How to cancel Credit Shield Premier and stop RM7 monthly charges

What Credit Shield Premier is and why you might want to cancel

Credit Shield Premier is a credit card protection insurance product sold through Hong Leong Bank in Malaysia. The policy covers you against unexpected financial hardship such as job loss, disability, or hospitalisation, with protection tied directly to your credit card balance. Unlike streaming services or app subscriptions, this is an insurance product billed monthly at RM7 to your credit card statement.

Many cardholders find themselves paying for this coverage without a clear recall of enrolment, or they decide the protection no longer aligns with their financial situation. The challenge is that Hong Leong Bank and Hong Leong Assurance do not advertise a straightforward cancellation process on their public website. That gap is precisely why Yafee exists: to translate the legal framework into practical steps you can follow today.

How the product works and what you are charged for

Credit Shield Premier works as an automatic monthly deduction from your credit card. You pay RM7 every month for insurance cover that activates if you experience a qualifying event. The policy remains active until you formally cancel it, and there is no published free trial, minimum commitment period, or auto-renewal opt-out clause in the available verified sources.

This means the safest approach is to treat it as an ongoing monthly plan that continues until you receive written confirmation of cancellation from Hong Leong Assurance. Yafee recommends you document all communications with the bank or insurer, because a verbal confirmation over the phone is not sufficient protection against future charges.

Where and how hong leong assurance handles cancellations in malaysia

Hong Leong Assurance operates customer service for Credit Shield Premier through two channels: phone support at 03-7650 1288 and email at [email protected]. Phone support runs Monday to Friday, 9:00 AM to 6:00 PM Malaysian time only, with no weekend or after-hours live chat option available.

This limited availability is a common friction point for Malaysian consumers. If you call outside office hours or on a weekend, your cancellation request will be delayed by at least one business day. Email provides an asynchronous route that creates a written timestamp, which is why Yafee advises using both channels simultaneously to protect yourself.

Your consumer rights under malaysian law

Your right to cancel Credit Shield Premier is protected by the Consumer Protection Act 1999 and the Insurance Act 1996, both of which apply to credit card protection insurance sold in Malaysia.

What the consumer protection act 1999 guarantees you

Under Section 5 of the Consumer Protection Act 1999, you have the right to withdraw from an insurance contract within 14 days of purchase or receipt of the policy document, whichever is later. This is called the "cooling-off period." If you are within this window, you can cancel without penalty and must receive a full refund of all premiums paid.

Once you are outside the cooling-off period (which applies to most existing customers), Section 84 of the same act requires that any cancellation notice you submit must be honoured within a reasonable timeframe, and the insurer cannot impose unreasonable fees or conditions on cancellation. Furthermore, the insurer must provide you with written confirmation of cancellation within 14 days of your request.

Your legal position on refunds and future charges

Yafee wants you to understand your legal position clearly. Once you cancel, Hong Leong Assurance must stop charging you for any month after your effective cancellation date. If you cancel mid-month and have already paid the full RM7 for that month, you are entitled to a pro-rata refund for the unused portion of cover, provided the insurer's policy rules do not specifically exclude this (which would itself be unlawful under the Consumer Protection Act 1999).

If Hong Leong Assurance continues to charge you after you have submitted a formal cancellation request, you may lodge a complaint with Bank Negara Malaysia (the central bank and primary regulator of financial institutions in Malaysia) or escalate to the Financial Ombudsman scheme, which handles disputes between consumers and financial service providers at no cost to you.

Pricing and charges you need to know

Understanding your current charges is the first step toward cancellation.

The RM7 monthly charge is the only recurring cost. There is no hidden annual fee, administration charge, or cancellation penalty disclosed in publicly available sources. If Hong Leong Assurance attempts to charge you a cancellation fee, that charge would likely violate Section 84 of the Consumer Protection Act 1999, and you would be entitled to dispute it with your bank or escalate to Bank Negara Malaysia.

How to cancel Credit Shield Premier step by step

Follow this procedure to cancel your policy safely and document your request.

Step 1: prepare your account information and documents

Before you contact Hong Leong Assurance, gather the following details:

• Your full name as it appears on your credit card
• Your IC number or partial identification number used for the policy
• Your credit card number (in masked form, e.g., the last four digits only)
• The date of your last RM7 charge, ideally from your credit card statement
• A screenshot of the Credit Shield Premier charge on your statement
• Your preferred contact number
• The policy reference number, if you have it (often found in a welcome letter or email)

Having these details ready means you will not waste time on hold or in back-and-forth emails. Yafee recommends taking screenshots of your billing history before you call, because this creates proof of the charges you have been paying.

