Submit latest income documents as supporting.

Yah, it's white Gold As for Platinum cards in silver - looks like the old Classic Cards

That's true!

By the way, i overheard that the Popular Bookstore voucher for RHB Bank debit/credit card is fully redeemed/sold out?? Anyone knows for sure ? Or perhaps it is just the Popular Bookstore i went to had run out of stock...

This post has been edited by MilesAndMore: Oct 7 2012, 01:48 AM

Hi there, it is the first time i post something here, please be kind. I just want to know if it is wise to apply credit card for cash advancement? The reason is, i don't want to take any personal loan and just need a few thousands for my upcoming project. And my goal is to settle the amount of what i use within a year. I just need a quick cash because it is an emergency. Need advice. Thanks in advance.

haha, all of us are kind at heart here and our replies are direct so that hopefully you won't be mislead.

First thing first, you need income of minimum RM24K/year to be eligible for a credit card. If your income is less than RM36K/year, your credit limit shall not be more than 2X your monthly salary.

Secondly, most of the time, you can withdraw cash up to 80% of your credit limit.

Thirdly, really an emergency ar? Can die if you don't implement your project?

With the above, assume you get a credit card with Credit Limit RM5K, that means you can withdraw cash up to RM4K - is this enough?

Now comes the bad news:

1. The moment you withdraw cash from the ATM with your credit card, you will be imposed a fee which is usually 5%. So for RM4K, you have to pay the bank RM200 for nothing the second the cash is disperse from the ATM.

2. After that, every single day you'll be imposed interest rate of 18%pa. The faster you pay back, less interest will be charged.

Based on AKPK Calculator found in first page of this Thread item 5.

If you only pay minimum 5% of the Outstanding Balance, it will take you 5 years and 3 months to repay back the RM4K and interest imposed total up to RM1484.

If you repay back monthly fixed at RM400, it will take you 11 months to settle the RM4K. And the total interest imposed is RM367. Add the RM200 fee mentioned earlier, you would have paid RM567 for the RM4K loan.

Assuming your project is a guaranteed money making exercise and that you repay back RM400/month, after you deduct the interest charges mentioned above, how much you actually make? i.e. Estimated Profit less RM567 = Actual Net Profit. Worthwhile?

Seriously, for RM6K and below, go lah borrow from family and friends or ask them to invest in your project.

And if you earn RM3K (or more) and don't have RM6K savings today.... you better go re-look into your position and not think of going into debt. If you got no money (savings) today, what makes you think you can repay back the loan tomorrow?

My advise is - go save up for a year since you said you can repay back the loan in a year. After that go start your project, self funding interest free and debt free

This post has been edited by Gen-X: Oct 7 2012, 11:52 AM

get investors...share your story...if no family and friends, ask Lowyat members if we keen...

credit card application to approval = 3 weeks at least before you get your card....

if you get funding from Lowyat, tomorrow you may have gotten 5k

if you want 5k to start flipping iphone 5s, then good luck...

if you need 5k for parents medical etc. i suppose, CC is best...

if you need 5k for a lok-lok car...hard work do pay off.

people borrow for many reasons...know how to repay and you sleep better

Thanks for the reply. Really appreciated it. And it wasnt really a project. It is for my wedding reception somewhere around November. The reason why I don't want to apply for personal loan is because I dont want to add any more deduction on my payslip because I was thinking about getting a new car next year (the road i drove every week from workplace to my hometown is bad and around 600km/week to and go).

As for the repayment, Im sure I can at least settle half of what I withdraw using the money that I will get from the reception itself. All other expenses is covered but from my future-to-be wife's side, there's a few things that we need to cover so need a quick cash.

Thirdly, regarding the income, is it gross income or nett? If gross, I think Im qualified as I got around 40k/year.

I also open to suggestion on how to get the 5k (legally of course) without having to make personal loan that resulting it to appear on my payslip. Currently I had borrowed 35k from BSN, but it isn't enough, so looking for another alternative. Please advice. Thanks.

Oh, forgot to add, can't borrow from my family because they do not have that kind of money and friends, they refused even I offered them interest rate of 6%.

This post has been edited by valeron009: Oct 8 2012, 01:32 AM

I can sense you are accumulating quite a substantial amount of debt to fulfill your obligation. And you have no proper plan in place on how to pay off your debt. Its a very dangerous road to go down...

35k from BSN, soon 5k for wedding and new car.

