I moved it by accident this morning. A guy opened a new thread regarding balance transfer in the finance main section and i merged it with the existing one. Guess something happened then and i just realized it now

This post has been edited by MilesAndMore: Aug 10 2011, 03:06 PM

My friend apply for HLB CC that offer no charge cash advance with very low interest (not sure, about 1%). He cash advance all of the credit and balance transfer it to maybank/cimb... ending getting cash for very low interest rate

use it for convenience? eg : pump petrol no need walk till the cashier.
can carry less cash in wallet

how u earn $$ with balance transfer? i thought balance transfer is to reduce interest charges on late payment?

e.g. You have flexi house loan and also 10k cash to pay off the CC.
So you transfer the 10k cash to your flexi HL, let's say BLR-xx = 5% . Which means you save rm500 for 1 year.
Then you BT the CC 10k to 12 mths 0% interest. Every mth pay RM834 (x12 = 10k p.a.) from your monthly salary.

Now, do you see how you can save rm500 (5%) interest ?
Even if you put the 10k cash in FD, you still get ~3% interest.

Just to add, it does not mean BT 10k CC, and your CC free up 10k CL to spend for Hari Raya new furniture, fittings, clothes, etc.

Note: above is just using simple calculations, and not on daily-rest, monthly compounded, etc.

This post has been edited by cute_boboi: Aug 10 2011, 03:52 PM

im not sure if u r replying to the "using BT to earn money part".

if ur not, ignore this

u r still paying interest for what u get. lets say u cash advance rm1k and they charge you (lets say 1%) RM10. at the end of the day u still need to pay RM1010 compare to RM1000 that you Cash Advance

SO you're the culprit

Sounds like timetraveler method, hahaha.

Can but better don't learn because BT is still a debt.

Agree that you do save interest from above practice. But it is no different from doing BT from one account to another to save on interest charges. The fact is you are in debt if you got a loan. And by the way, you don't really save RM500 a year(based on above example) because you got to take in account every month you still have to pay towards the BT account.

And if you add the interest you save by doing BT i.e. 17.5% to 0%, you can say you save another RM1750 ( not really because you also have to pay toward the BT account and thus less), hahaha


True true, but unfortunately most people will go on spending once they do BT because they think they getting "free" money.

This post has been edited by Gen-X: Aug 10 2011, 04:48 PM

Guilty as charged

^^
^^
Yeah, I'm just giving a rough count (as not to come out with exact figures and calculation method that is too deep/confusing)

Your point of adding the 17.5% CC interest is good also.

3rd time doing BT with maybank to reduce some interest from OCBC to maybank2 amex.

27th july - email BT form to mbbcardservices@maybank.com.my
1st august - reply email from CS acknowledge receipt
4th august - OCBC account credited with the payment from maybank
11th august - still no updates of the BT payment in m2u???

IIRC, all previous BT, m2u will show first the transaction; before the other bank even receive the payment.

Just a simple question. any encounter that people do endless BT, while on BT they spend more and ended up even more debts than they can manage?

Credit card is such wonderful things and lethal on the other end.. blame on the bank who would give card to those who don't qualified it.. Those who have sink deeper went even deeper..

Can i know if my credit card A does not have any balance. Can i apply balance transfer from credit card B? can i withdraw the exceed money (Transfer from Credit card B balance transfer)? Is there any cost/fee apply?

did u do a BT from OCBC to Maybank 2's amex or from Maybank 2's amex to OCBC? cos when i spoke to a staff at their Seapark PJ branch 2 days ago, i was told that the Maybank 2s cannot use for BT.

This post has been edited by casphere: Aug 11 2011, 02:20 PM

Only can BT to MBB2 Visa/ Master only.
If BT from MBB2, Amex & Visa/ Master can be done.

I beg to differ.
I have done a BT from OCBC to my Maybankard 2Amex recently. Already reflected in the latest statement.

what's the diff if bt to M2 amex or M2 Visa/Master

i have no idea.
But he said one can only BT to MBB Visa/Master, which I do not agree, so I voiced out .

BT from OCBC to maybank2 amex. but OCBC statement already showed they receive the money from maybank, but maybank no transaction shown yet they disburse the money out.

no difference for me, except easy to manage on 1 active account. Visa/Master can keep in safe.

My bad then..

did you use the same form to BT to visa/master?
how about the 12 mth 0% interest promo?

It is the 0% 12 months BT I applied for. Otherwise what other BT do you think I can apply ?
Yup, I used the form for BT to MBB visa/MC, first column of the 16 digit card number is to be filled as "0".