hey guys, anyone of you using the PB-Esso CC? is it good?

is affin bank difficult to apply? got anyone use their card ahhh.... cl high or not le

i followed Chemistry's footsteps..

Applied OCBC TI with my highest CL card coz my salary didnt meet the requirement as well ROFL~

1st Oct submitted and awating response

RM50 is paid to the bank on due date and not spend it. Therefore the calculation is incorrect.
Any other calculation method based on daily interest?

Bro ... why getting into so much trouble ? If you are sensitive about the interest then do consider paying in full.
The calculations are done by the bank's computer ... the likelihood of error is very low.

hi guys,
i want to know how the bank calculate cc interest...

my statement date is on the 18th of evry month, and i need to pay the amount before 7th the next month. if i pay full, then there's no prob. wut if i pay half before 7th? then my balance will be charge with interest?

lets say i settle the other half of outstanding amount before the 15th, around 1 week after the last date for payment. will i be charged with interest as well?

thanks for ur guidance...

oh my bad, u paid on the due date, i can tell u is useless, interest will still charge on it

if u settle partly, expect the bank will charge u on it, what for calculate on it?
is better to waste time on plan and manage your finance, Bank always love this kind of customer, because they generate more income to bank

I agree with your statement.
Simple answer to interest problems ... if you don't pay in full you'll be charged interest. Otherwise no issue coz no interest.
Please don't waste your time calculating the interest ... banks don't make money by cheating you on interest calculations. And please don't use the forum to ask someone else to calculate the interest for you.

i just received a call from bank.. rofl

They want more documents from me as they said my existing card is "NOT SUFFICIENT" for the application.

Can i refuse to give? They only said required 1 year old existing CC and now they want my 3 months statement and payslip

You can refuse to give and they will not proceed further with your application. After a while they will close your application.
Likely the reason they are asking for more as they are not convinced with your income ability/status.

Did the bank tell you it is just 1 year existing CC or the agent/bank staff told you? Repeatedly in this forum we mentioned that when dealing with these guys, they will tell you anything to get you to sign up. And what sort of card did you apply? Were you able to match the income eligibility of the card in the first place?

not sufficient in term of

1)Annual income?

or

2)Credit card limit reflecting your annual income not meet for requirement?

This is for SCB Gold Mastercard,

If according to website and their application form,

my income is sufficient for that. As in application form, they even had a check list which let me tick the documents that i need to submit. Generally, the 1 year term is just for CCRIS checking purpose.

The reason why is that,

1. i need go print my bank statement
2. I dont have fax. And i do not want to use my office fax, u guys know la.. using company resources for personal use.. summore my fax in my boss room.. hence i need take leave atleast half day off to go walk in and submit

the reason why i use my card coz its more convenient.

This post has been edited by mugenz: Oct 5 2010, 04:02 PM

What is the requirement for OCBC Titanium?

Just go ocbc website check.

I ask so because some banks will waive it (normally the first time) if you question them how it is calculated. I tried before. They will tell you this and that but not really good explanation, then they will waive for you. I’m not encouraging it. Of course the best is always pay in full and never have outstanding balance, but sometimes you will need cash flow. So if you know how to calculate, you can better manage your finance. You will know how much it will charge if you don’t pay in full next time. Otherwise you will not feel the ‘pain’ of the interest charged and keep paying the minimum 5% everytime.

My point is not really want to calculate a particular interest for me (all are dummy data), I just wanna know how it is being calculated (method or formula) as I didn’t get the exact value, which means the formula used is not correct here. It’s good to know how it is being calculated.

my friend tried it and the bank explained detail to him, end up 1 sen also didn't waive

The best way to manage personal finance is to avoid this kind of interest as it is extremely high.
You speak as if you understand finance and work your personal finances as an enterprise. (Managed debt is good for business as it accelerates growth)
but this is your personal finances that you are talking about which can be as high as 17.5%. (vs personal loan which is in the single digit range)

The problem with a lot of folks is that their financial literacy is rather low and they often don't see the danger of using CC as a debt tool. There are other debt tools around but definitely CC is not the way to go. We don't want the government to further introduce regulations to stifle the use of credit cards (e.g. RM50 gov tax) just because a handful abuses it. (and rumors are another round of regulations will be introduced)

My point is ... you should not be advocating CC as a medium of personal debt. It is crazy! You may think you are in control right now but wait until it spirals out of control.

You must act as an angry customer. Maybe your friend is sweet and kind. Just kidding. Of course, this does not work for some banks and even some cardholders. It doesn’t mean you can skip interest everytime (no bank will do that) and this is not my point.
My concern is everyone knows interest will be charged if you don’t pay in full, but if you are going to know how much interest will be charged if you don’t do so, maybe it will make you think twice and spend wisely.
Everyone know how the tiered interest rate works, but does anyone actually calculate the exact interest charged successfully?

If I remember correctly, I encountered 3 times. There is one time the bank claims that they charge additional interest and quickly waive for me. I don’t know why this could happen. I’m not sure whether different bank will use different formula or not, but some seems to cause you higher interest but it is still legal (It seems related to daily interest and due date). If anyone knows, I’d like to do a comparison. Thanks.


Definitely you are right about personal finance. Yes, CC can cause you in debt forever. I think it is second to Ah Long. Well, I’m not really trying to control the debt, just would like to know how it is being calculated in exact.

This post has been edited by ck3lam: Oct 5 2010, 08:35 PM

call up the bank's customer service. tell them your statement date is on the 18th of evry month. tell them your balance is x amt of ringgits. tell them u want to pay half before 7th ie RMx/2. tell them u wan settle other half of outstanding amount ie RMx/2 before the 15th, around 1 week after the last date for payment (btw what is the last date of payment?) then ask them how much interest will the bank charge for RMx/2 - RMy (this half the outstanding amt we shall call y) that will be paid before the 15th around 1 week after the last date of payment. We know your statement date is the 18th so what is the significance of the following dates: 7th; 15th; last date of payment + 1 week?

then after the CS tells you how much is the interest charged pls come back in here to update all of us here cos this complex mathematical problem is absolutely fascinating.

Thanks.

n/b: btw life could be a whole lot simpler if you settle the balance in full every month!

This post has been edited by wongpeter: Oct 5 2010, 07:30 PM

Finally I have received my 1st iPod shuffle but I'm receiving the latest generation model (4th gen). Wonder why they didn't ask me to collect, maybe it's already delayed. Luckily they sent me my favorite color. I think the subsequent iPod received will be the latest one as I called SCB and they said Apple has no more stock (old stock I presume).

Well, I prefer this latest gen as it has buttons on it, so if my earphone is broken I can use normal earphone. But I think it is cheaper, RM179.

Waiting for 2nd iPod shuffle to come...

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Added on October 5, 2010, 7:32 pmYes, maths can be fascinating but I would prefer they tell me the formula

This post has been edited by ck3lam: Oct 5 2010, 07:32 PM