A rethink of your life priority and expenditure is in order. For starters, try to leave nearer to your workplace instead of traveling 600km/week. And instead of getting a new car, get one that is cheap to buy and maintain. Remember you only earn 40k/year. That is not much at all especially when you have a family.

Just my 2 cents

Actually I already planned my financial. I work for the Kementerian Pelajaran, so it is hard for me to get a transfer for now since I just got posted a year ago. The 35k loan is covered by me and my fiancee, so there's no problem there, plus, the duration isnt that long.about the car, it is a must. My 12 year old wira cannot withstand with the harsh condition of road (palm oil estate road which meant for tanker and lorry). I think this is offtopic already since this is credit card discussion.

I add another 2 sen, agree to above. Moreover, he should had adequate time to save up for the wedding day and not now only start to worry where he's getting the money for next month's function.

A credit card will entice one to spend more and may cause one to go deeper into the bottomless hole of debt. Yah, dangerous road ahead, more so having a credit card.

To ALL: last year I published my article The Best Credit Card in Malaysia- Is There Really One? at My Credit Cards blogspot. It is my most read article, and still, so I updated this article and republished it with revisions - to read it click >>The Best Credit Card in Malaysia - Is There Really One?

I don't have adequate time because I just got posted about a year ago. I did saved a few thousands but was used to pay for the other arrangements. And before I got the new work, my salary is only about 1.3k. So not much I can save from there. Btw, the purpose for the credit card is for the cash advance only. Will not use it at ALL for other expenses. That is 100% guarantee.

Anyway, Im open to suggestion on how to get extra cash as soon as possible. Please no along and borrowing from family is not an option, so does applying for another personal loan. I'm a bit desperate here so I guess a suggestion from you all can help me a lot. Thanks

it is never recommended to use a CC for cash advance. Think that is the message everyone is giving you.

does your upcoming expenses allow the usage of credit cards especially 0% installment plans?

get a 2nd job....that not only pays, it also keeps you occupied so you have no time to spend money...

some in KL have 2 jobs to keep up with fast pace lifestyle

I understand there must be some pressure for you to enter marriage and i also understand its not easy to start out as a teacher, as my father is one as well. What my dad did was teach tuitions and did some printing (he has a working knowledge of doing things like tshirt printing, medals, troffies etc) as a 2nd job. As a teacher, your greatest advantage is that you work half a day. Not withstanding the time it takes to mark papers, you really can take the opportunity to teach tuitions.

IINM, teacher way of upgrading their pay is thru upgrade their pay grade. You should focus on this.... after 15 or so years, once my dad upgraded his pay grade well into a comfortable level, he no longer have to do printings and focus only lighty on tuition to have some additional income on the side. In fact he stop doing printing after about 10 years and focus on tuition. Then he slowly takes on lesser tuition class as he start to aged.

There is no such thing as getting cash asap unless u go into some sort of debt. Because after marriage comes kids, and those are not cheap at all.

This post has been edited by WhitE LighteR: Oct 8 2012, 10:43 AM

I don't quite understand the last part, can you please eloborate more.

Yes I have. Infact i have 2 right now. Tuition and also selling fruits/vegetables to the teachers at school. The hardest part is, my school is in rural area and the nearest town is like 250km away. Giving tuition to palm oil workers who earned rm500-rm700 per month, I dont have the heart to charge them like the others in the city. It's just to help them while helping me a lil bit.

As my reply above, I do give tuition to the kids but the income isn't that much. Barely enough to cover my fuel costs. And transporting a large amount of fruits and vegetables to sell there using an old proton wira is a disaster. The maintenance i've spent for this year alone is around 2k. That's why a new car is a must. I agree with all of your advices and suggestions. Getting into debt is a headache. I think i'll rethink on getting the credit card just for the cash advancement. Need to look elsewhere with just a month until the d-day.

Want to ask. currently I am using Citibank CC. Want to use EPP for my car insurance. I have gone through citibank website and there's one insurance under Citibank and that is AXA Affin insurance. how can I check that i can purchase the insurance using EPP with my Citibank CC

Here are my thoughts:

1. For a bachelor to have RM35K loan is kind of hard for me to comprehend. You mentioned the repayments are covered by your future wife and yourself. I hope you're not in this hole of debt because of her......

2. What nonsense you don't have adequate time to save up as it has been a year since you were posted there. Like I mentioned earlier, if you are earning RM3K a month and don't have RM6K savings, something is not right. Some more you living in the rural area and therefore you should be saving lots of money since you don't get the temptation to burn away money like what we have in KL.

