07 July 2012

RHB platinum card: Be aware: Salesperson - Too good to be true

Today, in a shopping mall, a slightly fat credit card agent approached me and shown me how good a RHB platinum card is as follows: (I only list out what I was interested in)
1. Petrol - 10% cash-back every first week; 5% cash-back in any petrol station
2. No cap for cash-back
3. RM50 cash award (to offset the government tax)
4. others

Since I was quite interested in the saving from the petrol expenses, I went with him for further information. Although I told he I did not have EPF, he insisted to scan my ID card via EPF machine and said that monthly contribution of RM200 in EPF can have a try to apply this card. The funniest thing was he shown me his ID card and told me that he was already more than 30 years old, so what he said was reliable. In addition, he kept repeat that only he knew about the petrol cash rebate matter!!!

However, the thing is, based on RHB official website: (http://www.rhb.com.my/cards/credit-card/cc_platinum_main.html) I feel I was lucky since I was not eligible to apply this platinum card. Let me highlight the two things that I concern about from RHB website as follows:

1. Annual fee waiver with a total minimum card spend of RM36,000 per annum.
or else, Annual fee is RM500 per annual

2. Cash-back from Petrol - I cannot found it from the website
(Apparently, only he knew about the petrol cash rebate matter.)

My points of view
Platinum card is definitely suitable for those who have high expenses in dinning outlets, golft club, etc, with minimum expenses of RM36,000 per year, which is equavalent to an average of RM3000 per month. How can an employee who have salary of RM4000 to apply such card? After paying housing and vehicle montly instalments, even with a salary of RM5000, do you think you still manage to spend RM3000 per month to waive the RM500 annual fee? (Of course, the official eligible applicant should have annual income > 60K, so that you can spend 36k to waive the annual fee)

To motivation for me to write this post is to spread awareness about the potential misleading from salesperson due to personal conflict of interest. Maybe, it is necessary to report this matter to RHB or bank negara so that people's interest can be protected and irresponsible salespeople will be punished ultimately.

Lastly, as consumers, we should also have our responsible to do some homeworks before making any decision (especially financial decision). Remember, nobody is responsible for your own money except yourself. Please take care your hard earned money. That's all for today. More fascinating articles and sharing will be updated from time to time in Xaivier Blog. So, you are welcome to subscribe our feed, look at our sitemap or simply visit our Homepage.

Written by: Xaivier Chia

"The funniest thing was he shown me his ID card and told me that he was already more than 30 years old, so what he said was reliable."


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