Definitely !

One of the reason that I might want to get a credit card is to build some credit history. Supposedly, it helps you to secure a loan or get higher credit limit and banks will trust you more. Does such thing exist here? Is there a place where you can get a copy of your credit history or every banks keep their own record?

Having some credit history or credit card specifically will make it easier for you to get a personal loan, or so i was told. This is because credit card and personal loan are both in the same category which is unsecured lending. Unlike house mortgage or hire purchase, when you fail to service the loan for several consecutive months, the bank will just seize your house/car but they can't do the same for credit card or personal loan. So basically, if you have been a credit card user for sometime. They will use your past credit card payment patterns as a reference whether or not they want to approve you the personal loan.

As for secured lending such as house mortgage and hire purchase, you don't really need a prior credit history to help you to get your loan(s) approved. All the bank needs is your paycheck and of course, the bank will also take your total liability into consideration as well. Some senior forumers have told us in the past that their house mortgage was declined because their credit cards limits are too high.

This post has been edited by MilesAndMore: Jan 23 2011, 05:38 PM

Thanks.

I went through some pages of the discussion regarding Maybankard 2.
A few questions:

I read that someone say he pays KFC RM4.50 using his CC, don't retailers usually has a minimum amount for payment through CC? Usually RM50, I think.
I was wondering how often I can use a CC. Let's say buy groceries below RM50. Is the general rule, above RM50 can swipe?

I also read some review on OCBC MC Titanium, you should use at least RM1000 per month to get the most from it. Otherwise, just get Maybankard 2. But the VISA is not as good and some retailers might not accept AMEX. So, I should get both Maybankard 2 and OCBC MC Plat? Use AMEX when possible and OCBC when AMEX not accepted? Maybank also has the lowest overseas conversion rate as I will be travelling every year.

Also, I read through a few links and found this regarding credit report. Doesn't show up in all my google searches.

You can get credit report once every 3 months.

http://creditbureau.bnm.gov.my/index.php?c...7&ac=10&lang=en

This post has been edited by H4RRY: Jan 23 2011, 05:54 PM

As for KFC with RM4.5, we CIMB and Direct Access card holders use it at KFC because as we get discount and or rebate by using the card issued by CIMB only. Yah, it'll be odd if you swipe using a CC for RM4.50 but some of us including myself wouldn't care less of what other thinks because if we pay by cash we don't get the discount and or cash rebate.

As for the OCBC MC Titanium, it does not mean that you should go swipe RM1K with it to benefit from it. It should be the other way round, spend RM1K or less with the OCBC the get most out of it. This statement of RM1K only applies if you use the OCBC MC Titanium for groceries, petrol, dining and utility bill payment where you get 5% cash rebate. Because OCBC Titanium cash rebate is limited to maximum RM50 per month, you won't gain anymore rebate once the RM50 is reached.

For example:

Your petrol monthly RM600, so your cash back RM600 x 0.05 = RM30
Dining and go RedBox (ronnie confirmed got 5%) monthly RM200, so your cash back RM200 x 0.05 = RM10
Phone Bills RM80 per month, so you cash back RM80 x 0.05 = RM4
Groceries RM300/month, so your cash back RM300 x 0.05 = RM15

From above, you spent a total of RM1,180 and with 5% cash rebate you should get RM59 BUT since OCBC Titanium cash back is capped at RM50/month, you wont get more than this.

Hope the example above is of help.

1st, its NOT general rule!

btw, the 1 who swipe kfc for rm4.50 is definately me!
oh i also swipe rm4.60 for nasi ayam esso

2nd, u need to ask the shop if they accept payment by credit card for ur amount.
in my case, kfc bil rm4.50 (after tax) then i ask the cashier "boleh bayar rm4.50 ni dgn kad?" and she reply "yes".
so just proceed

some shop yes, they will tell u they accept credit card for (example) rm30 and above.
some shop did put the notice at the cashier regaring min payment for credit card (example at genting bowling).

but at kfc sungai chua and esso/mobil around kajang/bangi no need min amount to use credit card

---

Added on January 23, 2011, 6:29 pmfor groceries, big hypermarket dont have min amount to use credit card

coz i always swipe <rm10 at giant / jusco / tesco / carrefour. no problem

This post has been edited by erry-: Jan 23 2011, 06:37 PM

its no harm if u get both maybankard 2 and ocbc ti.
both dont have annual fee and the gst for both is only rm100.

u do ur calculation.
usually u can cover the gst with the cashback.
if u can get back from ocbc rm50/month, its already rm600/year.
u still earn rm500/year without using ur maybankard 2 at all!

I won't dare to swipe anything below RM10. Everybody at the queue and in the front desk will be giving me "that" look.

so? just ignore them

i want to get rebates. they dont want, its up to them

Wallet too thick already.

RM4.5 * 0.05 = RM0.22. This is borderline kiasu already...
Might still do it if no people behind me though.

Anyway, thanks for the help and will keep track of this thread until I got my CC.

Talking about credit history, I have just gone to BNM a few days ago to have my latest credit report printed. It lists clearly all my liabilities with banks including BT amount and CL as well as all the approved loans for the past 12 months (even though I only accepted one of the 4 housing loans approved). I am sure some banks would consider CL as potential liability when processing loan application.


I normally do this when there is nobody queuing behind me. I would just tell the cashier I do not bring cash.

This post has been edited by winner: Jan 23 2011, 07:16 PM

any1 knows where can I get the list of merchant participating in OCBC Titanium MC rebate ?
at least any kind soul here to list down a few major 1 for me?

If I own both OCBC Titanium MC and Maybankard 2 Amex, I would use OCBC Titanium MC as much as possible for items under the 5% cash back (OCBC) category. This is because the annual cc service tax will be waived for total spending per annum of RM10,000 or more. As for other stuffs which are not under the 5% cash back (OCBC) category, I will plan my purchase during weekends with Maybankard 2 Amex for the 5% cash back (MBB), only if Amex is accepted by the merchants.

It is impossible to list down all the merchants entitled to 5% cash back, as there are too many locally and worldwide!

You should compile those merchants supposedly giving 5% cash back but ending up with 1% cash back instead. I have one here - House & Co in Bangsar Shopping Centre.

OT, the approved loans which you have rejected also shown in the report? were those loans approved less than 3 months from your report?

no need to tell the cashier anything

I applied for 4 housing loans in August and all were approved. In the end I only accepted one of them. But all the 4 loans and their approved amounts are shown in my credit report, under the "Application for Credit" section.

wow

bt also shown?

this is realy some good info

correction, for kfc, its 10% with DA,

so i get back rm0.45 ok!

pay via credit card wont take long time. unless their phone line got prob

BT is shown as outstanding balance for credit card.

What Do All the Numbers on Your Credit Card Mean?

Something about CC

Refer to your CC IIN here.

All Malaysia banks not listed.

This post has been edited by H4RRY: Jan 23 2011, 08:58 PM