anyone know how the interest is computed?

Assume Follow:

Statement Date : 12 Oct
Payment / Min Payment Due Date : 2 Nov
Statement Balance : RM700
Outstanding Balance : RM1,000
Int : 15%.


Lets say I late and pay RM700 on 9 Nov, what will be the interest? Exclude late payment charges, this one I know. Exclude future expenses. Just compute using the balance can already.

Because online all is about paying min over several months. Lets say I just late by a few days how will the interest be. And If i late by 1 month, how the interest is computed and billed to the account.

Thank you very much...

A simple calculator is available on the first post. If you wish to create debt, please don't ask people to calculate for you because you will not appreciate it. Thank you.

Haha.. I am not actually creating debts larrrr... I always pay up my balance every month wan... Never ever kena interest before. Just for knowledge. Definitely will appreciate coz i gain new knowledge.. kekeke....

Wanted to know if late payment for a few days, whether they will calculate one month interest and charge to bill (meaning at next statement date interest will show as one line) or calculate daily and they will charge to statement (so you will see many lines of interest daily) until the payment is made.

So... If i am creating debts, all this I already see/will see in my statements. No need to ask here. Haha... But because I never see this before/will never see (hopefully... hahahahah), so just curious and wanted to know how they work.

I tried the calculator infront. The calculator doesn't work as I wanted it to be. Because its monthly payment. So the interest is 1 month interest. Coz I read banking info, interest is computed based on daily balance.

So if my interpretation is correct, based on the case, payment on Nov 9, daily means : RM1,000 x 15% / 365 days x 26 days = RM10.68.

Correct or not my computation? Or the number or days should exclude the interest free period and should calculate from Nov 2 to Nov 9 only?

Kekeke... thanks in advance ya for those who know...

Maybank launches Visa Infinite

http://goo.gl/Sj8Bj

Principal: FREE for the first year / Subsequent years FREE if spend a min of RM50,000 per annum
Supplementary: FREE for life
Annual Income: RM240,000

•2 TreatsPoints for every RM1 spend locally
•5 TreatsPoints for every RM1 spend overseas
•10,000 TreatsPoints upon activation of card

u said u always pay full statement balance.

then u give example with statement balance and also outstanding? how could that happen?
means last month already didnt pay rm1000 and swipe another rm700?
also, u give example of 7 days late?

this should happen to cust who always pay full balance every month!

as for me, no need to know the calculation.

i did missed due date few times before (all hsbc! haha), but only 1-2 days. never reach 3 days. and all is because abroad (not at my hometown). this is bcoz i only have hsbc cc but no hsbc acc. so cannot make onl payment.

hsbc didnt charge anything, probably because got 3-days grace period after due date. and IMHO, they shouldnt charged, for cust with good (read: full) payment record since beginning.

If you have valid some reason for making late payment after Due Date, like erry said, can request waiver for late payment penalty and interest charges.

According to T&C, if you fail to pay in full prior to the Due Date, interest is suppose to start from the day of the transaction. So, your example can say is correct. But maybe got to add late payment penalty ( I got no idea if this late payment penalty also imposed interest or not).

Click here to read my article CC are Cash Cow for Banks. Are You working for the Banks? In this article I have given a sample of interest rate charges when one fails to pay in full.

Saw the ad in the paper, no free airport lounge mentioned. 5X Treats Point very good. Card looks plain in the papers.

This post has been edited by Gen-X: Oct 13 2011, 10:38 AM

This is a CC for frequent travellers.... and big spenders ;-)

even if you don't travel much, the 2X TP is pretty good too for local spending, it's like 1% cash back and first year GST can be waived with the FREE 10K TP. Use 1 year, if MBB don't want give AF waiver, transfer TP to other MBB account For overseas, best, with 5X TP and MBB rate of 0.5%, we can actually earn something from this card.

This post has been edited by Gen-X: Oct 13 2011, 11:03 AM

I smell another blog post coming up real SOON.

actually i smell a new addition to his collection

It comes with Priority Pass...

I am making the call! eeks.. 240k annual income...

eh got la. Priority Pass Airport Lounge - Enjoy 5 times complimentary access annually to airport lounges worldwide.

CIMB premium cards only offer 2x complimentary visit, but free AF

income requirement poses a major hurdle for me to add to My Credit Cards collection. I wonder if I will get calls from marketing department offering pre-approved card like when they called me last year offering WMC.

5X access to airport lounge with Priority Pass is good considering the card is free (with condition) and earns you 5X TP overseas.

good idea. I bet this card will beat MBB 2 when I do my Top Ten CC for 2012.

I get nothing with my DA VI since I only use it to buy movie tickets at GSC, haha.

Update about Maybank VI application from other forum, a current amex plat charge card holder applied it and CS still request him to submit latest two months payslip, nowday bank is very strict for card application as required by BNM　new rules.

did anyone find the disclosure doc on the visa infinite? Need it to complete my blog post..

Edit:

Finished my blog post. Surprisingly, there are less information about this card compared to the Maybank2 card when it launched.

Conclusion: Best overseas usage card, great companion card for MBB2 Amex.

This post has been edited by zenquix: Oct 13 2011, 06:22 PM

ask him how much his credit limit for this Plat charge card, yes, Charge card also got limit.


Fully agree with you, best card for overseas
But why in your blog you did not stress spend RM50K get AF waived, much less than CIMB Enrich WMC and even MBB WMC.

This post has been edited by Gen-X: Oct 13 2011, 06:42 PM

I'll leave that for you . To be honest I have no idea what are the spend limits for the other 2 cards since I have no interest in them. Did not bother to research other than general comparison.

Hi, I just applied for Public Bank CC & is now ready to collect. I suddenly don't feel like having the card, how do I cancel it? will there be any charges? Thanks.

Call Customer Service immediately and see if you can cancel the card. If they say CAN cancel card BUT still need to pay RM50GST, better you just keep the card and benefit from PBB promos.