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> Credit Card Purchase Installment Plan, which card offer the best rate? (Credit Cards)

francistcc
post Apr 23 2011, 11:41 PM


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Hi all, I can't find any topic discussion on this matter. Would like to create a topic for it.
So far from the info i gathered around, found out EonBank credit card offers the best rate in town for installment more than 12 months. (my payment plan) http://www.eonbank.com.my/personal_banking...ment_plan.shtml

Anyone please share if found a better plan. thanks.

Eon Bank:

Installment Plan (Months) Handling Fee Minimum Purchase Amount
6 2.5% RM500
12 3.0% RM1,000
24 5.0% RM1,500
36 7.0% RM2,000


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David83
post Apr 23 2011, 11:45 PM


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I think CIMB has better package with lower rates:

QUOTE
SMART FLEXI-PAY PLAN - 0% interest for education, insurance and hospital bills for 10 months.
Valid till 30 June 2011

SMART I.PAY PLAN - Buy now, pay later with a low upfront interest instalment plan for up to 30 months.
Valid till 30 June 2011


URL: http://www.cimbbank.com.my/index.php?ch=43...3&tpt=cimb_bank

This post has been edited by David83: Apr 23 2011, 11:46 PM
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popoo
post Apr 23 2011, 11:46 PM


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ezy payment thru maybank.. no interest at all...
but only for limited shop and item...

another way of getting zero interest is blnce transfer...
unless you prefer cash loan thru credit card eg AEON...
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David83
post Apr 23 2011, 11:48 PM


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QUOTE(popoo @ Apr 23 2011, 11:46 PM)
ezy payment thru maybank.. no interest at all...
but only for limited shop and item...

another way of getting zero interest is blnce transfer...
unless you prefer cash loan thru credit card eg AEON...
*
The idea he wanted is to convert an existing purchase into installment; not during the point of sale.

Maybank EzyPay Plus charges are exorbitant!

URL: http://www.maybank2u.com.my/mbb_info/m2u/p...sonal/CRD-Cards

This post has been edited by David83: Apr 23 2011, 11:49 PM
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popoo
post Apr 24 2011, 12:06 AM


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QUOTE(David83 @ Apr 23 2011, 11:48 PM)
The idea he wanted is to convert an existing purchase into installment; not during the point of sale.

Maybank EzyPay Plus charges are exorbitant!

URL: http://www.maybank2u.com.my/mbb_info/m2u/p...sonal/CRD-Cards
*
i see... then converting purchase into installment should be the last option...

thanks for the info anyway... now my credit card payment scheme has updated..

Best method sort from above:
1. Ezy payment to grab 0% interest plan
2. Balance transfer remaining balance to another card for 0-1% interest
3. Convert purchase into installment up to 3% interest
*one year payment

The rules is always to try avoid finance charges & pay wisely...
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francistcc
post Apr 24 2011, 12:08 AM


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QUOTE(David83 @ Apr 23 2011, 11:45 PM)
I think CIMB has better package with lower rates:
URL: http://www.cimbbank.com.my/index.php?ch=43...3&tpt=cimb_bank
*
the cimb is better plan. the only draw back is the maximum period is 30 months.

QUOTE(popoo @ Apr 23 2011, 11:46 PM)
ezy payment thru maybank.. no interest at all...
but only for limited shop and item...

another way of getting zero interest is blnce transfer...
unless you prefer cash loan thru credit card eg AEON...
*
for purchases that we would like to pay within 1 year i think best is with balance transfer coz 0%. however, if the purchase is in big amount which is difficult to settle in 1 year times. then balance transfer rate is not worth compare to installment.


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David83
post Apr 24 2011, 12:13 AM


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QUOTE(popoo @ Apr 24 2011, 12:06 AM)
i see... then converting purchase into installment should be the last option...

thanks for the info anyway... now my credit card payment scheme has updated..

Best method sort from above:
1. Ezy payment to grab 0% interest plan
2. Balance transfer remaining balance to another card for 0-1% interest
3. Convert purchase into installment up to 3% interest
*one year payment

The rules is always to try avoid finance charges & pay wisely...
*
There's few methods to juggle around:

1. Ezy payment during the point of sale is always the best but usually limited at participating merchants-banks relationship.
2. BT is another alternative but you need to have another CC from another bank and also depending if such low interest promo is still available. Besides, BT requires application and approval.
3. Converting purchasing is the last resort with low one-time upfront charge imposed.

There're pros and cons on each trick!
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erry-
post Apr 25 2011, 03:32 AM


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the best rate for education is UOB Preferred Platinum. FREE for 12 months (min rm1k).

after UOB, the best rate for education/hospital/insurance is CIMB/DA. FREE for 10 months (min rm1k).

the best rate for others:
6 months - PBB (1%)
20 months - CIMB/DA (4%)
30 months - CIMB/DA (5%)



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eQmaL
post May 3 2011, 05:38 PM


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actually...i don't understand for buying things using cc in terms of installmnt....

can anybody help me out??
any extra or hiddn charges??even it state 0%...i really dun understnd....
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hyzam1212
post May 4 2011, 03:46 PM


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QUOTE(eQmaL @ May 3 2011, 05:38 PM)
actually...i don't understand for buying things using cc in terms of installmnt....

