Dude, not right man. Someone can pay 5% of every month installment but finance charge will be impose on the balance (payable installment minus 5% minimum payment).

This is referring to Direct Access Balance Transfer.... if you apply the BT from Direct Access, you only need to pay 5% each month; whereas the finance charage will be imposed only on the 7th month.

Meaning that if you pay full BEFORE 7th month, it's ZERO interest + ZERO processing fees...
Direct Access BT = one of the best in town!!!

You may refer to www.directaccess.com.my for more info

davegan84 was referring to CIMB existing BT offer of 0% for 6 months and he is correct.

If there is no 0% promotion for BT, then yes interest charges will be imposed like in Citibank, HSBC, Ambank, HLB and etc.

I'm afraid you misunderstood the promotion.
CIMB charge 0% or doesn't charge any interest on Approved Balance (the amount you transferred from other credit card) but finance charges are impose on the outstanding amount (the amount someone not able to settle after billed to them) if someone not able to full settle the equal monthly installment.

Example, balance transfer RM6,000 with 6 equal monthly installments of RM1,000
Say 1st installment of RM1,000 billed to you but you pay RM100 only. CIMB will charge 17.5%pa interest on outstanding balance of RM900 (RM1,000 minus RM100) but they didn't charge anything on RM1,000 installment.

Remember, once the balance transfer approved, CIMB has already PAID for you. The 0% is referring to the interest from when CIMB PAID for you until they bill you the installment.

0% is referring to the Balance Transfer plan but finance charges is on the outstanding amount.

For CIMB 0% BT, you only need to pay minimum 5% of the amount in the BT account and it is not divided into 6 installments as you mentioned.

Here is how it works, I know because I have done BT with them, one cleared in full and the other still active and both not imposed a sen of interest.

Example, do BT for RM10,000 and you'll be assigned a separate BT account from your main card account.

First month, need to pay minimum RM500 (5%) and balance RM9500 carried forward to next month without any interest charges. You may pay more than the minimum 5% if you want.

Second Month, need to pay 5% of RM9500 which is equals to RM475 towards to BT account. The new balance in the BT account will then be reduced to RM9025 and no interest will be charged again. Once again you may if you wish pay more.

Same thing for 3rd, 4th, 5th and 6th month must pay minimum 5%. Comes the 7th month, you must settle the amount in the BT account in full or else you will be imposed interest charges.

However, not sure what interest will be charged if one fails to pay the 5% minimum besides contributing to having a bad credit record. But if one cannot afford to pay the minimum 5% for BT then that guy is in deep shit and stupid do to a BT in the first place.

This post has been edited by Gen-X: Sep 10 2010, 01:49 AM

Agree with Gen-X, i'm now serving the 2nd time BT with Direct Access.

This is the application form: http://www.directaccess.com.my/index.php?c...448&tpt=cimb_da
please refer to the T&C, the BT is not divided into 6 months; it will due only on the 7th month.

Cheers...

wow that's great man ! i want to apply for CIMB fast !

due to moving house, i am going to buy a lot of stuffs this month. I estimate the furniture + electrical items will cost more than 50K. i have reserve fund to pay off but i want to let the money grow in my FD.

So it's confirm CIMB or D/Access does not charge interest if i only pay minimum during the BT tenure. How about OCBC, Public Bank and Maybank ?

If OCBC, Public and Maybank also offer 0% interest for BT + 0 handling fee + 0% interest if pay minimum during BT tenure, i want to apply all of them. i can then do BT from my current CitiBank to CIMB 6 months, then OCBC 6 months, then Public 6 months , then Maybank 3 months. My money $$ will keep growing in FD for another 21 months !

Bro,

1. Yes to can BT your Citibank balance to CIMB. And as HHalphaomega mentioned, you can subsequently do BT for BT account i.e. CIMB to OCBC (but I guess you better check for yourself). CIMB offer ends Dec 2010 and OCBC March 2011.

2. You are assuming that the banks will be offerring 0% for another 1+ years which I doubt will happen.

3. You still need to pay the 5% minimum payment, therefore your money will be depleting faster than interest gain from FD so not necessary your money will keep growing in FD for 21 months as you mentioned unless you got new funds every month to pay off the 5% payment

Tip, based on present offers by banks. Get OCBC and CIMB cards now. Charge the RM50K to OCBC as they offering 0% interest for transactions until end of year. If you're buying the furniture in stages over the next 3 months, this makes it easier when doing BT. But you won't be getting any reward points from OCBC Titatium but only max RM20 cash rebate per month, but then again your money can put in FD for 2-3 months. Comes December BT it to CIMB. Minimum 9 months 0% interest. But you got to pay upfront RM50 GST for each card.

Click here to read more on BT in my blog.

This post has been edited by Gen-X: Sep 10 2010, 11:12 AM

I like DA BT so much. The current BT is the 4th one. I have completed repaying two.

a very interesting question. pls see my example below:

Let say i have credit limit 50k for CIMB and 30k for Public Bank. i charge a total amount of 30k on CIMB and 20k on Public Bank.

i will first do BT of 20k from Public Bank to CIMB. After that i will do 30k BT from CIMB to Public Bank. Can this be done ? Can i do BT from Public Bank to CIMB although i still owe CIMB 30k ?

This post has been edited by truelife: Sep 22 2010, 04:44 PM

I think this is doable... so long you have the enough limit, BT would be approved.

Having said that.. please allow 1 month 'buffer', cox public bank/CIMB will ask for your latest cc statement... If they saw you just BT it out, then now aply for BT again, I wonder what would they think... will this be part of the approval criteria??? i'm not sure then...

i wanna do this because currently both CIMB and Public Bank have BT promotion 0% for 6 months.

Actually I abit confuse on this BT stuffs.
Exp, I spend 8K of my total 10k CL on Oct. So I do BT on Nov to other bank? So if I choose 12 month to settle, how is the interest will charge?
Let say just take any one of the bank offer.

Because, I see some ppl can settle the amount. But they prefer to do BT, and use the cash for something else or some business.
My question is, how we calculate the BT and how actually so calle the bank interest calculated. At least can do comparison to settle or do BT better.

Thanks

just found out that OCBC can allow us to transfer to OCBC up to 60% of the available credit limit only. Maybank is 70%. the best is CIMB, 100% !

i have a question: let say i have transferred outstanding 50k from Citibank to CIMB for 6 months plan. in the middle of these 6 months, can i do another BT from Citibank/or other bank to CIMB again ?

Yes; provided that you still have sufficient credit limit.

citibank BT rates r very high ( 11.99% for 12 months)

Public bank rates r good now

1. 0% for 6 months or the other good option longer term

2. BT for pb is 5% for 2 years (comes to like 2.5% per yr) very good deal


The only prob us my PB CL is low... so i cant transfer much....

Those with CIMB cc, can waive the fees? saw the gold cimb but they have consition like certain rm of transcations only can waive the fee

What kind of fee are you talking about for CIMB/CIMB DA?

It's 0% for 6-month plan or 1% for 12-month plan with a min amount of RM 1k for each transfer.

sorry ..i meant cimb annual fees

CIMB direct access is FREE FOR LIFE... no condition apply...


MY TOP FAVOURITE!!!

I checked with CIMB staff at Pavilion, its 0% interest BT is a real 0%. That means you only need to pay minimum every month and settle in full in the 6th month. I would say it is the best BT in the market.