GXBank has notified users that it will soon start charging a fee for new debit cards. Up until this point, the digital bank has been waiving the issuance fee of debit cards for new users as well as replacement cards, but this will no longer be the case starting from 17 April 2025.
With its upcoming policy change, new GXBank users will be charged a RM12 issuance fee upon activation, while lost or stolen cards will be subjected to a replacement fee of RM12. However, both these fees will be automatically waived if the user maintains an average balance of RM1,000 or more for 30 consecutive days from the date of issuance.
As a reminder, several other GXBank fee waivers are set to expire next month. After 6 May 2025, it will no longer waive the RM1 withdrawal fee for MEPS ATMs and the bank will also start charging a 1.2% foreign transaction fee for every purchase made overseas. According to its latest product disclosure sheet, there is still no annual fee for its debit card.
Last November, the digital bank significantly reduced the unlimited cashback for its debit cards from 1% to 0.1%. Moreover, it lowered the interest rate of savings accounts from 3% to 2%.
(Source: GXBank)
