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September 22, 2011 18:18 PM

Bank Rakyat Launches Card Credit Balance Transfer Campaign

KUALA LUMPUR, Sept 22 (Bernama) -- Bank Kerjasama Rakyat Malaysia Bhd on Thursday launched a credit card balance transfer campaign which allows over 200,000 holders of its credit cards to enjoy an annual profit rate of nine percent and a three percent cash rebate.

"This campaign makes it easy for our customers to transfer balances from their other credit cards to Bank Rakyat credit cards.

"This balance transfer with rebates is the first in the country," the cooperative bank's Credit Card Department Manager Khairil Hamzah said at the launch ceremony officiated by Deputy Domestic Trade, Cooperatives and Consumerism Minister Datuk Tan Lian Hoe here.

The miminum balance for transfer is RM1,000 while the maximum depends on the limits offered by Bank Rakyat and subject to cardholders' available balances.

The nine percent profit rate is for a year and no processing fee is imposed on the transfer.

In addition, the outstanding balance will be covered by takaful should the cardholder die or permanently disabled.

"This rebate is a way to show our appreciation to cardholders for their support towards the Bank Rakyat Credit Card programme," Khairil said.

The campaigh which ends on Dec 21 is expected to increase the amount of balance transfered by 30 percent from the average recorded in the Jan-July period.

Profit rate is the interest rate?

Anyone here has tried the BSN's BT of 0% for 6 months with min transfer of RM1,000 ?

I am new to BT and currently I have MBB2Amex (expected spend ending 3/11/11 ~rm9000) and OCBC TI (expected spend ending 10/11/11 ~ rm5500). Normally my spending for both cards ~ rm1000.I am interested in BT 0% to make some pocket money like what GENX said.
IF I do a BT from MBB2Amex to CIMB would this affect the rebate/TP earned?
A week later if I do BT from OCBC TI to MBB2AMex would this affect the rebate earned?
I have yet to apply for the CIMB card.

This post has been edited by MGM: Oct 20 2011, 07:06 PM

Thanks to you, otherwise never thought of earning extra pocket money this way.
Now have to crack my head on which CIMB CC to apply. Browse thru their website and the CIMB thread and still can't decide.

If I can get my CIMB CC on 14nov, and do a rm9k CIMB BT on the same day, would I be on time to beat my MBB2Amex due date of 23nov?
If let say by 23-nov the BT amt is not in my MBB2AMex Account and I bank in rm9k cash in MBB2AMex to avoid interest, what happen to the BT amount which come in later?
Would I have a credit of rm9k in my MBB2Amex account or the BT would not go thru becos it is not transfered before the due date as stated in the BT application form?

Thanks Gen-X for the prompt reply.

Did my 1st BT at MBB branch from OCBC CC. According to the officer you cannot do BT btw MBB2 cards (Amex/Visa/Master). Can only do internal BT for MBB2 cards with other MBB CCs.

Did my 2nd BT at CIMB from MBB2AMex CC on 15/11 3pm. Officer said should be able to make it for the due date on 23/11. Anyway will pay up the min amount on 23/11. Anyone know whether MBB gives grace period on CC payment?

When did you send in your BT and when is your MBB CC payment due date? You send by fax or email?

This post has been edited by MGM: Nov 16 2011, 06:57 PM

For BT application, CIMB very efficient and MBB bloody slow.

MBB:
14/11 sent in application thru Damansara Utama Branch
18/11 application captured in system and according to CS need to wait another 7 to 14 working days.

CIMB:
14/11 applied Credit card at CIMB credit card centre at Sunway Pyramid
15/11 Collect CC and sent in BT application thru CIMB credit card centre at Sunway Pyramid
18/11 money Giro to MBB, done in 4 working days.

Thanks Genx, because of you, can leave Rm14k in SCB account earning 5% interest. Next 2 months another RM10k, so can earn more pocket money. Can then take a course on Technical Analysis or Fundamental Analysis to make more money. There is a 0% brokerage for trading from CIMB but only until 31/1/12. Hope to follow your footsteps and able to retire ASAP. Will apply for RHB platinum card next month just for the 6month 0% BT and free access to PlazaPremierLounge.

This post has been edited by MGM: Nov 22 2011, 08:26 PM

Yah, thanks for the reminder, the money for the Bt is in SCB and come 1-Jan-2011 it will be channeled out to some short term investment. Maybe CIMB trader account. Went to a few short talks on TA by Chartnexus but not fully convinced. You have to be experienced to use the right parameters to make decisions, not Easy. Maybe I will try Fundamental Analysis. Anyway I have gone thru most of the articles in your Blog. Maybe time to visit your blog to refresh.

Genx, how do I check the approval of the BT thru maybank2u? For CIMBClicks a new account is created.

This post has been edited by MGM: Nov 23 2011, 09:29 AM

What I mean is how will it show up in Maybank2u, as in the credit card transaction history or a new account created?

Thanks, cutie. Just call the MBB CS and they told me just like what you said. BT already approved on 22/11 will take 3 working days to remit to OCBC. I prefer the CIMB way where they create a new account.

This post has been edited by MGM: Nov 23 2011, 05:23 PM

Finally MBB BT done:

14/11 sent in application thru Damansara Utama Branch
18/11 application captured in system and according to CS need to wait another 7 to 14 working days.
24/11 money Giro to OCBC.

From this experience, it is better to fax/email BT application directly than to send thru their branch.

AEON CC offers 6month 0% BT as well.

According to AEON CS they started the 0% BT promo in 2010 and currently no dateline. Processing BT takes 15 biz days.

http://www.aeonmalaysia.com.my/acs/af/kona...ChannelId=-8814

Say if u make a big item purchase of rm50000 using MBB2Amex. On getting the statement can u then BT to 3 separate banks totaling up to rm45000?

MBB accepts my OCBC estatement for BT application. Dont know about printscr.

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Added on December 9, 2011, 12:22 pmCL of the other 3 banks lower and/or credit already partially used up. Anyway just want to know if it is possible in case the same situation arises.

This post has been edited by MGM: Dec 9 2011, 12:22 PM