I have MBB Petronas Visa & CIMB Petronas MC, both cards are 13.5% interest per year

If i want to switch to their islamic card, definately i have to cancel both and apply for islamic card rite?

Does the interest 13.5% remain the same or it is restart back to 17.5%?

If yes or no, does it apply to all bank if i want to apply other co-branded CC?

thanx dude!

The problem is not about co-branded card or not but whether the bank recognise you as a good paymaster and doesn't just link that to a particular card. For example, I'm also on 13.5% with my existing card (SCB) and when I add more cards, the additional cards are also given the 13.5% treatment.

I have no experience with Petronas and CIMB, you need to ask those who are holding those cards. (And have added new cards when they are already @ 13.5%. However, do note that this status is not transferable between banks. Means, if you cancel your card and later rejoin or get another card from another bank then it restarts back @ 17.5%.

Maybank and EON bank wont give additional cards 13.5% even if ur a good paymaster on other cards sharing same credit limit. DAMN SUCKS.

It's true. New additional cards from MBB need to start from beginning.

What we can conclude here, even though new additional card MBB is is approved, the interest rate will set to 17.5%,

i think if I cancel my current card and apply new one, definitely the interest rate will reset to 17.5% and i have to wait another 1 year

how about other banks, mind to share?

If you always ensure full settlement before payment due date, whatever interest rate to you is meaningless. Therefore, I also never bother the interest rate shown in my statement.

previously, i always settle it in full, but recently after I rearrange my cashflow & rolling money for business, sometimes i left few hundreds ringgit of cc debt, nowadays not like before u can play with 20days free period. So thats why i'm very concern of the interest tier

Hi guys and gals

I am new here. I am frantically looking to speak to some VISA Infinite card members to be respondents for a consumer group study taking place this Saturday in KL. For 2 hours, the card holder is paid a good sum by proving that he is a member and attend the session. THIS IS NO GIMMICK OR SELLING or recruitment for sale of any kind. I just want some feedback. So if you know of anyone who is interested, pls email me. TIME IS RUNNING OUT SO PLS BE QUICK.

Cheers and thanks a heap.

@Allseasons,
What's considered a good sum?! Introducer got $ or not? *smiles* Ah well.. if you're truly desperate drop me a PM with details lah.

I don't think you should be concerned about a few hundred ringgit in unpaid balance and so long you don't rack it up to a few thousand ringgit. BTW ... using cc to obtain "soft loan" for your business is kindof expensive don't you think so ? You are better off with a personal loan which offers lower interest rates and perhaps a longer repayment period.

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Added on September 3, 2009, 11:31 pm@tinkerbel (I better be careful bout quoting least I got another case of mistaken identity again)
You know a lot of Infinite card holder ?

Just noticed that we are approaching the 2500 mark ... when would it be time to move to a new Version again ?

This post has been edited by hye: Sep 3 2009, 11:32 PM

Guys,

I have a CIMB CC. I need cash urgently (around RM 1k) and considering of doing Cash Advance.

Read from CIMB website and found out that the charge is 5%.
The charge is 5% only as long as I pay in full before my statement due date, right? No other hidden charges like Citibank who charges 18% p.a. daily interests?

If you do it,got daily interest leh .. I alr kena , lol ..

Which bank did you do the cash advance from? Checked CIMB website and they didn't mention about daily interest, only the 5% upfront charge.

Are you sure ? I just did a cash withdraw on last 3 weeks and I kena daily interest. 4 days daily interest lo ...

Not really sure, that's why I'm asking here.
Seriously, which bank did you do the cash advance from. Maybe different bank charge differently for cash advance?

I did a cash withdraw from CIMB Bank and Hong Leong Bank.

So CIMB is charging you too? 18% p.a. daily interest?

Yes,they do charge me as well when I received my statement. So you better think carefully if you wanna make a cash advance

Non-compounding charges (or interest, same function) simply means that the interest and charges do not compound, unlike conventional cards. With conventional cards, all interest and charges are subject to daily compound interest until full settlement.

Refer to Wikipedia for further information:
http://en.wikipedia.org/wiki/Compound_interest

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Added on September 4, 2009, 4:43 amCash advances from all credit cards in Malaysia is subject to 18% daily interest starting immediately from the withdrawal date until full settlement, excluding the cash advance fee paid for the facility (the fee is also subject to compound interest). This is not considered a hidden charge, it is nearly always mentioned in the interest information in the brochures and the back of your CC statement.

This post has been edited by charymsylyn: Sep 4 2009, 04:44 AM

18% interest daily?

Meaning every day they will add in another 18% to my cash advance total? Or it's 18% per annum (1.5% per month) daily charge?