1st March 2023 - 3 min read
Touch ‘n Go (TNG) eWallet has announced some changes to its user terms and conditions that will be enforced later this month, including reducing the monthly quota of transferable credit card reloads to RM1,000. Additionally, it is introducing a new fee of 1% for subsequent reloads made via credit cards (exceeding the allocated RM1,000 limit) if they wish to categorise it as transferable balance.
To quickly explain, your TNG eWallet balance is split two categories – transferable and non-transferable balance – depending on the source of your top-up funds. Transferable balance refers to any eWallet reloads that do not come from credit cards (such as debit cards and online banking), and as such, can be transferred to other TNG eWallet accounts, bank accounts, or GO+.
Meanwhile, non-transferable balance is defined as any top-up amount that comes from credit cards (cash in or reload) or government initiatives, and cannot be transferred to other accounts. However, to ensure that users are not completely restricted by this limitation, TNG eWallet also allows for a quota of credit card reloads that can be treated as transferable eWallet balance. This quota was previously set at RM2,000 and RM5,000 for users in the Pro and Premium tier, respectively.
With the upcoming update, however, this quota of transferable credit card reloads will soon be reduced to RM1,000. Here’s a table to quickly summarise the change:
|User tier||Existing quota of transferable credit card reload permitted each month||New quota of transferable credit card reload permitted each month (after update)|
To further provide extra flexibility for users who wish for more transferable credit card reloads, however, TNG eWallet is also introducing a new capability that allows you to classify any credit card top-ups that exceed the permitted RM1,000 quota as transferable balance – but it comes at a 1% fee. So for instance, if you’d like to use your credit card to reload another RM1,000 into TNG eWallet after hitting the permitted RM1,000 limit, and have it be treated as transferable balance, you’ll need to pay an admin fee of RM10 to do so.
These updates by TNG eWallet are set to take effect starting from 22 March 2023, and are likely introduced in a bid to provide more clarity and transparency for their users, especially in the wake of a growing number of users who have had their accounts restricted due to a generally vague description of “excessive” credit card top ups.
(Source: TNG eWallet)
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what a joke, boikot these buggers
Just ask why should we pay for the 1%charge once we are using credit card transfer to our Touch n Go Ewallet ya…
Bcos banks charge them switching fees. Similar to petrol stations earlier.
Boss, that is stupid reason where VISA and MASTERCARD have rules that all fees not supposed to passed to cardholder and not allowed to charged or burdens cardholder with it. We should all compliant to Visa and Mastercard directly. If they unable to bear, just don’t allowed credit card, and loss most customer/users. Let’s stop using TNG if like that. Back to CASH mode or other eWallets if not like the new rules. Else, no choice to accept it and get bully. LOL
Power of negotiation from tng is sucked
Is it worth to pay the 1% fee and then earn 3.4% interest from Go+?
1% with grace period of 20 days with 3.4% interest rate P.A. Long term yes?
3.4% is annual rate
Please take note u need to repay the amount you transfer from credit card to touch n go! If it is ur money in saving account, which only have 1%, then should be worth it. Otherwise not worth it, because 3.4% is annual rate, convert to 30 days, will be 3.4%/365 x 30 = 0.28%. Not worth it!
Sure not worthy. All this finance company will never let you earned. End up, you actually lost money instead of earning. Else why so many financing companies out there keep growing and citizen keep getting poor and gap between poor and rich getting bigger. Middle class people now become more poor because they think putting their money into financing company so call investment will grow they money. End up… become poor… Some link investment in insurance also, they used the word as Investment but the fund grow is because you paying premium monthly and the investment g got no return… Read more »