2017 Top 10 Travel Credit Cards to Apply for Malaysians (No, Citibank isnt one of it)

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Many of the mortgages were not only defective, but were a result of mortgage fraud. While Citi Holdings is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically "breaking even" in

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So if you are a high saver, apply this premium card to take advantage on its privileges. This status usually requires 10 stays to attain. Min Income to apply: Hong Leong Visa Infinite. No, we dont hate Citibank at all. To avoid doubts, we have created a table on Citibank cards and how it fared badly compared to the 10 credit cards listed above. We rank the credit cards mainly by conversion of point to mile, privileges available, annual income required and lastly the annual fees.

We do not receive any commission nor benefits from any banks. This article is purely for our readers benefits. In we hope to engage closer with our readers instead of just 1 way flow. If you have any questions about travel, comment below, perhaps we can write an article on your questions and enlighten others as well.

This post is so wonderful with big money savings when our ringgit is falling like durians. Thank you for sharing. Hi Tommy, thanks for doing this research. It is greatly appreciated. As long as i have Hilton HHoners membership? Same question for SPG Gold member. Thanks ever so much. Thanks for the reply Tommy. Which one would you really recommend? Hi Kah Fai, there is no perfect card so in the end you will need to check what is your ultimate motive.

As Maybank World Master only able to redeem enrich and takes double money to earn same points for local spending. So it is like 50k and k spending difference. Hi Tommy, Noted on your reply. The redemtion for air flight all same? Hi Tommy, thanks for the infos. Hi Tommy, thanks for the great article! Can you share roughly how much mile points required to redeem an economy and a business class flight? Do you know the bank forex charges for all these cards?

I read they vary quite a bit. Can I spend the money in there after opening an account? If u stay overseas and spend there it is also consider as overseas spending as long as ur card in applied in Malaysia.

Starts from 1st Nov TIME to look for a new Credit cards!!! Hi Jake, i just checked. Annual fee or incoming is not an issue. This site uses Akismet to reduce spam. Learn how your comment data is processed. About Tommy Ooi Articles. Previous 20 Best Travel Moments in The New Social Media for Travelers. Hi Ms Liew, yes it is. I think we did put Free For Life under its Annual fees. Hi, you can visit Maybank website to check on the redemption point.

Which credit card do you have, or your top 2 recommendation? The chairmen of both parent companies, John S. The remaining provisions of the Glass—Steagall Act —enacted following the Great Depression—forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. However, Weill stated at the time of the merger that they believed "that over that time the legislation will change He oversaw its network of branches.

He's rough on the edges. But Citibank knows the bank as an institution is in trouble—it can't get away anymore with passive selling—and Plumeri has all the passion to throw a glass of cold water on the bank. In , Citigroup made additional acquisitions: The company spun off its Travelers Property and Casualty insurance underwriting business in It was also difficult to sell insurance directly to its customers since most customers were accustomed to purchasing insurance through a broker.

Travelers merged with The St. In spite of divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February , when Citigroup agreed to sell the logo back to St.

Paul Travelers, [61] which renamed itself Travelers Companies. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex. Heavy exposure to troubled mortgages in the form of collateralized debt obligation CDOs , compounded by poor risk management, led Citigroup into trouble as the subprime mortgage crisis worsened The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn, or the prospect that millions of mortgage holders would default on their mortgages.

Trading head Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight. Bowen III , the chief underwriter of Citigroup's Consumer Lending Group, began warning the board of directors about the extreme risks being taken on by the mortgage operation that could potentially result in massive losses.

Bowen's responsibility was essentially to serve as the quality control supervisor ensuring the unit's creditworthiness. Many of the mortgages were not only defective, but were a result of mortgage fraud. Bowen attempted to rouse the board via weekly reports and other communications. On November 3, , Bowen emailed Citigroup Chairman Robert Rubin and the bank's chief financial officer , head auditor and the chief risk management officer to again expose the risk and potential losses, claiming that the group's internal controls had broken down and requesting an outside investigation of his business unit.

The subsequent investigation revealed that at the Consumer Lending Group had suffered a breakdown of internal controls since Regardless of the findings of the investigation, Bowen's charges were ignored, despite the fact that withholding such information from shareholders violated the Sarbanes—Oxley Act SOX , which he had pointed out.

Citigroup eventually stripped Bowen of most of his responsibilities and informing him that his physical presence was no longer required at the bank. The Financial Crisis Inquiry Commission asked him to testify about Citigroup's role in the mortgage crisis, and he did so, appearing as one of the first witnesses before the Commission in April As the crisis began to unfold, Citigroup announced on April 11, , that it would eliminate 17, jobs, or about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.

With the crisis worsening, Citigroup announced on January 7, that it was considering cutting another 5 percent to 10 percent of its , member-workforce. On November 17, , Citigroup announced plans for about 52, new job cuts, on top of 23, cuts already made during in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before As a result, late in the evening on November 23, , Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value.

On November 24, , the U. The assets remained on Citigroup's balance sheet; the technical term for this arrangement is ring fencing. In return the bank gave the U. The government obtained wide powers over banking operations. Citigroup agreed to try to modify mortgages, using standards set up by the FDIC after the collapse of IndyMac Bank , with the goal of keeping as many homeowners as possible in their houses.

Executive salaries would be capped. According to the article, former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy, " governments around the world would be trying to figure out how to pay their employees". In , Jane Fraser , the CEO of Citi Private Bank, stopped paying its bankers with commission for selling investment products, in a move to bolster Citi Private Bank's reputation as an independent wealth management adviser, as opposed to a product pusher.

