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 Balance Transfer, What is it actually???

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ronnie
post May 3 2011, 12:02 AM

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QUOTE(David83 @ May 2 2011, 11:36 PM)
Make sure you track well if you have several concurrent BTs with CIMB/DA. laugh.gif
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That's the beauty of CIMB/DA BT program that they have separate BT accounts to ease monitoring.
ronnie
post May 3 2011, 10:16 AM

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QUOTE(romariotan82 @ May 3 2011, 10:01 AM)
Would like to ask wthether possible to BT from maybankcard amex to public bank (0% for 6 mth)
as AMEx card only consists of 13 digits
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Should be OK... I'm still waiting for approval for my Maybank AMEX balance-transfer to CIMB
ronnie
post May 3 2011, 08:38 PM

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Go chase Bank B to expedite based on the Due Date of CC A... Else pay 5% first before due date.

CCRIS won't have record on the first late payment...
ronnie
post May 4 2011, 06:43 AM

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QUOTE(turion64 @ May 3 2011, 09:40 PM)
pay 5% means the minimum payment ?

let's say i pay minimum payment, will i be charge interest? if yes, how much ?
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You will be charged interest on the remaining 95% outstanding balance lah... beased on your CC interest tier max at 18% p.a. (or 1.5% per month)
ronnie
post May 4 2011, 10:58 AM

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QUOTE(babypao @ May 4 2011, 09:26 AM)
is there any BT have attractive promotion? Seem Maybank and CIMB BT campaign already expired
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Current CIMB Balance Transfer 0% 6-month BT program ends on 30 June 2011
Maybank's 0% 12-month BT program ended on 30 April 2011
ronnie
post May 5 2011, 08:45 AM

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CIMB Balance Transfer (From MBB2 AMEX)
- Faxed in documents on 29 April, 9am
- Application approved on 4 May rclxms.gif rclxms.gif
- BT Account created in CIMBClicks on 4 May
- Payment to CC on 6 May

3 working days to complete approval... I'm lovin' it !!! rclxub.gif rclxm9.gif
5 working days to pay Maybank

This post has been edited by ronnie: May 7 2011, 09:14 AM
ronnie
post May 6 2011, 05:45 PM

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QUOTE(ckuanglim @ May 6 2011, 05:35 PM)
Which credit card has 0% interest in balance transfer now?
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CIMB BT is 0% for 6-month ... offer until 30 June 2011
ronnie
post May 12 2011, 12:09 PM

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QUOTE(erry- @ May 11 2011, 06:59 PM)
YES can. if u BT more than current balance (outstanding + recent/unbilled), the card will have negative balance (as if u already pay more).
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CIMB BT doesn't allow you to transfer more than what's outstanding balance.
ronnie
post May 13 2011, 12:12 PM

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QUOTE(erry- @ May 13 2011, 12:18 AM)
question on behalf of my sis-in-law.

she have maybank visa petronas.
and she just get her maybankard2 amex + mastercard.

can she BT visa petronas outstanding to mbb2 amex?
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You CANNOT Balance Transfer within the same bank lah....
You need to Balance Transfer to another bank's credit card.
ronnie
post May 15 2011, 11:21 PM

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For those with CIMB Balance Transfer, take note that your statement date for the BT account may differ from the CIMB CC's statement date. Reason is because you have changed the original CIMB CC's statement date.

So it's wiser to call CIMB, upon approval of your BT, to verify what is the Statement Date, and change if necessary.

Eg.
My CC Statement Date = 15th of every month
My 1st BT account Statement Date = 15th of every month
My 2nd BT account Statement Date = 15th of every month
My 3rd BT account Statement Date = 11th of every month vmad.gif sweat.gif

This post has been edited by ronnie: May 15 2011, 11:22 PM
ronnie
post May 20 2011, 01:25 AM

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QUOTE(cute_boboi @ May 16 2011, 10:43 AM)
CIMB BT, will they snail-mail the statement to us ?  hmm.gif  Or have to guess/check online (how to check?)
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CIMB will snail-mail the approval of the BT application
CIMB will snail-mail the statement as per your CC also.
The CIMB BT account is viewable in your CIMBClicks account also.
ronnie
post May 23 2011, 11:33 AM

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QUOTE(pocketcctv @ May 23 2011, 11:00 AM)
I have conducted the BT from HLB to CIMB and the amount of BT had already appeared when I logged in to my CIMBClicks account but then seems like HLB haven't received any payment yet.

How long normally does it take to settle it ? Any idea,guys ? ..
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Give it 1-2 days more... You have around 3-day grace period to settle after the Due Date.
ronnie
post May 23 2011, 12:07 PM

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QUOTE(pocketcctv @ May 23 2011, 11:38 AM)
Meaning within this week, it will be settled ? smile.gif
Looking forward for that .. I wonder how come CIMB will reserve approx. RM400 - RM600 in my available credit limit when I just used only like half of the stated amount ?
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BT amount will reduce the Credit Limit by the same amount...
Minimum BT amount is RM1000 for CIMB.
ronnie
post May 28 2011, 11:40 AM

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QUOTE(goey @ May 27 2011, 11:32 PM)
Hi,

I am seriously considering opting for BT since I realised I buta-buta paying so much for bank interest right now. Which is the bank that is offering 0% interest right now?

Thks!
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You seriously need to look at your financial standing first, rather trying to transfer the balance all over the place.
ronnie
post May 29 2011, 11:13 AM

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QUOTE(pocketcctv @ May 29 2011, 11:02 AM)
Finally my application for BT from HLB to CIMB has been done. smile.gif
Everything seems to be pretty easy and quick ..
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Should be completed within 5 business days...remember to pay at least the minimum 5% to avoid CC interest.
ronnie
post May 29 2011, 12:55 PM

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QUOTE(pocketcctv @ May 29 2011, 12:01 PM)
You mean the based on the separated account created for BT or the ordinary CC account ? unsure.gif
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5% minimum for the separated BT account they created for the BT amount.
ronnie
post May 30 2011, 12:05 AM

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QUOTE(dopp @ May 29 2011, 11:56 PM)
Some trick here, 1% is not upfront 1%...
It is reducing balance , based on your 1% of you outstanding amount

Added on May 29, 2011, 11:57 pmCIMB kinda tricky here, you will have to pay min amount of  your balance transfer... and the outstanding balance will be charged 1% per annum of reducing bal calculation.
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That's very bad eh ? You still pay 1% p.a. on outstanding amount. doh.gif rclxub.gif
Lucky 6-month @ 0% is still the best. Hope CIMB continue to the program until 31 Dec 2011 brows.gif whistling.gif thumbup.gif
ronnie
post May 30 2011, 12:10 AM

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For CIMB BT program, does paying 5% to the BT account will increase available CL month-by-month basis ?
ronnie
post May 30 2011, 11:16 AM

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Today just submitted another BT application from SCB+MBB to CIMB...let's see how many days to be approved and how soon SCB and MBB account is paid.

Faxed on : 30 May 2011
CIMB BT Approved on : 1 June 2011 rclxms.gif icon_idea.gif
CIMB BT Account creation : 2 June 2011
Payment to MBB : 3 June 2011
Payment to SC : 3 June 2011

CIMB Balance Transfer Dept
Phone no. 03-20873422
Fax No. 03-20873588

This post has been edited by ronnie: Jun 3 2011, 08:32 AM
ronnie
post May 31 2011, 09:20 AM

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QUOTE(fahrur_07 @ May 30 2011, 09:47 PM)
how much you transfer?
*
CIMB's BT program is minimum RM1000 per CC amount.

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