New Hong Leong Bank Essential Credit Card


Do you know how the banks retain their customers base?

The answer is via Credit Card!

It was ranked as one of the most profitable products for the bank offers as it can  racking up some impressive returns.

Read more about How Lucrative  Credit cards business Is at How to get the Lowest Credit Card Interest Rate in the Country?

Hong Leong Bank has recently launched a new Credit Card called Essential.

It was aggressively marketed in the Media.

You would notice it appear more than One page of the advertisement at The Star newspaper recently.


I would say this Hong Leong Bank Essential Credit Card offer Unique and Attractive benefits as shown below:

It offer:

1% Unlimited Cash Back

You will enjoy 1% cash back on your purchases for shopping, dining, travelling or anything else.

There is No Cap(Limit) on how much you can get cash back. Therefore, the more you spend, the more cash back you get.

Definitely a Major Unique Selling Point(USP) of this Credit Card.


2% Cash Advance Fee

Hong Leong Essential Card also gives you instant access to cash at over 1.5 million Visa ATMs in 200 countries and territories. At a minimal fee of just 2% of the amount advanced, you’ll never have to worry about running out of cash.

This Credit Card is backed by VISA International. VISA International is the world’s most popular credit card brand that’s welcomed by 29 million merchants worldwide.

The cash advance fee is 2% of the amount advanced or a minimum of RM5, whichever is higher. This is imposed for each cash advance transaction. Minimum withdrawal for each cash advance is RM200.

Normally, other’s bank Credit Card would charges 5% of the amount withdrawal

10.8% per annum Interest on Cash Advance

You can enjoy even more savings each time you make a cash advance with your Hong Leong Essential Credit Card because you’re entitled to an exclusive low rate of 10.8% per annum.

On top of that, you can also draw cash up to 70% of your card limit!

10.8 % per annum of the outstanding amount calculated on a daily basis from transaction date until full repayment date.

Normally, other’s bank Credit Card would charges 18% per annum on Cash Advance

Conditional Free-For-Life

As long as you use your Hong Leong Essential Credit Card twice a month(24 swipes per annum) or spend RM8,000 a year, you’ll be rewarded with the peace of mind knowing that there won’t be any annual fees to pay.

You’ll continue to enjoy all the benefits that come with being a card member free of charge for life.

– 1% per annum Balance Transfer

– 1 Higher Credit Limit

– 1% per annum Flexi Payment Plan

Requirement and Eligibility

  • Minimum annual income of RM30,000
  • Copy of I/C (both sides)
  • Copy of other bank’s credit card (both sides)

Even though this Credit Card offer a Great benefit, I would think twice before getting a new cards in view of the RM50 service tax impose on each principal Credit Card by January next year

Read more about RM50 Service Tax for Card Holders | Cancel your Credit Card Now! and Maybank Announcement On RM50 Credit Card and Charge Card Service Tax

By the way, Would You get this Hong Leong Essential Credit Card?


Feel free to leave a comment below!

8 Responses to “New Hong Leong Bank Essential Credit Card”

  1. alan, i think if we got the credit card on december 2009… government will charge us on december 2010.. but not 1/1/2010… so u can cancel it before dec 2010… i think i will convert my HLB gold to this essential card since this card have more privilege.

  2. I am not sure as there is NO clear guideline on this..

    So we shall wait then

  3. NIce info Alan. You ada ke Hong Leong Card tu

  4. Alan, do you know how can we make cash advance? is it thru HLB ATM or also can thru counter? If ATM, I believe the limit is RM1k/trx, if thru counter, that’s where the 70% come. Glad if anybody can confirm this.

  5. Normally, I use ATM.

    That’s why the Bank send you PIN for your credit card to withdrawal money like ATM card.

    I think it’s better for you to confirm with your bank on the detail

  6. I request to increase my credit card limit to double but rejected with reason my Essential use not more than 6 months. It make me have to pay my credit card every week for available credit……

  7. Hong Leong Bank eyes acquisitions abroad
    KUALA LUMPUR: Hong Leong Bank Bhd is eyeing acquisitions abroad which are well-priced and would make a good franchise that complements its overall strategy.

    “It’s hard to pinpoint which countries to invest in but certain countries are more compelling. However, Indonesia and Thailand are compelling,” group managing director and chief executive officer Yvonne Chia told reporters at its financial results briefing in Kuala Lumpur yesterday.

    “We do have opportunities knocking on our door,” she said.