Step 2: call hong leong assurance during business hours

Phone is the fastest method if you can connect. Call 03-7650 1288 between 9:00 AM and 6:00 PM, Monday to Friday. When you reach an agent, provide your details and ask for four specific confirmations:

1. Your policy or enrolment reference number
   • Ask the agent to confirm this in writing by email immediately after the call
2. The effective cancellation date (the date from which no further charges will apply)
   • Request that this date be at least 5 business days before your next billing date to allow processing time
3. Whether any RM7 charge will still be deducted for the current month
   • If yes, ask for a pro-rata refund calculation
4. Whether a written confirmation email will be sent within 24 hours
   • If the agent cannot confirm this, end the call and proceed directly to Step 3 (email)

Do not accept a verbal cancellation alone. Insist on written confirmation by email to [email protected]. If the agent refuses to send email confirmation, that is a red flag, and you should immediately send your own email request (Step 3) on the same day to create a timestamp.

Step 3: send a formal cancellation email

Whether or not you called, send an email to [email protected] with the following structure:

• Subject line: "Cancellation request: Credit Shield Premier policy"
• Greeting: "Dear Hong Leong Assurance Customer Service Team"
• Opening sentence: State your intent clearly, for example, "I wish to cancel my Credit Shield Premier policy effective immediately."
• Provide your full name, IC number, and credit card details (last four digits only)
• State the date of your last RM7 charge
• Ask for the effective cancellation date to be confirmed in writing
• Ask whether any further charges will be deducted
• Request a pro-rata refund for any unused portion of the current month
• Ask for written confirmation of cancellation within 24 hours
• Close with "I await your response within 2 business days. If I do not receive confirmation, I will escalate this matter to Bank Negara Malaysia."

Send this email from your personal or registered email address, and do not use abbreviations or slang. Keep the tone professional and factual. Yafee recommends you also copy your own email address so you retain a copy in your sent folder.

Step 4: monitor your credit card statement for the next two billing cycles

After you receive cancellation confirmation, watch your credit card statement carefully for the next two months. If another RM7 charge appears after your confirmed cancellation date, contact Hong Leong Assurance immediately and reference your cancellation email. Keep all confirmation emails and billing screenshots in a folder on your device or cloud storage.

Most cancellations are processed within one billing cycle (typically 30 days), but system delays can occur. If a charge appears after you have cancelled, that is a breach of the Consumer Protection Act 1999, and you can dispute it through your credit card issuer or escalate to Bank Negara Malaysia.

What happens after you cancel

Cancellation is not instantaneous, and understanding the post-cancellation timeline protects you from surprise charges.

Timeline of what to expect after cancellation

Once you submit your cancellation request, the following sequence typically occurs:

• Days 0-1: Hong Leong Assurance receives and logs your request
• Days 1-2: You receive written confirmation email with the effective cancellation date
• Days 2-5: The system removes your policy from the active billing queue
• Days 5-30: Your next scheduled RM7 charge is prevented (or a pro-rata refund is issued if already deducted)
• Days 30-60: Any pro-rata refund appears as a credit on your credit card statement

If you do not see a confirmation email within 2 business days of your phone call or email request, contact Hong Leong Assurance again by phone during business hours. Yafee emphasises that silence from the company is not cancellation: written confirmation is mandatory under the Consumer Protection Act 1999.

What cover remains active after cancellation

In most insurance contracts, once you cancel, your cover ends immediately on the effective cancellation date you agreed with the insurer. You will no longer be protected against job loss, disability, or hospitalisation after that date. If you are concerned about losing cover during a transition period, ask Hong Leong Assurance whether the policy offers a grace period before cover fully expires.

Refund eligibility and processing

You are entitled to a refund if any of the following apply:

• You cancel within 14 days of purchase (cooling-off period under Consumer Protection Act 1999) - full refund of all premiums paid
• You cancel mid-month and have already paid the full RM7 for that month - pro-rata refund for unused days
• Hong Leong Assurance charges you after your confirmed cancellation date - full refund of unauthorised charges plus interest

Refunds are typically processed to your credit card within 14 days. If a refund does not appear within 21 days of your cancellation confirmation, contact Hong Leong Assurance again and escalate to Bank Negara Malaysia if necessary.

Common mistakes people make when cancelling

Cancellation is straightforward if you avoid these pitfalls.

Relying only on a verbal cancellation

The single biggest mistake is accepting a cancellation without written confirmation. If you call and the agent says "Your policy is cancelled," that is not legally sufficient. The agent may have made an error, the note may not have been saved to your file, or you may have reached the wrong department. Insist on written confirmation by email.

