Interest for credit card is not counted using simple arithmetic. Interest is calculated daily and compounded (unless this is a Islamic card). A simple online search will allow you to find credit card interest calculators which will be a good estimate of how much interest you will need to pay, which will be a lot more than RM40.50.

Hint: Do an IPP if the option is available.

Note that credit card interest is calculated daily on compounded basis, so while your example isn't very wrong at the start, the error margin will get bigger as time passes.

You might be happy to know credit card interest is neither monthly or annual basis, it is compounded daily.

If you didn't pay at least the minimum every month, you will be subject to maximum interest rate of 17.5% for retail transactions. Read the back of your credit card statement for more details and if you don't understand what is shown, the explanation below is a decent start.

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

http://en.wikipedia.org/wiki/Crossing_of_c...#Crossed_Cheque

All cheques in Malaysia are now printed crossed, you don't need to do anything.

This is only true for cards with free first year annual fee. Looking at their site, MBB WMC does not appear to be such a card.

VfV for MBB debit cards is done through M2U and a password isn't needed unless you had forgot your M2U password. And BTW, wrong thread.

Very few banks will tell you upfront about this particular BNM guideline, so this T&C is not unusual at all. But for those interested, the following 2 links are worth reading.

http://www.abm.org.my/ABM%27s_Press_Statem...redit_card.aspx

http://www.loyarburok.com/2010/01/16/those...nd-bank-negara/

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

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 believe there is a misunderstanding on your part regarding what the grace period means with MBB CS miscommunicating to you (or you understood him/her wrongly). If you refer to the ABM press release linked below, banks will not charge you late payment fees for valid payments received up to 3 days from statement date. Late payment fees here refer to the 1% late payment charge (min RM5/max RM50). It does not refer to the finance charges, of which banks can apply or ignore.

In my experience, MBB and CIMB charges, OCBC does not.

For the benefit of other members, valid payments above is defined as cleared payments. That means if you deposit a cheque 2-3 days after the deadline, you can expect to get charged late fees as it will only clear after the grace period.

http://www.abm.org.my/upload/Further%20rel...dit%20cards.pdf

This is entirely normal and just about all CC issuers in MY offers it. Please note that they should not ask for any personal details (e.g. CC/CVV/IC numbers) and if have any doubt, call your card issuer to verify.

CL info along with repayment info is updated in CCRIS with a 2-3 months lag.

Sorry to say this, but the mistake is still yours for not reading the card min requirements on the form before signing it.

This is unusual. Don't see any reason why MBB would have any issues if you asked them about it.

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?

It's not typical for banks to call you to confirm CC application.

Depends on how often the agent transfers applications to the bank. It costs money to transfer so agents usually will collect some applications first before transferring.

Effective this month, all banks in Malaysia have standardised on the same credit card payment hierarchy of which repayments will be allocated towards items which attract the highest to lowest interest charges. Someone had posted a news article about this some time back but I can't find it. Checking BNM and ABM's site did not yield anything but some banks have already updated their site regarding this.

Did you do Ezypay for your MBA? If yes, you got a good change to get the extra 5x TP.

For MBB, if you opt for online statements, you agree to no longer receive paper statements. They say they will charge if you want both, but I'm not sure if they actually do charge.