I just apply BT from Citi to PBB
due date is 7 Feb for my Citi bill...

so many holidays, u guyz think I able to make it?

This post has been edited by frequency: Jan 28 2011, 05:24 PM

Thanks for ur info.
I'll pay first....then apply others card as well...

Let's say I Balance Transfer approx RM4200 to CIMB 0% 6-month plan.

Month #1: Mar-2011
Statement balance = RM700
I can pay RM50 (5% minimum)

Month #2: Apr-2011
Statement balance = RM1350 (700+650)
I can pay RM70

Month #3: May-2011
Statement balance = RM1980 (700+1280)
I can pay RM100 (5% minimum)

Month #4: May-2011
Statement balance = RM2580 (700+1880)
I can pay RM130 (5% minimum)

Month #5: June-2011
Statement balance = RM3150 (700+2450)
I can pay RM160 (5% minimum)

Month #6: July-2011
Statement balance = RM3690 (700+2990)
I can pay RM190 (5% minimum)

Month #7: July-2011
Statement balance = RM3500
I can pay RM3500

Is the above scenario correct ?
Will the Statement Date for the CIMB BT account follow the same as CC Statement Date

This post has been edited by ronnie: Feb 7 2011, 03:56 PM

from my past experience, CIMB BT do create another account.
so, in your case, you need to pay full on statement balance + 5% on BT, to avoid any charges.

statement/due date will follow the main account.

This post has been edited by zcatz: Feb 7 2011, 04:03 PM

No lah, you get separate statement. A new 16 digits account will be created just for the Balance Transfer Account.

hahaha, like I mentioned in Amex Thread, Malaysians must have sample calculations to understand better. Since I very free, here you go:

Say you BT RM4200 to CIMB 0% 6-month plan.

Month #1: Mar-2011
Your NEW BT Account Outstanding Balance in Statement = RM4200
You must pay RM210 (5% minimum)

Month #2: Apr-2011
BT Account Outstanding Statement balance = RM4200 - RM210 = RM3990
You must pay RM200 (5% minimum, actual amount RM199.5 but round it up)

Month #3: May-2011
BT Account Outstanding Statement balance = RM3990 -RM200 = RM3790
You must pay RM190 (5% minimum, once again round up)

Month #4: May-2011
BT Account Outstanding Statement balance = RM3790 - RM 190 = RM 3,600
You must pay RM180 (5% minimum)

Month #5: June-2011
BT Account Outstanding Statement balance = RM3420
You must pay RM171 (5% minimum)

Month #6: July-2011
BT Account Outstanding Statement balance = RM3249
You must settle in full RM3249.

From months 1 to 5, you can pay more but not necessary. There is no benefit by paying more than the 5%. Having said this, usually I will pay more than the 5%, about 10% rounding it up to the nearest thousand for me to keep track easily in my mind.

To read more on CIMB BT plan, click link below on steps to apply for it.

http://creditcardsmalaysia.blogspot.com/20...0-interest.html

come to think of it, must show the above example in my blog, good for another post.

This post has been edited by Gen-X: Feb 7 2011, 04:04 PM

mbb-2-cc gold Amex/Visa got BT facilities?
if yes, same rate with mbb visa/master/amex?

Do one on Maybank BT too please. Am thinking of doing a BT to Maybank from my HSBC MasterCard but 0% BT from every banks seem work a little bit differently. So i am still kind of puzzled how does Maybank's one work. Thank you

yes

Miles, I never done BT with MBB but after reading MBB web page and the T&C, I can guess why you would be confuse.

Below taken from MBB website:

7.For 6 and 9 months plans: 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.

8.For 12, 24 and 36 months plans: Upon approval of your Balance Transfer, NO new account will be allocated. The balance transferred will be in your existing Visa/MasterCard/American Express account.For 24 and 36 months plans: Upon approval of your Balance Transfer, NO new account will be allocated. The balance transferred will be in your existing Visa/MasterCard/American Express account.

So from above clause 8, no new account will be created for 12 months and above BT.

