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 Recommendation for Credit Cards V1, TQ to contributors ! (From MOD)

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xixo_12
post Jul 24 2011, 06:59 AM

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1. Annual Income: RM36K to RM48K

2. Free Lifetime Annual Fee: A Must

3. Card required for: Petrol, Education, Cash Back/Rebate, Shopping, Food, online shopping

4. Existing credit cards if any: Nil

5. Preferred Bank or Considering CC from banks: Nil

6. Others: Nil

7. Estimated Spending per month with the card: Less than RM1K, sometimes would like to buy stuff more than 1k.

Please advice
xixo_12
post Jul 24 2011, 03:01 PM

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QUOTE(Gen-X @ Jul 24 2011, 09:23 AM)
Putting the Education Bill aside because it should be more than RM1K, the card for petrol and dining is OCBC Titanium MasterCard where  you get 5% cash back. Or get Maybankard 2 Cards and get 5% cash back plus 5X TP for the AMEX and where AMEX not accepted you got Visa or MAsterCARd.

For education, there is an OCBC card that earns you 1.5% cash back. But read thier terms and conditions carefully. If the Education bill is alot and you want installment plan, CIMB and RHB currently offer 0% plan. click here to read more about OCBC Great Eastern CArd at OCBC site.
Both of you: click here to read my article on UOB One Card and I have 2 tables showing comparison of cash back cards. 
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Tq for suggestion. I did research on this.
My education fee should be 3 times in year. around rm15xx~17xx per semester.
They only accept visa or master.

Planning to pay using CC, as I can get 10% discount and pay to bank as installment in 4 months. So, I can clear up my fee before next semester.

Do you think it's good step? Please guide me as I'm new into this area.

If yes, sounds like good if I choose Maybankard 2 card for my first CC
xixo_12
post Jul 24 2011, 03:36 PM

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QUOTE(Gen-X @ Jul 24 2011, 03:30 PM)
IF you are saying that you are going to have outstanding balance and paying interest, then I will say NOT a good practice.

My recommendation is always pay in full your credit card bill prior to Due Date and not pay a single sen of interest. If you follow this principle, you will never end up in the siht hole.

As for installment plan, most cards offer some kind of plan where you can convert your transaction to a installment plan with upfront interest of 1% or monthly interest but the duration is usually 12 months (in CIMB case 10 months 0% for education and insurance).

For your case, RM1.7K is not much, what you should do is pay in full for the coming semester and then start saving for the next term tuition fees.

I recommend you read my article Credit Cards are cash cow for banks. Are you wroking for the bank? -
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Per month I did have my own saving into the ASB, which mean, most of my balance will lock into that account.

It's quite regret if take out the saving from ASB just to pay the fees. I'm chasing the dividen and bonus more than 6% per annum.

If you say so, maybe I can consider to reduce my saving in the next following months.

Man, tq for your input. I do hope you guide me if I'm go wrong in this matter.
xixo_12
post Jul 24 2011, 03:43 PM

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alright.. understood.. thx man.
xixo_12
post Nov 17 2011, 10:44 AM

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Hello guy,
Im serious to get the card rite now. I don't want to bring cash so much anymore.
Please recommend

1. Annual Income: RM36k~RM48k

2. Free Lifetime Annual Fee: YES

3. Card required for: Petrol mostly on petronas and shell, online and local shopping

4. Existing credit cards if any: NIL

5. Preferred Bank or Considering CC from banks:CImb, PBE, maybank

6. Others: Please be specific. May consider with other bank if the offer is good

7. Estimated Spending per month with the card: Less than RM1K

This post has been edited by xixo_12: Nov 17 2011, 10:54 AM
xixo_12
post Nov 19 2011, 12:12 AM

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QUOTE(Gen-X @ Nov 17 2011, 12:43 PM)
Since you pump at Petronas, get OCBC Titanium MasterCard where you can earn 5% cash back for Petrol at all stations and also for TElco bills, groceries and utilities. Check out the OCBC thread 1st page to see where you can earn 5% cash back.

Also take a look at Maybankard 2 Cards if you are in the Klang Valley. The MBB 2 AMEX earns you 5X TP everyday and on weekends EXTRA 5% cash back for any type of transactions. Suggest you read Maybankard 2 Cards thread too. 

Once again, click the link I mentioned in my reply to owenwong84 above to read more on Cash Back Cards.
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thx..as i will go get ocbc ti next week
xixo_12
post Dec 10 2011, 08:42 PM

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This post has been edited by xixo_12: Dec 10 2011, 09:58 PM
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