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.

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?