    Hong Leong Bank posted a 51% jump in its net profit to RM301.1mil for its fourth quarter ended June 30, compared with a year earlier.

    “The increase was due to higher net interest income by RM59.6mil, higher share of profit from Bank of Chengdu Co Ltd by RM29.9mil and lower allowance for losses on loans, advances and financing by RM87mil.

    “This was, however, offset by lower net income from Islamic banking business by RM13.3mil, lower non-interest income by RM22.2mil, higher other operating expenses by RM3.4mil and higher taxation expense by RM35.4mil,” the bank said in a filing with Bursa Malaysia yesterday.

    Revenue for the quarter was also higher at RM517.8mil compared with RM493.6mil a year earlier.

    Hong Leong has a 20% equity interest in Bank of Chengdu.

    For the full year, Hong Leong’s net profit was up 9.1% to RM988mil despite a marginal drop in revenue to RM2.05bil from RM2.09bil before.

    HLB’s earnings per share rose 9.1% year-on-year to 68.2 sen. Net assets per share grew 13.3% to RM4.43.

    Return on assets improved to 1.2% from 1.15%, while the return on average shareholders’ funds stood at 16.3%. Total assets grew 7% year-on-year to RM85bil.

    Its gross non-performing loan (NPL) ratio and net NPL ratio further improved to 1.9% and 1.2% respectively in FY10, from 2.2% and 1.3% last year.

    “It continues our track record of unbroken profitability as a commercial bank since commencing our business transformation in 2005,” Chia said. “The Hong Leong discipline of prime value creation, the bedrock of our management philosophy, has been consistent in improving returns to shareholders.”

    Going forward, Chia said that overall it was very excited about the prospects of the group.

    “There are opportunities to assert our liquidity franchise to strongly grow for scale. In a fast liberalising sector, efficiency of delivery and human capital effectiveness will continue to be our prime focus to differentiate the bank from its competitors,” she said.

    Updating on the acquisition of EON Capital Bhd (EON Cap), Chia said it would be up to the EON Cap board and shareholders to decide.

    “The offer is on the table and the deadline remains at Nov 30,” she said at its financial results briefing.

    Hong Leong has offered to acquire the entire assets and liabilities of EON Cap at RM7.30 a share or RM5.06bil in cash.

    But, the plan hit a snag when Primus Pacific Partners Ltd, EON Cap’s largest shareholder with a 20.2% stake, filed a legal suit against the directors of EON Cap and three entities controlled by Rin Kei Mei and Tan Sri Tiong Hiew King for RM1.11bil in damages as it believed that the price for EON Cap should be much higher.

    Primus had bought its stake in EON Cap at RM9.55 per share.

    The High Court has fixed a final case management between Primus and EON Cap directors for Sept 2.

    “The corporate move to acquire EON Capital Bhd is really an inorganic in-country commitment to create a stronger bank. The merger means a winning combination for customers,” she said.

    In an announcement to Bursa Malaysia, Hong Leong Bank said it concurred with the change in the date for EON Cap EGM to approve its proposed acquisition of EON Cap’s assets and liabilities from Aug 20 to Sept 30.

    It also agreed that all the approvals from Bank Negara/Finance Ministry, shareholders of EON Cap and Hong Leong Bank, and the Securities Commission, on terms and conditions acceptable to Hong Leong Bank, were obtained, and the acceptance of the offer by EON Cap was given by Nov 30.

  8. New Hong Leong Bank debit card for youngsters

    PETALING JAYA: Hong Leong Bank Bhd (HLB) is targeting 30,000 youngsters for the new Hong Leong Junior Debit Card in the next six months.

    Group managing director Yvonne Chia said the new debit card was tailored specifically to meet the needs of both parents/guardians and children aged 18 and below.

    Based on the card limit set by parents or legal guardians, children would be allowed to withdraw cash, reload their prepaid mobile phone credits or buy things like books and stationeries.

    The card is also linked directly to the Hong Leong Junior Savings account and may be used for retail purchases at over 29 million authorised Visa and MEPS merchants worldwide.

    All approved Hong Leong Junior Debit Card applications shall be issued to parents or legal guardian, the bank said in a statement.

    “We have a corporate responsibility to cultivate prudent money management habits among the young,” Chia said.

    In conjunction with the launch, the first 5,000 Hong Leong Junior Debit Card customers would get the card for free.

    On another note, Chia said that given the exponential growth of debit cards in Malaysia, with over 32 million in circulation, HLB aspired to be a formidable player in the market to promote cashless payment with a differentiated value proposition.