http://money.howstuffworks.com/personal-fi...redit-card8.htm

So how does Maybank2 card works (8.8%pa)?

Assume I need to make a minimum payment RM100.. I will settle my CC in 12 months right? From Jan-Dec 2011.

How bout, somehow I speed more with my CC, and the next month, the minimum payment increase to RM200. Am I gonna settle my credit card by Dec 2011 if I continuously pay RM200 in time? Or I will stretch my payment schedule let's say until Feb 2012? Am I stil on 8.8% pa?

And.. this..



Both cards (Mastercard and AMEX) should have same interest rate (is it financial charge?) right? I did read somewhere "debt snowball" where you sorted the card which have highest to lowest interest rate then clear off the highest first. If both cards have same interest rate, "debt snowball" doesn't have effect? Correct me if I'm wrong.

In other words, it doesn't matter if I clear AMEX or Mastercard first as they have same interest rate?

Sorry If my question is a bit confusing.. Because, I'm not sure how to ask regarding this one

This post has been edited by saksoba: Aug 27 2011, 12:11 PM

Regarding your link, MY credit cards works on a variation of the 2nd type with daily compound interest. You seem to have read a lot, mind elaborating exactly what you want to know instead of c&p?

http://en.wikipedia.org/wiki/Credit_card#Interest_charges

How come can get FREE GIFT ?
It's a Philips USB drive-pendant, right ?

@saksoba

Whatever calculations that you use, you still pay interest to the bank and it is just a matter of some interest or a lot of interest. We have seen a lot of readers rant about bank's high interest rate whereas in actual fact they choose to build debt on their credit card thus they should be ready to bear the consequences.

We have said this repeatedly, banks are not charity and they are a commercial entity which wants to make money, pay rental for their branches, pay bills, pay salary to their workers, etc.

To make life simpler, that's the very reason that we do not encourage anyone to build debts on credit cards. You should treat credit card like cash which is to pay in full every month. No need to confuse yourself, just don't ever build debt using your credit card. If you are and that's a sign that you are living beyond your means already.

Cannot afford to buy something then don't buy and don't act as if you can afford it just because you are holding a credit card.
I personally am not too enthusiastic and don't agree about teaching someone about the interest rate calculations as it's like slowly driving you to your own debt grave. If you want to build debt like this then by all means do so and take your own pain to understand the calculation ... cannot understand then take it as a sign not to build debt like that.

This post has been edited by hye: Aug 27 2011, 02:03 PM

Without thinking too much on how interest were charged.. assume I have debt on AMEX for RM1000 and Mastercard RM2000. Should I settle for AMEX first or Mastercard? Both are having shared credit limit.

Well said @hye. I just aware about personal financial management after 5 months CC in possession and when I take a look at it, it's not a good start. However, I start to paying off my debt about as much as I can pay without having to bear pain until the next payslip.

Therefore, that is why my question popup in my mind. If I allocate RM1000 for paying CC, should I paid evenly like RM500 for each card or allocate higher amount to CC which have more debt? In this case, Maybank2 card.

This post has been edited by saksoba: Aug 27 2011, 03:46 PM

Cool, is that a welcome gift?

wow... the free gift looks nice

M2 cards have the exact same interest structure, it does not matter which one you pay first. If you require the use of the card, clear the statement balance of one card so you can enjoy the interest-free period for at least that card.

If your debts are accumulating faster than you can pay it, you should reconsider whether it's wise to have any CC at all.

I like this statement. In fact, an honest advise to immediately stop using cc if the above scenario happens. Work on using cash and pay off your credit card debt until it is completed.

I have seen people spending on their credit card in the tens of thousands (or even more) in just one month alone thus it is not too difficult to get into trouble within a short span of time. Using cc is actually a discipline, if you cannot do it then a person should recognize it is a problem and take immediate action before it gets out of control.

This post has been edited by hye: Aug 28 2011, 02:41 AM

never go apply CC by the freegift given unless the CC is really benefit to our usage


+1
if cannot manage finance better don apply for CC

+1

+1

another way of saying not to live beyond your means. I will definitely borrow above statement for my future comments.

taking Human Nature comments at Airport Lounge Thread,

Click here to My Credit Cards blog to read my article - How I Benefited from My Credit Cards for My Macau Trip - where I posted some photos of Macau and LCCT airport lounges.

OT: Ladies, you don't need to go to Europe to get cheaper Longchamp handbags, you can get it in Macau. Click here to read about it at my other blog called Money For Luxury. Also photos of the rooms I stayed in.

scb given me 16k cl but hlb only give me 8k.how i wanna request hlb to increase my cl?

haha.. if Don need to pay gst and annual fee, who will mind to apply to get the free gift?

Totally agree with you !!!!

your SCB card 1 year already ? if not, just use ur income to prove it to HLB

ord 1 year.still need income document or juz the cc?

u apply HLB card using your existing CC or 2 months salary slip ?

For credit limit increase, you must give them your latest salary slip.

Just because SCB gave you 16K CL, it does not give you the right to demand equal CL from HLB (or from any other bank). What's the basis of award ?