can anybody help me out??
any extra or hiddn charges??even it state 0%...i really dun understnd....
*
Certain merchants allow you to take 0% installment plan. No extra or hidden charges that I know of. If the price of the goods is Rm1200 divide by 12months 0% installment plan, you have to pay Rm100 per month and this is the amount stated in your cc statement that you need to pay. This is the best payment scheme in terms of installment nod.gif
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beyond86
post May 4 2011, 07:07 PM


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ya, bank help you bank to the merchant/shop first, then you every month pay back to bank such as 1 year or 2 year
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jigc
post May 7 2011, 03:34 PM


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can we negotiate on the handling charge?
someone told me his siti bank cc platinum didt charge him any.
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erry-
post May 11 2011, 02:44 AM


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QUOTE(eQmaL @ May 3 2011, 05:38 PM)
actually...i don't understand for buying things using cc in terms of installmnt....

can anybody help me out??
any extra or hiddn charges??even it state 0%...i really dun understnd....
*
there are 2 type of installment.

1. installment offer by the shop/merchant (terminal). u swipe full amount then the slip will already shows u the monthly payment.

2. u swipe full amount, after 3-5 days call the bank to convert.

for number 1 above, some shop will charge u additional fee such as 2%. the fee will included in the amount u swipe.
example item is rm1200. fee is 2% (for 12 months). u will swipe rm1224 and slip will shows the monthly payment of rm102.

for number 2, depends on the bank.
example:
CIMB 10 months for insurance, hospital and education is free. so if u convert rm1200 insurance to 10 months, just pay rm120 monthly.
HSBC 10 months for everything is 3%. so if convert rm1200 insurance to 10 months, u will be charged 1 time rm36 then rm120 monthly (1st month will be rm36 + rm120).

(replied this already in previous CC thread sweat.gif)





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lms2005
post Jun 23 2011, 01:35 AM


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any bank offer 0% balance transfer or installament plan for longest period now?
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milentechie
post Jun 23 2011, 07:20 AM


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QUOTE(lms2005 @ Jun 23 2011, 01:35 AM)
any bank offer 0% balance transfer or installament plan for longest period now?
*
Maybank BT, 0% for 12 months.
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Chuckiekey
post Oct 25 2011, 01:21 PM


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I current got the 2k, 12 months plan, btw, what happens if I couldn't pay for 1 month?
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cakarsakti
post Oct 30 2011, 07:19 PM


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sorry.. if this is a silly question.. i just started working with 2.2k pay only.. planning to have a cc

regarding purchase installment plan from cimb.. does is it applicable anytime or for limited period of promotion only?

confuse.. stated in their feature but there is another link stated the plan promotion end until dd/mm/yyyy

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erry-
post Oct 31 2011, 07:04 AM


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QUOTE(Chuckiekey @ Oct 25 2011, 01:21 PM)
I current got the 2k, 12 months plan, btw, what happens if I couldn't pay for 1 month?
*
if couldnt pay, 1st u will be charged with late fee.
then, all the remaining balance of 2k + current outstanding + current unbilled (recent) transaction will be charged with interest! doh.gif

pls, try to pay.
u better fasting (dont eat) and pay the bill rather than eat but live with the interest!

QUOTE(cakarsakti @ Oct 30 2011, 07:19 PM)
sorry.. if this is a silly question.. i just started working with 2.2k pay only.. planning to have a cc

regarding purchase installment plan from cimb.. does is it applicable anytime or for limited period of promotion only?

confuse.. stated in their feature but there is another link stated the plan promotion end until dd/mm/yyyy
*
actually, it is a 'forever' features of the card. its called "smart i.pay plan".

but the period or end till (or valid till) is actually the promo of the one-time upfront interest rate.
it will be change after the date.

previously, the rate for 10 months is 2%, 20 months 4% and 30 months is 5%.
then from 1/7/2011 till 31/12/2011 (this year), the rate for 10 months is 3%, 20 months 5% and 30 months is 6%.






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cakarsakti
post Oct 31 2011, 09:09 PM


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QUOTE(erry- @ Oct 31 2011, 07:04 AM)
if couldnt pay, 1st u will be charged with late fee.
then, all the remaining balance of 2k + current outstanding + current unbilled (recent) transaction will be charged with interest! doh.gif

pls, try to pay.
u better fasting (dont eat) and pay the bill rather than eat but live with the interest!

actually, it is a 'forever' features of the card. its called "smart i.pay plan".

but the period or end till (or valid till) is actually the promo of the one-time upfront interest rate.
it will be change after the date.

previously, the rate for 10 months is 2%, 20 months 4% and 30 months is 5%.
then from 1/7/2011 till 31/12/2011 (this year), the rate for 10 months is 3%, 20 months 5% and 30 months is 6%.
*
oo thanks.. i understand.. then i think one kind of situation,

if i sign for this plan for 10 months or 20 month installment, then suddenly i decide to pay full balance..

so what will happen, will i be charged for early settlement?


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erry-
post Nov 1 2011, 06:16 AM


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QUOTE(cakarsakti @ Oct 31 2011, 09:09 PM)
oo thanks.. i understand.. then i think one kind of situation,

if i sign for this plan for 10 months or 20 month installment, then suddenly i decide to pay full balance..

so what will happen, will i be charged for early settlement?
*
ur welcome.

and yes, u will be charged rm50. from the t&c:

"The Bank shall be entitled to charge and debit to the Cardholder’s Account a cancellation fee of
RM50.00 in the event of cancellation or early settlement of the iPP Amount"

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