Lowyat.NET -> Finance, Business and Investment House -> Credit Cards, Debit Cards, Prepaid Cards and Loyalty CardsCredit Cards CIMB Bank Credit Cards V1
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 Apr 23 2011, 11:49 AM
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#1
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Senior Member
1,106 posts Joined: Apr 2009 
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haih
i have charged RM35k to my cc as insurance (including my parents) and converted it to instalment. the bank now demands me to send them the policy apparently only the card owner is entited to enjoy 0% instalment.. sigh |
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Apr 23 2011, 05:00 PM
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#2
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Senior Member
1,106 posts Joined: Apr 2009
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QUOTE(chemistry @ Apr 23 2011, 11:54 AM) why is this? mb i charged too much that they suspected I paid my parents' insurance premium and requested to convert to 0% 10month installment, the bank didn't ask a single question.  charged rM30k in 2 months  hate them  |
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Apr 23 2011, 11:41 PM
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#3
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Senior Member
1,106 posts Joined: Apr 2009
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QUOTE(Gen-X @ Apr 23 2011, 05:57 PM) did the terms and conditions clearly state that the installment plan applicable to card holder only? If yes, then you at fault. If no, then give them the policy and you should still be entitled to the 0% installment plan. it is silent. apparently, 0% is up to the management's approval. SA confirm that it is only for the card owner. |
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May 7 2011, 12:35 PM
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#4
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Senior Member
1,106 posts Joined: Apr 2009
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QUOTE(chemistry @ May 7 2011, 12:41 AM) when he said 'only for the card owner', ask him to show you the applicable clause in the T&C. Don't let CS fool you. Arguing with him served no purpose as he (and the other 2 CSs) kept on invoking their rights under the clz which provides the bank wide and unlimited discretion.Wrote a letter to BNM and financial bureau. Matter got sorted. The AVP called and converted it. The AVP admitted that the bank's fault. I got a free gift in return. Am happy, used RM35k for installment. applying the FD rate, 35*3%: RM1050 saving per year. Also the bonus point available... Wil use for all my remaining insurance next year. pls OCBC Tit card and MBB Dup (which i wil get soon) per year, the return on CC alone is RM2250 (RM1050+RM600*2)  |
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