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 Balance Transfer, What is it actually???

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WaCKy-Angel
post Nov 2 2011, 05:35 PM

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QUOTE(Gen-X @ Nov 1 2011, 06:12 PM)
1. The amount would be more than RM83.33/month. Click here and read item 10. But to note, the interest is stated as 4.5%, and if not mentioned that means per year. Therefore the amount you need to pay per month is

[RM2K+ (RM2000 x 4.5% x 2 years) ] / 24 months = RM90.83

2. For most if not all BT, the banks consider it as Cash Advance and therefore if you only pay the minimum 5%,  you'll be charged interest of 18%. Once again, click here to read T&C item 18.. Therefore it is not 17.5% as mentioned by erry.
erry, very useful info, BUT in order not to mislead others on interest calculations, I just want to highlight that for 12 months above, the way you mentioned interest is incorrect. When one mention interest it is usually based on 12 months and the best way to compare is by using effective interest. The way MBB calculate interest for the internal transfer is UPFRONT of 4.5% per year for the 24 months plan and the 0.375% is just a marketing gimmick.

To AL: Once again, for MBB 24 months, the effective interest is 8.41% (not 9%) which means it is lower than MBB 2 cards 8.88% but the 36 months plan is higher at 9.22%
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Oh well most banks does that...

Let me get it more clearer....
If this internal BT interest are calculated upfront and added to the BT amount, how about the normal credit card interest for MBB2card?
Lets say RM5000 if i keep the balance in mbb2card how much is the interest per month compared to doing internal BT? Assuming if i pay the same amount for either option...
Can make a comparison chart? I really sux at math lol
Gen-X
post Nov 2 2011, 08:19 PM

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QUOTE(WaCKy-Angel @ Nov 2 2011, 05:35 PM)
Oh well most banks does that...

Let me get it more clearer....
If this internal BT interest are calculated upfront and added to the BT amount, how about the normal credit card interest for MBB2card?
Lets say RM5000 if i keep the balance in mbb2card how much is the interest per month compared to doing internal BT? Assuming if i pay the same amount for either option...
Can make a comparison chart? I really sux at math lol
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That is why earlier I said go download the App called Credit Card Calculator for iPhone and Android. If you don't have either of these phone, then too bad tongue.gif Just kidding, go to General thread, 1st page, item 5, alexwsk have taken the trouble to give a link to calculate interest and duration to settle in full based on repayment amount. Go try it out smile.gif

The more you pay per month, the less interest you'll be imposed and quicker you'll settle the outstanding balance.

One very important thing to note, do not use the card that you have outstanding balance because you also be charged interest for new transactions. Use another card that has no outstanding balance and make sure you pay in full every month.

This post has been edited by Gen-X: Nov 2 2011, 08:24 PM
ronnie
post Nov 3 2011, 02:53 PM

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Finally fully paid another 2 CIMB BT accounts.... these fully paid account don't go away on its own.
Johore
post Nov 3 2011, 04:41 PM

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already submit BT form cimb to mbb @mybank branch..why so late one??!!already 1 week..
gerrardling
post Nov 3 2011, 05:30 PM

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QUOTE(ronnie @ Nov 3 2011, 02:53 PM)
Finally fully paid another 2 CIMB BT accounts.... these fully paid account don't go away on its own.
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They still havent remove your BT accounts yet ?
ronnie
post Nov 3 2011, 07:51 PM

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QUOTE(gerrardling @ Nov 3 2011, 05:30 PM)
They still havent remove your BT accounts yet ?
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i had to email to them to get it removed.
I will do the same for these just-paid BT accounts.

Does your CIMB BT account gets removed once fully paid up?
chemistry
post Nov 3 2011, 07:54 PM

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QUOTE(ronnie @ Nov 3 2011, 07:51 PM)
i had to email to them to get it removed.
I will do the same for these just-paid BT accounts.

Does your CIMB BT account gets removed once fully paid up?
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My BT accounts were still there despite zero outstanding balance.
Everytime I log in to CIMB Clicks I will see a long list of credit card accounts , phew`~ rclxub.gif
ronnie
post Nov 3 2011, 09:22 PM

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QUOTE(chemistry @ Nov 3 2011, 07:54 PM)
My BT accounts were still there despite zero outstanding balance.
Everytime I log in to CIMB Clicks I will see a long list of credit card accounts , phew`~ rclxub.gif
*
just drop the CS an email to remove them. Lousy system, had to be done manually removal.
gerrardling
post Nov 4 2011, 07:02 AM

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QUOTE(ronnie @ Nov 3 2011, 07:51 PM)
i had to email to them to get it removed.
I will do the same for these just-paid BT accounts.

