are your sure?
meaning the statement divides the BT amount into six installments?


i copied this from cimb terms for BT

An additional account will be created for the purpose of the Approved Balance. The cardmember will receive a separate statement with details of his
Approved Balance. The cardmember will have to make a monthly minimum payment of 5% of the Approved Balance or such outstanding thereof or
RM50, whichever is higher, on the Approved Balance or such outstanding thereof. If the minimum payment is not paid by the third day of the Due Date
each month, the late payment charge of 1% on the total outstanding balance (subject to a minimum of RM5.00 and a maximum of RM50.00) will be
charged on the fourth (4th) day after the Due Date for each month. This late payment charge is imposed by way of liquidated damages and not as a
penalty and shall be payable before, as well as after any court order or judgement.

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Added on October 19, 2010, 12:41 pmanyone know where to fax the form for cimb balance transfer? cannot locate the fax no


This post has been edited by Robin Liew: Oct 19 2010, 12:41 PM

I know CIMB does not accept BT from another bank.


I am not sure about PBB. CIMB normally takes 7 days to approve and transfer the amount.


The fax number is stated clearly on the BT application form.

winner,
what do u mean by I know CIMB does not accept BT from another bank.

balance transfer is suppose to be from other bank



for pb 0% balance transfer, can we just pay the min without the interest charged?
because Pb CC does no have a seperate BT statement and its divided into installments

winner,

meaning cimb only do BT for their own card?

example : BT 12K divided by 6 months = RM2K / month

when u receive stmt, u will see RM2K being billed together with yr other transactions. It will say Inst#1/6, then next month Inst#2/6 and so on....

IF u pay only the minimum payment, you only pay 5% of the RM2K = RM100, hence the remaining RM1900 will be charged normal finance charges... the 0% applies to the balance of remaining installment (2/6, 3/6, 4/6, 5/6, 6/6) (no finance charge)

This post has been edited by nemoexcel: Oct 20 2010, 04:56 PM

nempexcel,
yes that is rite for pB bank

but i heard cimb wont charge interest if pay 5% only

very very confusing here

PB Balance transfer, we have to pay the full installments every month

CIMB balance transfer, can just pay min 5% and still enjoy the 0% interest for 6 months

No no, it's just that I didn't read the T&C properly, so I've been paying in full every month.

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Added on October 20, 2010, 8:21 pmNot sure what you're trying to say here but the point of balance transfer IS transferring your debts/outstanding balance from another bank.
I transferred my EONbank balance to CIMB btw

This post has been edited by cannavaro: Oct 20 2010, 08:21 PM

Yes Robin U r correct... CIMB and DA wont charge interest in their 0% BT programme because they create a new account number for the approved BT. The whole account is free of interest for the BT period.... hence its not a good idea to pay more than the minimum for CIMB/DA BT. And they are not dividing the BT amount by 6 months (like PBB) ... so if u BT RM12K (same example as PBB above), the minimum payment only RM600 and u still get 0% for the remaining Rm11,400

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Added on October 20, 2010, 10:04 pmthey practice 2 different approach

BT RM12K

CIMB : minimum payment RM600. Balance RM11,400 zero interest until BT expires..every month pay min 5%

PBB : Minimum payment RM100 (5% of RM2K), balance RM10K (12k-2K) free from interest,,, but RM1900 charge 17.5% interest ....

so depends on how u look at it lo.... if suka pay minimum, then PBB better, coz pay RM100 only vs RM600 , but kena charge interest ... CIMB totally zero interest for 6 months, but pay higher

confusing? no lar....

This post has been edited by nemoexcel: Oct 20 2010, 10:04 PM

What I meant was that, last time CIMB did not allow you to transfer your existing BT account with other bank to CIMB BT account. Other banks may allow you to do that.

yes nemo... seems to be very clear now

ocbc same concept as cimb? can just pay 5% min?

I dont know about current promo rate frm OCBC, but their approach is different .. they dont open new account like CIMB. They are the worst of the BT ...

example : BT 12K

1 time upfront charge 3% (depending on pkg) = RM360.. then 0% for the BT period

when receive stmt :-
u will be billed RM360
if no merchant transaction, then total outstanding = RM12,360. Minimum pymt = RM618. When u make pymt, the RM360 is NOT PAID off .. (only paid 5% of it = RM18,,,, balance of RM342 kena charged normal int), even if pay more also will go towards BT amount.

But if got merchant transaction, then DAMN confusing.....the payment hierarchy is 5% minimum on TOTAL balance... you will NEVER be able to pay off the merchant transactions (since no separate account for BT and merchant transaction), so in the above example, if your merchant transaction is RM2000, then

balance = RM12,360 + 2000 = RM14,360... min pymt = RM718 ... the balance is RM13,642
breakdown :-
RM11,400 = BT balance = 0% intrest
RM342 = BT charge ost = 17.5% int
RM1900 = merchant trans ost = 17.5% int

If pay more than minimum payment, the extra will payoff the BT balance.... NOT the merchant or BT charge....

so if wanna use OCBC, then B4/after BT, DONT USE it for merchant transaction ....

Damn confusing? lol ..... no lar ...

ocbc charges an upfront charge? even for ocbc titanium?

i tot it was free n 0% for 6 months? and just pay min like cimb.... can anyone clarify

This works for most of the bank...as long no separated account created for your BT, then any merchant transaction made with the same card that hold your BT, the payment you made will deduct the BT first....if you made any purchase, say, 1K..imagine the interest you need to pay for the 1k interest every month...you will be charge for interest for that 1k as long your BT is not fully paid...

The best way is:-
1) go for bank that create a separate account for BT (eg: CIMB/DA)
2) NEVER use the CC that you have made the BT...in your case the OCBC card

HTH

yah lah, damn confusing this OCBC BT. Like bogartT mentioned better go for CIMB where new account created for every new BT.

can anyone confirm

for ocbc titanium 0% balance transfer, is there any upfront charge?

is it same as cimb where can only pay 5% min and no interest will be charged for 6 months?

OCBC does not require you to provide statement for BT application.


OCBC Titanium MC does not charge handling fee for BT.

just received my ocbc titanium

will do bt and try

CIMB balance transfer more attractive.. 0% for 6 months

Just need to pay minimum 5% every month to enjoy 0% interest.

They open separate account

Let say transfer RM10,000

1st month = RM500
2nd month = RM500
3rd month = RM500
4th month = RM500
5th month = RM500
6th month = RM7500

Yes, I would say CIMB's BT is the best in town. CIMB/DA credit cards have nothing to attract me except their BT promotion and package.