Yes, you can convert to personal loan. Goto bank and discuss with them.
Then, cut the CC to stop using it.

r u sure can?but some ppl say cant

The new tiered interest rates and Late Payment Charges are scheduled to come into effect 1st March 2012.

Citibank offering 8.88% for those who pays 50% or more promptly for 12 consecutive months. And AmBank True Credit Card interest is at 12% for those who also pays promptly 12 consecutive months.

Click here to my wordpress blog for quick links to AmBank, Citibank and Hong Leong Bank new interest rates for Outstanding Balance.

This post has been edited by Gen-X: Feb 15 2012, 12:33 PM

How will the new rates encourage people to pay off their debts promptly? I think this will only increase the debts further.

They should be doing something to control people's spendings like charging higher interest rates for purchasing luxury items.

I agree.... increasing the Interest Rate only increase more debts, banks earn more $$$, more bankrupt individuals

Have you tried talk to your bank CC CS ?

Sometimes, individual need to learn a hard lesson. No matter how much advise we give, some still go ahead into deadend and hit-the-wall. So, hit the wall it is.

Sry newbie here. I dont quite get it.

I thought all the while prompt payment is interest free?

Lets say I pay my CC bills immediately after i make purchase everytime, I still get slapped with the interest?

Confused

Prompt payment = paying before or on Due Date every month without fail
Why would you pay immediately after swiping... might as well use CASH to purchase ?

If you settle in Full (the amount stated in your Monthly Statement) prior to the Due Date, then there will not be any Outstanding Balance which means you won't be imposed any interest charges.

If you make payment in Full after the Due Date, you'll be charge Late Payment Penalty and you have failed to make payment promptly. And on top of that, you'll be charge interest from the day of transaction, i.e. you no longer enjoy the interest free period.

Bro, you don't have to make payment immediately after your purchase everytime, just make sure you make payment in Full before the Due Date. Example: if your Statement Date is on the 8th of every month, your Due Date will be most likely on the 28th of the month. Just make sure you pay in full the amount stated in your Statement dated on the 8th before the 28th and you won't be charged a sen of interest.

Click here to read my article Credit Card Are Cash Cow for Banks. Are You Working For The Banks?

This post has been edited by Gen-X: Feb 15 2012, 04:20 PM

Ok bro. You said prompt is paying before due date. The article says "AmBank True Credit Card interest is at 12% for those who also pays promptly 12 consecutive months". Meaning if I pay before due date, interest is at 12%. Very confusing article. Should be for outstanding balance.

Ok thanks for the clarification.

still not yet call the cc cs.mean if they agree then i need to cancel all the cc?and wat the interest rates.i using citibank cc.every month pay minimum payment no use.

If one is a prompt paymaster whom pays in full, then it doesn't matter on the raised interest.
If one is a prompt paymaster whom did not pay full, they might want to start thinking on clearing more of their outstanding to save on interest. Thus why more debts?
If one is not a promot master and occasionally miss payments, then with a higher interest slapped, wouldn't one start to think of saving interest by 1st start paying promptly?

So how does this then translate to more debts?

Anyway, banks only earn interest revenue if one does pay. If one is a defaulter not wanting to pay; then raising interest also does not have impact on him. Banks are also at the losing end.

Some people can't because they have bad track records / bank do not see the why they need to give. It is case by case basis. Go to the bank and ask.

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Added on February 15, 2012, 11:08 pmIndeed, I don't think people understand that the bank do not want to bankrupt people, since it only hurt their own bottom line.

Instead of blaming the banks, one have to look at why you need gazillion credit cards when you can't afford to settle even one and why you still want a credit card when you can't even pay the minimum charges every month.

This post has been edited by fuzzy: Feb 15 2012, 11:08 PM

CIMB have been slow to update their credit card promos for this year. I just published my latest article on it.

Click here to read my article on CIMB Direct Access Credit Card Promotion 2012.

I am now waiting for them to come out with a Balance Transfer Plan but I doubt we will get 0% interest.

Seriously, it seems CIMB are concentrating more on their Premier Cards with their current promos.

This post has been edited by Gen-X: Feb 16 2012, 02:00 PM

Your link points to Direct Acess Golf Promo page

sorry and thank you Bro Edited it.

This post has been edited by Gen-X: Feb 16 2012, 02:00 PM

today i received pin number from bank rakyat, then i called bank rakyat and said my credit card have been approved on 31/01/2012.

i actually apply online early december and before CNY i already called them and said there is no application with my name or IC. then proceed to apply with another bank, Public bank and Uob, both approved.

today, adding up with bank rakyat,totally 3 card. what to do? BNM rules allowed only 2 cards right?

This post has been edited by link87: Feb 16 2012, 04:59 PM

this rule only apply to income less than 36k pa. Cancel 1 of the card before the BNM take action

Like above poster mentioned, it's only applicable to those earning rm36k and below.
If indeed you are, you are at no fault as BNM placed the control on the banks not us consumer.

my annual income below 36k, thts y im worried,

'dear sir, ur card is not activate yet, after 3 month it will expired by itself, regarding the goverment fee only can be waive if swipe once'

totally blur about the explanation, i think i need to pay rm50