Just cancelled my DA Visa card via phone.. now keep only DA Mastercard It was so fast n painless. Good job Direct Access!

Sudah potong?

Just cut another card today, planning to cut another one tomorrow and 2 next week.

YEAH!

yes physically cut with scissors. i could hear the card screaming for mercy.

no magic. just common sense.

1) stop piling debt & buying crap. pay everything else by cash (or swipe and go back and pay instead of waiting for statement).
2) clear smallest debt to largest (so you get to cut more cards faster)
3) pick 0% BT over PL

cheers!

If only it's that simple

One time charge = flat rate. So it's 5% flat p.a. Assume balance transfer amount is RM10000.

10000 Loan Amount
36 Number of payments in loan agreement (eg: monthly for 5 years = 60)
3 Number of year in loan agreement
12 Number of payment periods in a year (eg: monthly installments = 12)
5.00% Nominal Annual Interest Rate
RM319.44 Value of Each Payment

0.78% Periodic Interest Rate
9.3% Annual Percentage Rate (APR)
9.72% Effective Annual Interest Rate (EIR)

If you have a 9% credit card (like Maybank Amex, why bother doing BT?)

Cheers!

You can read about the math here : http://en.wikipedia.org/wiki/Compound_interest

Or save the headache and use the Excel calculator here : http://www.bebas-hutang.com/?p=192 (no I dont own the blog)

Be enlightened

It means that assuming you're loaning RM10k 5%/year flat ate loan paying ~RM320 monthly for 3 years, is equivalent to 10k 9.3%APR (compounding interest w monthly rest) loan of the same period.

Try downloading this file and see : http://www.vertex42.com/Links/go.php?urlid=file-ccpayoffcalc (Credit Card Payment Calculator)

Enter Current Balance as 10k, interest rate at 9.3 and monthly payment at RM320. Look at total interest - should be around 1498.23, which is almost the same as total flat rate 14.99% over 3 years period.

If you have the Maybank Amex Card (9%APR), it would be better not to BT to that package.. if you have a 16.5% card, you'll only save 7.2% instead of 11.5%.

This post has been edited by Syd G: Apr 9 2010, 07:32 PM

Should be

But RHB credit cards are pretty bleh.

CIMB is pretty carefree with their cc and their credit limit

They increased my limit without I applying

I'd agree that the DA card is ugly. But it's better than having pretty shiny cards with ugly bloated balances

Why do you wanna pay extra in the first case?

Follow HSBC exchange rate + 1%

Call a branch or call centre.

Really, dude.

If you're buying something online with your local card, you're basically at the bank's mercy on rate and fees. Just give it a 5% cushion to be safe.

term?

PB & CIMB/DA 0% for 6 months.

I found out something today. My DA card didnt have CIMBclicks access and statements are mailed to my parents' house every month. I made a 0% for 6 months with them and whilst writing a cheque for the month of April, I didnt know what the due date was, so I referred to February statement - due date was 6th March 2010.

I assumed the Apr due date is 6th April 2010 so I wrote a check for the 4th of April. I banked it in and lo and behold, the due date was actually 3rd of April ......

I was quite sad cause I was about to pay 1% penalty which is almost RM100 . I signed up for CIMBclicks access immediately and my April statement just came out - I didnt get charged anything for paying late ....

..... yay?!

No sir I wont. I was thinking that ~RM100 could be used to pay someone to wash my car almost 30 times ....dem rugi

3 more months and we'll be totally debt free except for the mortgage

8.9k . Someone in the family owed us money to buy stuff on CC and pay within 4 months, so we put on BT to not have him pay interest. Our own BT around 2k onli

er.. define 'down'

3k from credit limit

Hi

Do you know the diff between a discount and a rebate?