Iβve been an avid person of GXBank for the reason that first Malaysian digital banking platform acquired its begin final November.
A few of my favorite options that I all the time spotlight when recommending the platform is the limitless cashback of 1% when utilizing the GXBank debit card. One other factor is the three.00% p.a. every day interest fee that they provide.
Nicely, some vital updates will likely be carried out that may have an effect on these options.
In keeping with an e-mail from GXBank immediately (September 6), there are two modifications that they are going to be doing because the digital bank turns 2 years outdated:
The every day interest fee will likely be adjusted to 2.00% p.a. for his or her Foremost Accounts and Saving Pockets efficient October 1, 2024.
They are going to be βrevisingβ The GXCardβs limitless 1% cashback programme efficient November 6, 2024.
Itβs not clear what they are going to be revising the cashback programme to, whether or not that be eradicating it totally or reducing the proportion.
Additionally they didn’t touch upon whether or not there will likely be modifications to the zero ATM withdrawal charges and nil markups on overseas transactions that GX Card customers have been having fun with. Nevertheless, primarily based on what they’ve shared beforehand, the waive is ready to final till the tip of this 12 months (December 31, 2024).
You mayβt please all of them
On their Fb announcement detailing these modifications, some netizens expressed dissatisfaction over the modifications.
Some identified that the brand new 2% p.a. interest fee is decrease than many different choices available in the market, together with choices by conventional banks and digital banks alike.
As a comparability, AEON Bank is providing 3.88% p.a. revenue rates whereas Enhance Bank is even providing as much as 4.0% interest rates underneath particular circumstances.
It’s a disgrace that GXBank is reducing their interest fee, however that doesnβt diminish what theyβve achieved prior to now 12 months. GXBank shared that greater than 800,000 Malaysians have earned nearly RM29 million via their every day interest rates.
Plus, itβs vital to notice that GXBank has all the time been clear that the GX Cardβs 1% cashback on transactions with no cap would solely final till November 5, 2024.
Shifting ahead, GXBank will likely be engaged on new merchandise corresponding to its GX Flexi Credit score, in addition to financing options to assist small companies in Malaysia.
GX Flexi Credit score, which was introduced in August this 12 months, is actually a line of credit score designed to supply monetary flexibility to its prospects.
The target is to let customers borrow with ease, paying interest solely on the funds used. Itβs additionally designed to be fast and hassle-free, without having for paperwork and lengthy waits for approval.
This product isn’t but launched but. As a substitute, GXBank is inviting Malaysians to hitch the waitlist on their web site.
As a continuing person of GXBank myself, Iβm excited to see whatβs subsequent for the digital bank, whilst these modifications roll out. Whereas the brand new 2.00% p.a. interest fee is lower than supreme, I consider the brand new merchandise within the pipeline are nonetheless value keeping track of. Β
Be taught extra about GXBank right here.
Learn different articles weβve written about digital banking right here.
Featured Picture Credit score: Vulcan Put up / GXBank