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XavierNomic commented on a stock · Sep 11 09:32

GXBank: Where the Only Thing Growing is Our Disappointment

Alright, folks, buckle up because it seems like GXBank just decided to drop a couple of bombshells on us on 6th September —and not the good kind, more like those "your WiFi is out" bombs. You know, the ones that ruin your day.

So, GXBank, Malaysia’s first digital bank, has been a fan favorite for offering a sweet 3% interest rate and a juicy 1% unlimited cashback on its debit card. But, guess what? They’re pulling a classic corporate switcheroo. You’ve heard of 'New Year, New Me,' right? Well, it’s more like 'New Fiscal Year, New Disappointments.'

First, the interest rate is dropping from 3% to 2%. Yup, that's right, GXBank is basically giving us a discount on free money! It’s like asking for a raise at work and getting a smaller paycheck. Effective October 1, 2024, your savings account is going on a diet.

And just when you thought it couldn’t get any worse, hold onto your cashback dreams. They’re "revising" that 1% cashback program on the GX Card. Now, they didn't tell us exactly how much we’re getting slashed. They’re keeping it vague, like your ex when they said, “It’s not you, it’s me.” Let’s be honest—it’s totally them.

But wait, there’s more! No updates yet on whether the free ATM withdrawals or zero markups on foreign transactions will survive this corporate apocalypse. They might be following the same path as Blockbuster—gone but not forgotten.

Of course, some brave keyboard warriors on Facebook are already voicing their disappointment. One user basically summed it up by saying, “Hey, even my grandma’s bank is offering more interest than GXBank now!"—and I think her grandma is onto something. Other banks are handing out up to 4% interest like Oprah giving out free cars. You get 4%! You get 4%! Everyone gets 4%! Except GXBank customers—sorry, you get 2%.

But to be fair, GXBank has still made some major moves. They’ve managed to rake in RM29 million in interest for 800,000 Malaysians over the past year, and now they’re planning some new products like GX Flexi Credit. Basically, you borrow money and only pay interest on what you use. It’s like renting, but instead of a nice apartment, you get crippling debt. Yay?

In conclusion, while GXBank may not be showering us with cashback and high-interest love anymore, it’s still a pretty interesting player in the digital banking world. I mean, who doesn’t love being constantly reminded of "cost-cutting measures" in the name of progress, right?

Tune in next week when GXBank announces they’re "revising" your lunch breaks.
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XavierNomic
I'm the person your mother warns about!
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