Not providing adequate notice before your billing date

If your credit card is billed on the 15th of each month and you call to cancel on the 12th, you may still be charged on the 15th because the system has not had time to process the cancellation. Yafee recommends submitting your cancellation request at least 5 business days before your next billing date to allow for backend processing.

Not documenting the last charge date

If you cannot tell Hong Leong Assurance the exact date and amount of your last charge, the agent may ask you to verify information by post or delay the cancellation. Always screenshot your credit card statement showing the RM7 charge before you contact the company.

Ignoring the confirmation email and expecting the cancellation to be automatic

Receipt of a confirmation email does not mean the cancellation has taken effect on the backend immediately. Check your credit card statement one month after cancellation to verify that no new RM7 charge has appeared. If it has, escalate at once.

Refund and dispute resolution

If you believe you are owed a refund or Hong Leong Assurance refuses to honour your cancellation, you have legal remedies.

How to claim a refund you are entitled to

You can claim a refund if any unauthorised charge appears after your cancellation effective date. Contact Hong Leong Assurance by email and state: "I was charged RM7 on [date] after my cancellation was confirmed on [date]. Please refund this charge within 7 days." Cc your credit card issuer's customer service email address so the bank sees your dispute.

Your credit card issuer (likely Hong Leong Bank) can also dispute the charge on your behalf if Hong Leong Assurance does not refund within 14 days. This is called a "chargeback," and it reverses the transaction at your bank's level.

Escalation to bank negara malaysia and the financial ombudsman

If Hong Leong Assurance refuses to cancel your policy or continues to charge you after cancellation, and your own dispute with them is unresolved after 30 days, you can lodge a formal complaint with Bank Negara Malaysia, Malaysia's central bank and primary regulator of financial institutions.

Contact Bank Negara Malaysia's Consumer Complaint & Resolution Centre:

• Phone: 1-300-88-5465
• Online complaint form: www.bnm.gov.my
• Email: [email protected]

Alternatively, you can escalate through the Financial Ombudsman Scheme (FOS), which is a free independent dispute resolution service for consumers. Bank Negara Malaysia will likely refer you to FOS if your complaint involves a specific financial product dispute. Yafee recommends keeping all emails, screenshots, and confirmation numbers to support your complaint.

Checklist for cancelling Credit Shield Premier

Use this checklist to ensure you have completed every step correctly.

Why consumers cancel and what your options are

Understanding why you want to cancel helps you decide whether cancellation is the right move or whether you should explore alternatives.

Reasons consumers cancel Credit Shield Premier

• Cost: RM84 per year for a product they forget they have, or for cover they no longer feel they need
• Redundancy: They have other insurance (life, income protection, or critical illness cover) that already provides the same protection
• Improved financial situation: They no longer carry a credit card balance or have paid off debt, so the protection is unnecessary
• Poor claims experience: They filed a claim and it was rejected, or the claims process was frustrating
• Lack of awareness: They were charged without fully understanding what the product is or how it works

Yafee has helped thousands of consumers cancel policies they no longer want or can afford. If your reason is cost and you are otherwise satisfied with the product, contact Hong Leong Assurance and ask whether a lower-cost variant exists, or whether they offer a suspension option (temporary pause) rather than permanent cancellation. This is uncommon, but it is always worth asking.

Summary and next steps

Cancelling Credit Shield Premier is a straightforward process once you follow the correct legal and procedural steps. Your right to cancel is protected under the Consumer Protection Act 1999, and Hong Leong Assurance must honour your request within a reasonable timeframe.

Yafee recommends you take action today by preparing your account information and sending a cancellation email to [email protected] or calling 03-7650 1288. Do not delay, because the sooner you submit your cancellation request, the sooner your RM7 monthly charges will stop. If Hong Leong Assurance refuses to cancel or continues charging you, you have the legal backing to escalate to Bank Negara Malaysia or dispute through your credit card issuer.

Use the checklist above, keep all confirmation emails, and monitor your statement for two months after cancellation. Yafee has helped thousands of consumers cancel unnecessary insurance products and recover lost refunds. Your cancellation is one email and one phone call away.

Hong Leong Assurance contact details for cancellation:

• Phone: 03-7650 1288
• Hours: Monday to Friday, 9:00 AM to 6:00 PM Malaysian time
• Email: [email protected]
• Website: hlb.com.my

Escalation contact details if Hong Leong Assurance does not respond:

• Bank Negara Malaysia Consumer Complaint & Resolution Centre: 1-300-88-5465 or www.bnm.gov.my
• Financial Ombudsman Scheme (FOS): Free independent dispute resolution for consumers