On January 16, , Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management. The majority of its assets are U. It was created in the wake of the financial crisis as part of Citi's restructuring plan. It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial, divestitures such as Smith Barney, and a special asset pool.

While Citi Holdings is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically "breaking even" in On February 27, , Citigroup announced that the U. By December , the U. By December , Citigroup repaid the emergency aid in full and the U.

On June 1, , it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, , due to significant government ownership. Citigroup was replaced by Travelers Co. Smith Barney, Citi's global private wealth management unit, provided brokerage, investment banking and asset management services to corporations, governments and individuals around the world.

With over offices worldwide, Smith Barney held 9. In , Citigroup achieved its first profitable year since According to Treasury spokeswoman Nayyera Haq, "This IRS tax rule was designed to stop corporate raiders from using loss corporations to evade taxes, and was never intended to address the unprecedented situation where the government owned shares in banks.

And it was certainly not written to prevent the government from selling its shares for a profit. Citi Express modules, hour service units, were introduced in Colombia. Citi opened additional branches in China, expanding its branch presence to 13 cities in China. Citi Branded Cards introduced several new products in , including: It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe.

Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks. In , the Global Markets division and Orient Securities formed form Citi Orient Securities , a Shanghai based equity and debt brokerage operating in the Chinese market. On March 13, , the Federal Reserve reported Citigroup is one of the four financial institutions, out of 19 major banks, that failed its stress tests , designed to measure bank capital during a financial crisis.

On March 26, , the Federal Reserve Board of Governors reported that Citigroup was one of the 5 financial institutions that failed its stress tests. Unlike in the failed stress test in , Citigroup failed on qualitative concerns that were unresolved despite regulatory warnings. The report specifically stated that Citigroup failed "to project revenues and losses under a stressful scenario for material parts of the firm's global operations and its ability to develop scenarios for its internal stress testing that adequately reflects its full range business activities and exposures.

In February , the company was subject to a lawsuit as a result of the bankruptcy of a Mexican oil services firm. In April , Citigroup announced that it would eliminate its bad bank , Citi Holdings.

Citi Capital Advisors CCA , formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes. Despite this deal, industry surveys pegged Citi as the biggest banking player in the forex market. The operations sold include 27 branches serving approximately , clients. Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica.

On April 1, , Citigroup became the exclusive issuer of Costco-branded credit cards. In April , Citi was given regulatory approval for its 'living will,' its plans to shut down operations in the event of another financial crisis.

According to data compiled by Bloomberg , Citigroup is ranked No. Citigroup Center , a diagonal-roof skyscraper located in Midtown Manhattan , New York City, is Citigroup's most famous office building, which despite popular belief is not the company's headquarters building.

Citigroup has its headquarters located in downtown Tribeca Greenwich. It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center. In , Japanese regulators took action against Citibank Japan loaning to a customer involved in stock manipulation.

The regulator suspended bank activities in one branch and three offices, and restricted their consumer banking division. In , Japanese regulators again took action against Citibank Japan, because the bank had not set up an effective money laundering monitoring system.

The regulators suspended sales operations within Citibank's retail banking for a month. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds. Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages.

The lawsuit was on behalf of investors who purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc in The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee. This settlement amount makes the NMS the second largest civil settlement in U. Oklahoma held out and agreed to settle with the banks separately.

Attorney General Eric H. Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services. Treasury futures markets, i. On October 22, , Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron -related exposure in its Annual Report and elsewhere, and failing to disclose the true extent of Citigroup's legal liability arising out of its 'structured finance' deals with Enron.

On November 8, , Citigroup was sued for financial misrepresentations and omissions of what amounted to more than two years of income and an entire line of business. In , the General Accounting Office issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari , brother of Carlos Salinas , the former president of Mexico.

The report, titled "Raul Salinas, Citibank and Alleged Money Laundering," indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail. The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune, an omission that a Citibank official called a violation of the bank's "know your customer" policy. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.

In a leaked report for their investor clients from , a team of global strategists at Citigroup wrote an analysis of the global distribution of wealth and consumers. In it, they state that global imbalances have grown to the extent as to justify talking of a plutonomy , and demand for a renewed understanding of how this impacts consumption.

The Managerial Aristocracy, like in the Gilded Age, the Roaring Twenties, and the thriving nineties, needs to commandeer a vast chunk of that rising profit share, either through capital income, or simply paying itself a lot.

A love Story while his portrayal of the report has been criticized by the authors. Government's majority holding of Citigroup's common shares , compensation and bonuses were restricted from February until December In November it became public that Citigroup was heavily involved in the Terra Securities scandal , which involved investments by eight municipalities of Norway in various hedge funds in the United States bond market.

Terra Securities ASA filed for bankruptcy November 28, , the day after they received a letter from the Financial Supervisory Authority of Norway announcing withdrawal of permissions to operate. The letter stated, "The Supervisory Authority contends that Citigroup's presentation, as well as the presentation from Terra Securities ASA, appears insufficient and misleading because central elements like information about potential extra payments and the size of these are omitted.

A three-year investigation found that Citigroup from to used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders. When a whistleblower uncovered the scam and brought it to his superiors [in ], they buried the information and continued the illegal practice. Robert Kuttner wrote in his book A Presidency in Peril that in spring , Geithner and chief economic adviser Larry Summers believed that they could not seize, liquidate and break up Citigroup because they lacked the legal authority or the tools to do so.