Good info...
do you know if Hong Leong bank is having E-statement? thank you

today sat, can fax in the bt form to cimb or better fax on mon?

is the successful rate for CIMB Balance Transfer high?

Because I plan to swipe with HSBC, and do BT with CIMB.

Both card have same CL.

Normally success rate for BT is dependent on your available CL. If the amount that you are trying to BT cannot be accommodated by the receiving end's CL then unlikely to be successful.

oh I see, I dont swipe much with my CIMB Visa 1, major use only for Touch n Go, and some F&B outlets which offer 10% - 15% discount

i have a oustanding amount transaction which i wish to BT, but my statement is not out till next month, i wish to take the MBB 0% offer which is till 31st April 2011, is it possible to submit without the statement, i only have transaction history for the item

Planning another 0% 6-month BT to CIMB ... and keep the rest of the money in e-Fixed Deposits ;-)

Bro.Ronnie,

What do you mean by keeping the rest of the money to the Fixed Deposits by conducting BT to CIMB ? ..
Mind to explain abit ..

Thanks

GenX,

I saw your article/blog.

I just submit application for CIMB CC. Hopefully is approved and can get ASAP.

Recently I swiped 30k+ on MBB CC due to emergency, and based on CIMB 0% 6 months or 1% 12 months (without any hidden fees/charges), I plan to do balance transfer to CIMB CC. I already have the cash to settle off MBB CC, but if it is 0% or 1% (and RM50 GST), I can utilise the money on my S&C M1 a/c, where the current BLR-xx% rate is around 4-5% or I can use the 30k cash for short term investment.

By calculate 1% of 30k = 300 + 100 (2 yrs GST)
= RM400 cost+interest

If I put the 30k in M1 a/c, at 4.5% interest
= RM1,350 interest charge for 1 year

Net: I save RM950

Is my calculation correct ?

Thanks

This has been explained by Gen-X... read his blog.

i think you amaunt of $$ in M1 is reducing as you need to take them out to pay the monthly installement.

My outstanding amount is still >100k and every month, I dump in X amount to cover more than the monthly installment.
Which means the 30k is consider as "Fixed Deposit", but FD earns me ~3% only, whereas house loan interest is eating me 4.5-5.5%

if you have extra money to cover the monthly installment and leave the 30K untouched.. .then i think your plan will work out.

I blur lah, hahaha

1. For me, I would not go for the 1% because my principle is not to work for the bank, i.e. don't pay interest, if I can lah.

2. No idea what is S&C M1 a/c, mind elaborate so that I can learn from you.

3. Short terms investment, well, only FD guarantee you the returns, other investment you got to take risk, the risker the more you can make and vice-versa. For investment I have separate funds.

Conclusion, if you can make money from doing BT sure, if you can save on interest charges sure. If you going to gamble - good luck.

Gen-X,

Agree. However, CIMB CC is charging me 1%, while Stanchart Mortgage-1 (home loan) is charging me BLR-xx% = ~4.5%
Hence, the interest that can save in short term 6-12 months.

OT again:

M1 is similiar like other banks flexi-payment, where you can dump in more money on top of the installment. The additional money will offset the interest chargeable on that amount. When you want to use the money, you can withdraw out the additional money that is dumped in.

e.g. If monthly installment is 1.5k and I dump in 2k monthly for 12 months. After 12 months, I can withdraw out the 500x12 = RM6k if I need to use it urgently. If not, I can leave the money there, and my loan will reduce by 6k.

The good thing about M1 is there is no limit on deposit/withdraw and the effect is immediate. I can even bank in RM10 or way over the loan amount through S&C Cash/Cheque deposit machine. I can withdraw RM10 or higher from ATM or write a cheque. No hidden fees/charges, except RM10 monthly. Other banks have limit as minimum deposit/withdrawal, charges per transaction, takes 1-2 weeks time, need to fill up form, etc.

Ok, understood. By the way it is not S&C it is Standard Chartered Bank i.e. SCB. 4.5% not too bad for emergency funds. My OD BLR+xx%.

For your case, I suppose better you go do BT and save on interest on your loan. Anyway, go do math yourself with Excel and see the diff between 0% and 1% and remember you got to pay minimum 5% monthly towards the BT plan.

To all: CIMB Direct Access also got a limited time plan called Smart Plan where you can convert your Education, Hospital and Insurance bills to 10 equal installment at 0%.

hey, wanna ask abt the M1. let's say my house loan interest after BLR - x % is 4.5%, then if i put 50k on top of the installment then my housing loan interest will not consider 50k until i withdraw out that $?

OOT again:

Gen-X,

It is not OD. OD is additional loan that can use. The M1 amount that can withdraw, is ONLY the additional (on top of the monthly installment) that is deposited previously.

Already faxed CC application to CIMB. Pending CIMB response

Correct.

Based on my daily-rest interest calculation @4.5%, you will save 6.164383 per day, which works out to interest of RM184.93 per month (30 days)
Annual (daily-rest, monthly compounded) = you need to pay RM2254.58 interest (not yet calculate the monthly-compounded interest) if you do not put in the 50k

If your 50k put in FD @3%, you only get RM1,500

But you still lose out extra interest paid for the homeloan if you put in FD
1500 - 2254 = -RM754

Therefore, my principle is, unless my savings/investment can return higher than my BLR-xx% , it is better for me to put all the spare/liquid money in M1 to reduce the loan+interest.

BTW, I'm not promoting M1 or related to them in any way. I did in fact face some trouble with them and escalate till BNM (posted in LYN forum before, go search). I just feel the flexibility of the package suits me fine, although the RM10/mth is

wow, really? which mean that it is wise to abandon FD and all dump in M1 la, indirectly it earn 4.5% annual or perhaps more when the interest rate for loan is high.