FD Rate : 3.10% per annum
6 month FD earns you only 1.55%

sending my last BT application to CIMB..hope still can catch the 0%..

Let's say we earn 1.55% from RM10K, that's RM155. Less the upfront, earn RM55 or 0.55%, but this is not the case since we still got to pay monthly 5% minimum.

Or maybe here's another example, for discussion sake purposes, assuming one has RM10K cash on hand and do BT with UOB.

And assuming 1month FD 3% and pay 5% minimum payment towards BT outstanding

1st month interest approximately 10,000 x 0.03/12 = 25
2nd month, int. approx = 9500 x 0.03/12 = 23.75
3rd month, int approx = 9025 x .0.03/12 = 22.56
4th month, int approx = 8573.75 x 0.03/12 = 21.43
5th month, int approx = 8145.06 x 0.03/12 = 20.36
6th month, int approximately (this is assuming got adequate time to allow the balance to earn interest before Due Date) = 7737.81 x 0.03/12 = 19.34

Add above interest = RM132.44

So end of 6 months, after taking away RM100 upfront, one only earns RM32 or 0.32%!!!!!!

**Edited

This post has been edited by Gen-X: Dec 29 2011, 10:14 AM

As usual Gen-X manage to explain with figures....

Our Finance Advisor

Correction:

I was not entirely correct by saying that "one can earn more with RHB 0% BT even after paying RM50 GST" because I forgot that RHB's is equal payment. After deducting RM50 GST, the interest earned from FD with RM10K with RHB BT is about the same compared to UOB BT. But if the amount was to be much more than RM10K, then RHB 0% BT do earn a person more since the RM50 GST is constant.

This post has been edited by Gen-X: Dec 29 2011, 10:28 AM

gen-x have good explanation , thanks and i learn from you from bt , but comparing of FD to BT from what forumers said . i believe i owe the bank with my credit card each month swipe i save alot of interest comparing of getting OD or business loan from bank . if we can swipe 100k a month , we eventually extra 100k each month for 5% Od or business loan .e . we save 5k. a year once fully paid the bill come in the new bill. consider getting loan from credit card , this is the smart way .

This post has been edited by bertdeen30: Dec 29 2011, 01:11 PM

updated. Don't think it can make it before the statement due date on Jan 1 2012.

I am a sad panda now....

BT from Alliance Bank to Maybank
24 months, 2% per year, minimum transfer RM2000

Thursday 22 DEC 2011 summit document.
Friday 23 DEC 2011 received document by Alliance Bank.
Sat, Sun, Mon holiday.
Wednesday 28 DEC 2011 GiRO transfer RM5000 to maybank cc account.
Monthly payment RM216.67
Fast indeed

Should be OK, the amount will appear online on 30/12/11 showing it was Giro in on 29/12/11.

Thanks MGM. You hit right on the dot.

any idea CIMB one will be extended?

CIMB Balance Transfer no longer listed ....as of 1 Jan 2012
http://www.cimbbank.com.my/index.php?tpt=c...=promotion_list

seems like maybank have new BT program. it will create a separate account for each new application. However, the rate is no more 0%.

From maybank website:
For 6, 9 and 12 months plan: Upon approval of your Balance Transfer, you will be notified of the new account number where a balance transferred is resided. Payment must be made into the new BT account number allocated to you.

The above said MBB BT have been going on for years and not new.

I guess CIMB has read this topic on how we "earn cash from BT"

So both 0% BT promo from CIMB and MBB have been discontinued?

haha, I don't think so. Most people who does BT in the first place are trying to stay afloat and can't pay in full comes the expiry of the BT period and that is when CIMB would be making lots of money. Also, the 0% BT is to attract new customers and retain existing customer where most credit card users over spend and can't settle in full.

Furthermore, everyone expects 2012 to be a bad year and BNM have also increase the Statutory Reserve Requirement (SRR) Ratio in the second half of last year. I would think that after RHB 0% BT expire this month, we won't be seeing any more 0% BT for the rest of this year.

Other alternative to 0% BT, if AmBank Card extend their Flexi-Pay after 31st January 2012 (promo for ladies until 29th February 2012), maybe we should all get a AmBank credit card. Click here to read about AmBank Flexi Pay 0% installment. **Edited** Just realised, I may have problem getting a credit card from AmBank with BNM rulings.

This post has been edited by Gen-X: Jan 2 2012, 12:52 AM

so, now no more 0% BT program from any bank except AM Bank

AmBank never had any 0% BT Plans but charge you interest and give you free gift instead. Currently only RHB offer 0% BT until end of this month.