Below taken from T&C for MBB BT:

5. For each approved application under the 3 months to 12 months plans, a Balance Transfer account ('BT Account') bearing serial number 5887 3000 xxxx xxxx will be allocated to you and jointly combined with your existing Principal Visa/MasterCard/American Express accounts. The existing credit limit for your Principal Visa/MasterCard/American Express account will be shared with this BT Account and all other supplementary cards issued. This is NOT a credit limit increase. This BT Account will be used to post balance transferred from other Card Issuer. No physical CARD or PIN will be issued.

6. Cardmember has to meet at least 5% minimum payment to the BT Account as per existing payment terms on Visa/MasterCard/American Express account(s).

From Clause 5, it states under 3 months to 12 months - what does it mean by under? Is the 12 months plan included? Why can't MBB's lawyer be more precise by stating 3, 6, 9 and 12.

Anyway, a new account for MBB BT will be created. But there is no mention as to how payment must be made. Note clause 6, it states that must a least pay 5% minimum but doesn't say what happends to the 95% unpaid? No where in the T&C was it mentioned that for 12 months the interest rate is 0%.

14. For each balance transfer under the 24 months and 36 months plans, the monthly instalment is calculated as the total sum of the amount transferred plus interest on the amount so transferred divided by the number of months in the instalment period. Interest rate is fixed at 4.50% p.a for 24 months instalment period and at 4.95 % p.a for 36 months instalment period. The monthly instalment shall form part of the Principal Cardmember's specified minimum payment as defined in the Maybank Visa/MasterCard and/or American Express Cards Cardholder Agreement.

15. Upon approval of the application for the 24 months and 36 months plans, the Bank will debit the Cardmember's Principal Visa/MasterCard/American Express Credit Card Account with the monthly installment payable amount for the duration of the Programme i.e. 24 months or 36 months. No BT Account will be allocated.

From clause 14 pretty easy to understand, they charge interest upfront and then divide by tenure.

21. Effective rates: 24 months plan at 8.41%, 36 months plan at 9.22%

MBB actually stated the effective rate, that's good of them.

So from the above, I guess the 12 months plan does have a new account created as mentioned by someone else earlier. I guess the repayment method for the 12 months plans should be the same as CIMB, note I said guess, haha.

Another thing, who the heck would want to take up MBB BT plans less than 12 months and pay interest instead of going with 12 months 0%. Come to think of it, why am I going with CIMB 0% for 6 months when MBB offering 12 month 0%?

This post has been edited by Gen-X: Feb 7 2011, 09:15 PM

Btw, just an info to share bout Maybank BT.
You can use email and scan the attachment if you dont wanna use fax.




This post has been edited by l3iTi: Feb 8 2011, 09:36 AM

Thanks for the info. Have you done BT with MBB? If yes, how does the repayment works?

I want to apply maybank cc for BT purposes!! any mbb agents here??

Nope. Thought of applying it end of this mth...so lurking around here to get info as well

I did it once. Split to 12 equals repayment.

I am going to do a BT from my Citibank VISA to Maybankard 2 VISA by next week ... Hopefully there won't be any delay in getting my Citibank credit card statement.

yours is 12 months 0%?

But to me it is good enough as I do not intend to pay minimum payment and ended up have to fork out a lot end of the year

This post has been edited by jasontoh: Feb 8 2011, 08:50 PM

So MBB 12 month 0% plan is divided into equal installment. Forgot to ask, got separate account for MBB 12 months BT? Thanks.

Well then T&C is should have been written clearer. Guess that answer your question Miles. Now just got to wait for jason to reply on separate account for MBB BT 12 months 0% plan.

By the way, FYI CIMB BT no need latest statement. Last time OCBC got 0% interest free, so accumulated charges over 3 months period and fax to CIMB November Statement when I applied for BT in December.

No separate account. It is inside the same credit card account.

how long it take to do maybank BT ?

I did once only, but it took quite some time from the day i faxed in till I see the amount in my targeted credit card account.
5th day only approved, then about a week later then only can see the amount credited to my credit card account.