GXBank is now in the process of revising its attractive offerings that initially caught the attention of many users. When it first debuted, GXBank offered a competitive 3% interest rate on user deposits, as well as 1% unlimited cashback for all spending made via its debit card.
GXBank Reducing Interest Rates to 2%
However, these benefits will soon be adjusted, which might not sit well with some of its customers. In an email announcement to its users, GXBank revealed that starting from 1 October 2024, the 3% interest rate will be lowered to 2%, affecting both the main account and savings pockets.
Changes to Cashback Program
In addition to the interest rate reduction, GXBank has also announced upcoming changes to its debit card cashback program, which will take effect on 6 November 2024. While the exact details have yet to be disclosed, the bank has confirmed that new terms will be introduced. A representative from GXBank shared that an official announcement regarding the new cashback rate and terms will be made soon.
This move follows AEON Bank’s recent adjustments to its own offerings. The bank recently lowered its profit rate from 3.88% to 3% for its savings pots, while its general savings accounts saw a reduction to 0.88%. AEON Bank also revamped its points-based cashback program, reducing the number of points customers can earn from 3 points to 1 point for every RM1 spent.
As digital banking continues to evolve, it remains to be seen how these changes will affect customer loyalty and engagement for GXBank. Stay tuned for further updates on these developments.
Pokdepinion: I mean, easiest prediction would be that the cashback will no longer be unlimited, but how limited will it be would be what most of us would like to know. Also, it may just be 2% but at least it’s not as bad as another competitor right now, but I’m already certain many are moving their savings to another platform for better rates.