3. If your Wira, basically a pretty hardy "Japanese car" cannot handle your current use, you must be joking that a new car can handle the so called estate road you mentioned. Even if you get a second hand 4W pick up, the maintenance cost will be higher. But maybe can save money with diesel. Proton wira is cheap to maintain as we can get spare part easily. Maybe you should get a new motorbike instead And what I really don't understand is, why you want to buy a new car to drive on the estate road and damage it ?

4. And your statement that you going to get a credit card just for your wedding, and 100% guaranteed, I hope that is true. But did you not tell yourself when you took the BSN loan that you won't get another loan? Once you are in hole of debt, it is very hard to get out.... and in your case, you are willing to go deeper into the hole.


Having said the above and knowing that you desperate, here are your options as far as credit cards are concerned:

1. Go apply for credit card from the bank nearest to you. And repay as soon as possible, i.e. money from the reception is to be banked to your credit card account immediately so that you save on the daily interest charges.

2. And if you want to save interest charges (not really much from my earlier example), you can also apply for RHB Credit Card and CIMB Credit Card same time with card mentioned in item 1. Why, because they offer 6 months 0% interest free loan called Balance Transfer. And pray that your application will be approve.

3. If you do withdraw cash from step 1 and your RHB or CIMB credit card is approved, do a 0% balance transfer and save you some interest charges (not the 5% cash withdrawal fee).

Click here to read my article Balance Transfer Plan - Facts You Need To Know

Click here to read my article on RHB Credit Cards where RHB has 0% 6 Months Balance Transfer with equal repayments,

CIMB 0% 6 Months Balance Transfer Plan

4. Or apply for Hong Leong Bank credit card where they will be more than happy to deposit money into your Savings or Current Account. The difference in getting cash from HLB credit cards is that you are not subjected to the 5% upfront fee from ATM cash withdrawal(s). Also, if you opt for 12 months or less Balance Transfer Plan (where they deposit cash into your CASA), the interest rate is lower than the 18% for cash withdrawals via ATM. I recommend you go for the 6 months Balance Plan option because the interest rate is 0.5% per month of 6% per year. And if you pay back earlier, you save on interest charges (but you have to maintain a nominal amount like I mentioned in my article until you settle in full after the expiry date so that you are not imposed penalty).

Click here to read my artilce - Hong Leong Bank Credit Cards - What Are They Good For?

You can also opt for the Cash On Call shown in the link above, the effective interest rate will be higher but at least you are forced to repay back in equal installment.

Some of you members may not agree with me showing him how to get deeper into the shit hole; but, he's getting married

This post has been edited by Gen-X: Oct 8 2012, 02:33 PM

I have no idea what your expenses are but what ever you are gonna use it for, do they accept the credit card as payment?

i.e. rather than you withdraw cash to pass to them, you swipe the credit card instead (like buying petrol). You get 20 days interest free and not pay high rates from Day 1.

If it is some large purchases, do they offer 0% installments scheme with the credit card, where the purchase is split to X months, and you only pay the installment amount on a monthly basis.

Cash advance is a bad idea and I hope you do not take on the debt considering you already have a debt equal to your annual income.

Yes ... I agree that is what the message everyone is telling you - politely. I myself would have said the same thing.
It is not we are not being helpful but we are by replying in a responsible manner - giving an honest and sincere advice to ask you to reconsider your planning. Other areas in the forum will give you crappy Kopitiam like answer but not in here. (And I'm quite proud of the senior folks in here)

We don't want to be responsible to push you off a cliff which you will have problems climbing back up.

Frankly, IMHO, I don't suggest to apply CC just to do cash advance withdrawal. Similiar as what others here have posted. We recommend on positive usage of CC, not negative. I can read several of the seniors are already very kind and polite replying you (even several times), I'm surprise, as normally they are quite harsh (heat up ) when hear about cash advance

Bear in mind, the application for CC, will have credit-check, similiar like personal loan application.
So far (based on what I read), no one mention about your payment history for personal loan, I hope you paid promptly each month, otherwise, your credit rating in CCRIS & CTOS may not be perfect.

Therefore, if your credit rating is not perfect, you will have the same difficulty in applying personal loan or credit card. See the pic ?

However, if you don't have credit rating problem, then might as well go apply for a 5k personal loan at banks (not govt or BSN) at lower interest rate than cash advance from CC.
Plucking from the sky, a personal loan maybe charging 8-10%, but CC cash advance is like... 18% ? (someone may want to post the actual figure here, I don't follow on the %)