THE Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) are encouraging consumers to make informed financial choices when considering the cash advance feature on credit cards, and to explore more affordable and sustainable financing options that can better support long-term financial wellbeing.
Financial stress can affect individuals and families from all walks of life, whether due to rising living costs, unexpected emergencies, or unforeseen income disruptions. In such situations quick access to cash may seem like the only solution. However, using a credit card cash advance may lead to significantly higher costs that accumulate quickly, potentially placing consumers in deeper financial difficulty.
