Cheaper than a housing loan????
but my home loan only 4.2% p.a. hahahaha....

ask one thing.. to clear my doubt only, if i have no outstanding balance,

5k for cc A
5k for cc B

I apply cc A rm3k and transfer to cc B and make it as RM8k

then i withdraw that 3k using cc B... so, the limit like default only.. any effect ha?

This post has been edited by xixo_12: Feb 29 2012, 11:11 AM

Boss, housing loan interest and finance loan interest is 2 different thing lah! If ur housing loan is not Super Flexi, u r actually paying the max interest in the first year and gradually to the least at the end (based on principle deduction)! Finance loan interest is flat throughout! U r the first human in this mother earth to say 4.2% home loan is cheap!! U can correct me if i am wrong.

haha....is ok, I just share with you. Nowadays home loan interest is based on the reducing balance. Means that every month, the interest is based on the outstanding.
But, usually the personal finance is flat, e.g car loan. interest is calculate based on the initial amount
you can try to google search and download the mortgage calculator and play it.
4.2% reducing balance is not equal 4.2% flat. thx.

4.2% reducing balance ~ 4.2 effective rate
4.2% flat rate ~ 8.4% effective rate

Conclusion hlb ~12% effective rate where housing loan ~4.2%effective rate

Currently owning Citibank & UOB card, any bank is good for balance transfer?
Able to get more than 2 cards? since BNM says below annual 36K people are not entitled to have more than 2 CC.
How about those who are having more than 2 CCs and annual salary is lower than requirement

++

why is it that Banks will lend you a lump sum for 6 mths without ANY INTEREST CHARGED?

They hope you get itchy on the lump sum and spend it all. Then hope you missed payment or extend payment, only then start to charge u 9 9.

thanks..
from aeon website, their BT promotion doesnt mention any dateline.. is it offered throughout the year (the 0% charges)?

Right....Yeah man...
Just for sharing , for those who plan use the 0.5% flat personal loan to settle home loan is not worth, just my 2cent, decision still on your hand

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Added on March 1, 2012, 12:04 amThe 0% BT is ongoing program for Aeon until they announce it to stop, but pray the day never come.

This post has been edited by v2_vehooi: Mar 1 2012, 12:04 AM

I just check with the CS, this BT only for NEW HLB credit card applicant, existing cannot apply
I thought is for Fortune new card only, anyway, the CS told me such a way..

btw, i think their existing BT plan not bad.
0.4% monthly (3 months) - cannot cash out
0.5% monthly (6 months) - can cash out
0.75%...9 months - can cash out
1%...1 year - can cash out

I have a question to ask the BT pros here...

If I already made the payment for the credit card bill, can I still use the same statement to apply for BT from another bank? Would the bank(which I will apply for BT) verify with the other bank on the actual balance before they approve my BT?

yes you can

Is that mean HLB BT which offering 0.5% per month is actually 12% p.a (because it based on initial balance instead of reducing balance)?

just want to ask otai's n sifus here...
i have maybank cc bill of more than 4k.
thinking of clearing it up, but better make BT with additional gift.. any suggestion, should i just pay 4k, make BT, or deal maybank to arrange 0%... not quite understand BT pros

BT doesn't work on single CC.

You need another CC from another; for instance, HLB in order to BT from MBB outstanding to HLB in order to enjoy longer repayment period at low cost.

Unless you can get 0% Balance Transfer, why you want to pay interest?

Aside from Ambank Balance Transfer with Gift /Quick Cash, there also Amtransfer, it is the same as normal balance transfer?
it offered 4.99% pa for 6 months and 8.99% pa for 12mths/24mths. Please Advice.

Well, I would categorized BT into three types:

1. 0% Balance Transfer which no interest is imposed thru out the duration nor any admin fees.

2. Reducing Balance where interest is imposed on balance outstanding. E.g. HLB BT and Citibank Ready Credit.

3. Upfront Interest Balance Transfer where you are imposed interest upon approval. E.g. AmBank. This is the most expensive of the three above.

When there is upfront interest, the effective interest will be much higher. For example, the AmBank 8.99% upfront interest is equivalent to effeective interest of 16.38% p.a. Click here to AmBank site to read more.

Same thing for AMFlexi-Pay, interest is charged Upfront and therefore the effective interest is higher.

If you really need to utilize your credit card's credit facility, get a credit card with low interest (there is actually no such card) like Affin or Maybank 2 AMEX where the interest rate is less than 10% on a reducing balance. Best go for 0% and don't pay a sen of interest.

Click here to read my previous article at My Credit Cards where I have shown that Upfront Interest of 8% is no difference from credit card's 17.5% interest.

Need advice:

Say my MBB Amex statement balance on 3/3/12 is rm900.
but the current balance is RM3000 (8/3/12) (inc. statement bal of rm900).
Can I still do a BT to Citibank by phone (only need to provide acc# and amount) for the amount of RM3000 instead of RM900.
Due date to pay MBB is 23/3/12.

This post has been edited by MGM: Mar 8 2012, 11:45 AM