the discontinuation of these cards, head on over to Hong Leong Bank’s website.