Just to share my recent experience with all ya outta!

Recently, I received a call from an outsource company. The person whom got my contact was previously working in a big bank SxBB
She introduced herself again to me and presenting herself from the so-called outsource company.

Basically, they act for and on behalf of all banks in malaysia to do credit balance transfer at lower rate than banks. You name it and they have it!

According to her explanation, their company is authorized by all banks in Malaysia to do balance transfer for credit card. Unlike other credit cards, they are now able to do balance transfer by itself.

Meaning that if you are CIMB cc's holder and you need to transfer cimb's balance to another bank credit card in order to do the balance transfer.

But now I'm able to do balance transfer just using my own CIMB's card and repay the balance with interest back to CIMB without hassle transferring to other banks.

So here i came with my question and asked her: Why can't I just direct deal with cimb bank but need to go thru you? I never heard such outsourcing before? She answered me that it is because this is internal bank policy which didn't disclose to outsider. The main aim of this plan is to help people to pay off card debts at lower rate and smooth out cash flow.

Below are the rates that she currently offered:-

CIMB - 14% p.a. at least 24mths
EON - 13% p.a. at least 36mths
HSBC, CITI, HLBB AND MORE - approx 14.5% p.a. min 24-38 mths

What i need to do is just to visit her office located at Kota Damansara, bring along my credit card (not even required my IC) and they will swipe for me to process the balance transfer this sound even cunning as I never heard that balance transfer required card swipping!!!

So I didn't take up this plan as this is rather sound like a fraud or conman!

After a couple of week, i met one of senior manager in CIMB and i mentioned about this company to him. Surprisingly this is a rather new scam!

According to the manager, this company is a so-called finance company *bear in mind not ah long*
They apply all merchants from all banks so that they are fully equiped with all banks merchant.
What they did was they registered themselves as furniture store/ electronic device store which very high chances to apply for 0% installment schemes. So they just take our cc to swipe at the amount of balance transfer with interest.

After that, the company will call to our card holder bank to inform them that this transaction would like to apply for installment and thereafter the bank will charge us mthly installment.

Yet what they gain from here?

Well, the company will gain the interest charge based on the balance transfer.



This post has been edited by princess_autumn87: Apr 29 2009, 05:52 PM

its not new la. basically all scam on balance transfer using this method.
some even said that its not even a scam. they claim bank negara is aware about their m.o. but to me it is a scam.

This post has been edited by rognales: Apr 29 2009, 05:56 PM

so smart, but it's still legal right? otherwise their merchant accounts would have been terminated.

This post has been edited by alien0110: Apr 29 2009, 05:58 PM

its not legal to use the credit cards this way.

ya, but i don't think bnm is doing there work. anyhow i ald reported to bnm and waiting the outcome

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Added on April 29, 2009, 6:00 pmya, once the bank find out and have the right to terminate them

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Added on April 29, 2009, 6:01 pmhehe.. yup yup...

PS: i love your teddy.. so cutteeee

This post has been edited by princess_autumn87: Apr 29 2009, 06:01 PM

old news...

i got this 1 year + ++ ago

if i'm not mistaken there are few threads in LYN offering services such as what you have mentioned here... should we report it to bnm?

ya, we should fight against SUCH OLD NEWS rather than some ppl jst naggin old news but can't help much

Wait, the defination of scam is an attempt to defraud a person or group by gaining their confidence.

I don't think this one considered as scam as they did not scam your money (or love)... they help you to get lower interest rate compared to those normal credit card interest rate per month.

wahlau.. tis is so horible.. jus make decide not to even touch credit card.. wat bout debit card? can tis be done to debit card as well.. no right? as debit auto deduct from our bank balance..

what for to use debit card to perform BT since you have money in your bank?

At ,http://forum.lowyat.net/index.php?act=Search&f=162 , type in epp,so many la these type of company.!

so u think all these is legally right to going on?

Yes,for those who really need these type of service. BT need new card,certain people account already not that beautiful for new card approval.

Dearie, i am agreed to yr view to manage the cash flow.

However, it is better seek "legal" way and negotiate with bank

Banks can help

jst my 2 cents advice. bcoz this is not the good alternative!

You are participating in a scam to cheat the bank when you do this.

CHEERS for u babe

Have a read here:
http://forum.lowyat.net/topic/796677

wow, tx for the sharing... tq

EPP agents are pure liars. Here is the numbers to proof it.



The amount owed is only RM13,140, yet the interest is 13.2% pa.
By going to the bank, the loan applicant can convert their CC loan to personal loan, about 8% pa.