pengsan with the interest

since you enjoy spamming, why don't complete it by posting in all the threads and then take a screen shot of this sub-section and post here

you just ruined his screen shot for the Pinned section

OK. Will get the developer to look into it.

The app is a simple one, for one time calculation only. For next month calculation, run it again with the new balance, and the minimum payment will be calculated accordingly.

Wanted to ask: Is credit limit for all credit cards shared even if they are from different bank?

For example Card in Bank A limit 5K, Card in Bank B limit 5K, that means I can use up to 5K or 10K?

I'm thinking to get call for cash service, if I use up 100% of Card A, then will I be able to use Card B?

Thanks.

I can answer the first and second question. The credit limits for cards from different bank are NOT shared. You can use up to 10k ie. 5k per card in that situation.

Beware of HIGH INTEREST for "call for cash service"

Thanks for the reply.
If applying for Hong Leong cash for call, RM10,000 for 12 months, 4.99% one time interest:
Total money need to pay back in 1 year should be RM10,499? Or is it have other "Hidden charges"?
Thanks.

4.99% sound pretty good but you are charged up front interest and therefore the effective interest is higher. Then again, still lower than Credit card interest rate. Yes, the total you will have to pay back is RM10,499 in 12 equal installments. Should you fail to pay the installment prior to due date, the Call For Cash account will then be considered as a cash advance and you shall be imposed cash advance interest rate.

I just recently wrote an article on RHB Easy Cash which is simialr to HLB CFC but with higher interest rate, click here to read about it.

Oh by the way, HLB giving rebate for BT/COC/CFC, so the actual interest you will pay may be lower. Click here to see promo.

Here's a hint, see if Balance Transfer can be of help to you. And don't PM me and ask what I mean.


To All:

I just read an article at Malaysian Insider where MBB CEO commented on Personal Loans. This guy only last night said he wanted BNM to maintain lower interest rate and today asking BNM to start monitoring Personal Loans. It is as if our BNM award winning governor needs to be told what to do (maybe she does because household debt is now 76% of GDP!). Anyway here is the breakdown of debt in Malaysia

Housing loans meanwhile accounted for 45 per cent of household debt followed by car financing at 20 per cent, personal loans at 15 per cent and credit cards and purchase of securities, each at 5 per cent.

To read the full article click here.

Car Loans and Personal loans are 4X and 3X higher than CC debt.

Following the foot steps of MBB CEO, I also hereby request that BNM governor adopt my suggestions that only people earning RM36K and above can qualify for a credit card and credit limit shall not be more than 2X (combined for all cards from all banks) monthly salary & stop BT and Installment Plans before the debt situation gets worst and I tell you "I told you so".

This post has been edited by Gen-X: Sep 29 2011, 06:41 PM

It'll be interesting to see if our recommendations will ever create ripples in Malaysia.
Our strong analysis of credit card offerings already seeing some impact (My guess only) and some shift in consumer uptake (or downtake) of certain credit card products.

I'm thankful to our many contributors to this section. Especially some standing up to 'worrisome' questions from our readers to build debts in the wrong manner.

LYN Forum is the best source for Credit Card Info, no where else in Malaysia you'll will find a community that consist of people from all walk of life who are into credit cards and are willingly sharing valuable info and even educate people on credit cards for FREE. Doubt we will create any ripples but for those who do read the posts here, they can benefit from them

As for my message to BNM governor, doubt she'll personally read it but hoping someone can pass the message to her.

Well said. From not knowing what is a CL just 6 months ago, I gain plenty useful tips and manage to 'save' about 1k from rebates and points redemption during this period, and the figure could easily be more if on-the-spot discounts are considered. All this from just normal monthy expenditure. Nowadays, I find myself being able to give some advice to families and friends who are non-lowyat members too

I'm surprised! I didn't realize this at all and to think you even upgraded towards becoming a contributor yourself.

This post has been edited by hye: Sep 30 2011, 12:03 AM

if these things happen, I will lost 98% of my CL as well as settle my 100K++ BT in short period:(

I myself will be worst off lah, no CL and no more 0% loans. But don't worry lah, the banks will find a loop hole for your case. But at least the newcomers will not be caught in the debt traps.

This is more of a philosophical question and not directed at you personally:

You have benefited from the current situation and we will always have financially foolish people around. Such people will have issues one way or the other. Is it fair to stop other people from potentially enjoying the benefits you are getting?

To be honest though, if any group dies it will be the RM3k to RM8k group that dies the greatest death and falls into the deepest chasm.

Agree with you in general. But not everyone is as smart as you.
I have stated that BT and Installment are traps by the banks to make more profits. They offer 0% "loans" but actually hoping one only pays 5% and therefore can charge 18% on the balance. IF no 0% BT and Installment, no one gains or lose. Moreover, these plans are not a standard feature of cards, and if the banks are not making money out of it, why do they offer these promos.
Anyway, benefits that comes with a card should be considered as privileges. For example, the higher ranked cards (Premier cards) have much more benefits than lower ranked cards (classic or gold). And since when the world is fair?
Policies have to change with time (for the better).

Agree with you too.

Actually this is what I wrote in my article titled Credit Card Minimum Income Raised to RM24K back in March.

BNM should have taken the following steps:

1) Annual Income Requirement RM24K is okay with me because we should not penalize those who are smart to use credit cards for their personal benefits.
2) For those earning less than RM60K, the Credit Limit should be capped at no more than 3 times monthly fixed salary combining all the credit limit from all issuers or equivalent to 3 times the amount declared in Income Tax Form divided by 12.
3) No cash withdrawal allowed with credit cards or maximum withdrawal of not more than a month's salary. This is the source of most people's debt.
4) Stop all Balance Transfer Promotions. Many people think this is "free" money and those who do not control their spending don't understand that eventually with time their debt will be accumulating as they continue to swipe with their credit card while still owing the banks in the Balance Transfer Plans. These people do not understand the word debt.
5) Increase the GST to RM100. Those who cannot afford it won't use credit cards but will get Debit Cards instead.
6) The banks are not allowed to increase a card holder credit limit if he/she has outstanding balance for 12 consecutive months.

However, with current household debt at 76% of GDP, this is very worrisome (what if you add government debt?) and BNM has announced measures to tackle this matter as reported in The Star today. Anyway, for those who can actually pay in full and need high CL, they get always can AMEX charged card where the CL (yes AMEX Charge Card also got CL) is based on spending pattern.

This post has been edited by Gen-X: Oct 1 2011, 08:51 AM

just wondering whether our card number is printed in the merchant receipt (not the cc slip)? because want to know whether it is safe if someone throw their receipt away. from my collection of receipt, no but not sure other merchant

I agree with all of the above except point 5. It is unfair to penalize by increasing the GST just to deter people from applying from for CC. If someone is planning to go a debt spree, thinking that credit card is free cash tool, an extra RM 50 would not deter them at all. The group of people that will suffer the most are the real CC users for benefits like most of us here.

Nop, it will show the last 4 digits only. It will be XXXX XXXX XXXX 1234. Same as your charge slip that you get.