Does your CIMB BT account gets removed once fully paid up?
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still havent fully paid up my BT account yet. Did they remove it from our CCRIS system also ?
Gen-X
post Nov 4 2011, 07:08 AM

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QUOTE(gerrardling @ Nov 4 2011, 07:02 AM)
Did they remove it from our CCRIS system also ?
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Good question, if not, ronnie's CCRIS record would have a long list of BT accounts, hahaha
ronnie
post Nov 4 2011, 10:55 AM

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QUOTE(Gen-X @ Nov 4 2011, 07:08 AM)
Good question, if not, ronnie's CCRIS record would have a long list of BT accounts, hahaha
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Does BT accounts get listed in CCRIS in the first place ?

That's something I didn't check at BNM... Maybe should pay a visit to BNM.
How often can we print the CCRIS ?

This post has been edited by ronnie: Nov 4 2011, 10:56 AM
Gen-X
post Nov 4 2011, 11:25 AM

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QUOTE(ronnie @ Nov 4 2011, 10:55 AM)
Does BT accounts get listed in CCRIS in the first place ?

That's something I didn't check at BNM... Maybe should pay a visit to BNM.
How often can we print the CCRIS ?
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Yes, every single BT account created will be reflected in your CCRIS report. Last time I checked end of last year, even accounts that have been settled in full are still listed. I got no idea when it will be taken out from the report.

I also must go check my latest CCRIS report and see how long is my BT list to date, hahaha

You can go as often as you like since it is FREE smile.gif Actually, the report should be updated every month.

This post has been edited by Gen-X: Nov 4 2011, 11:27 AM
alexwsk
post Nov 4 2011, 12:07 PM

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QUOTE(Gen-X @ Nov 4 2011, 11:25 AM)
You can go as often as you like since it is FREE smile.gif Actually, the report should be updated every month.
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report is updated monthly, but can print out once every 3 months
shiroikun
post Nov 4 2011, 03:09 PM

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this is the address?

BNMLINK
Bank Negara Malaysia
Blok D, Jalan Dato' Onn
50480 Kuala Lumpur
erry-
post Nov 4 2011, 04:40 PM

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QUOTE(gerrardling @ Nov 3 2011, 05:30 PM)
They still havent remove your BT accounts yet ?
*
QUOTE(chemistry @ Nov 3 2011, 07:54 PM)
My BT accounts were still there despite zero outstanding balance.
Everytime I log in to CIMB Clicks I will see a long list of credit card accounts , phew`~ rclxub.gif
*
well, cimbclicks is like that.

my old visa and master gold is still there.


Added on November 4, 2011, 4:40 pmand my cancelled visa plat also still there. haha laugh.gif

This post has been edited by erry-: Nov 4 2011, 04:40 PM
shiroikun
post Nov 4 2011, 04:50 PM

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QUOTE(erry- @ Nov 4 2011, 04:40 PM)
well, cimbclicks is like that.

my old visa and master gold is still there.


Added on November 4, 2011, 4:40 pmand my cancelled visa plat also still there. haha laugh.gif
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Then how we gonna remove it from CCRIS since we already cancelled the card... I wonder how many BT account will show in my CCRIS Report, i never print before laugh.gif
gerrardling
post Nov 6 2011, 06:03 PM

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got a question here for cimb BT. let say my first cimb BT account statement date is on july 1st. The last statement will be on dec 1st, and i need to settle all my outstanding before 20th dec. Am i right ?
winner
post Nov 6 2011, 06:57 PM

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QUOTE(gerrardling @ Nov 6 2011, 06:03 PM)
got a question here for cimb BT. let say my first cimb BT account statement date is on july 1st. The last statement will be on dec 1st, and i need to settle all my outstanding before 20th dec. Am i right ?
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It depends on when CIMB did the BT for you. You can see the date from the first statement. For instance, if CIMB transferred fund to other banks for you via IBG on 20-6-11, then you need to fully settle the outstanding to CIMB by 20-12-2011.
ronnie
post Nov 7 2011, 12:06 PM

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QUOTE(gerrardling @ Nov 6 2011, 06:03 PM)
got a question here for cimb BT. let say my first cimb BT account statement date is on july 1st. The last statement will be on dec 1st, and i need to settle all my outstanding before 20th dec. Am i right ?
*
It's additional 20 days from Statement Date of the 6th Statement you receive to avoid BT interest.
gerrardling
post Nov 7 2011, 03:33 PM

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QUOTE(ronnie @ Nov 7 2011, 12:06 PM)
It's additional 20 days from Statement Date of the 6th Statement you receive to avoid BT interest.
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ok. got it. smile.gif

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