HSBC is really good in making gimmick

We should only spend RM1501 on petrol, dining and groceries on Weekends ONLY, in order to maximise the 8% cash-back



This post has been edited by ronnie: Jun 25 2012, 09:42 AM

but their maximum cashback card holder can earn is only rm50. that mean 50/1501 = 3.3% only

So smart of HSBC to "cheat" using marketing terms.

Their marketing team think they can fool us with this kind of trick..No way...

wan to ask, if i buy 1 tablet at RM1800

Can i swipe RM900 like normal CC and pay at due date

and remaining RM900 I wan 6 month installment?

i know half cash half installment can be done. if half credit card half installment can?

Hey all, first of all I don't have any credit cards so I have no idea how the card works.

I have one question though..

Is it really with credit card we can buy things with 0% interest with 6-12 month installment?

Is it means if I pay the installment every month on time, i will not charged on interest at all?

If this is true, is it save to say that with credit card, we can actually borrow from bank with no interest at all?

So if this true, how bank gonna make money out of me?

Usually for installment plan, minimum amount RM1K if you go to places like Harvey Norman. Some merchants may allow you to pay half in cash and the remaining with installment plan. And here is another example AmBank Flexi-Pay where you can transact anywhere and convert to installment plan.

Since you are new to credit cards, I suggest you start off by reading my articles for beginners by clicking here to the prelude.

Yes, you can really buy things with 0% interest 6 to12 months installment plans. See link above for AMFlexi-Pay. And if you pay the installment on time in full, no interest will be imposed.

As for how bank earns money, well once a person has credit facility, if he/she does not have the will power to control his/her spending, then that's when the banks make money. You may want to click here and read my article 0% Interest Rate Installment Plan with Credit Cards - It IS A Trap.

This post has been edited by Gen-X: Jun 25 2012, 05:34 PM

Hi Just to check, Will i be penalised for late payment or interest if

Statement Date : 06/06/2012
Payment Due Date :26/06/2012

Transaction Date : 10/06/2012
Amount : RM 210.00
Status : Paid RM 200. 00

Transaction Date : 19/06/2012
Amount: 100.00
Status : Fully paid on 23/06/2012

Transaction Date : 25/06/2012
Amount : RM 80
Status : Not paid yet. ( dont appear in system)

Do i need to settle it by tomorrow to avoid interest charges or still okay?

if I understand your question correctly, you only need to pay the full amount as of the statement date (06/06/2012) by 26/06/2012 to avoid late payment fees and interest charges.

Any transaction after 06/06/2012 will be captured in the 06/07/2012 statement and is interest-free till 26/07/2012 as long as you settled the full statement balance of 06/06/2012 by 26/06/2012.

Since all the above transactions are after 6/6/2012, you don't have to settle in full to avoid interest charges until 26/07/12 (assuming your next Statement Date is 6/7/12). If you have received paper statement for 6/6/2012, the Outstanding Amount stated in the Statement must be settle in full before 26/6/2012. So in the above case, you will need to settle in full RM90 prior to 26/7/12 if you don't have transactions before 6/6/12 and further transactions.

Click here to read my article Credit Card Interest Rate - CC244

This post has been edited by Gen-X: Jun 25 2012, 05:35 PM

Thank you for your explanation.

So the 0% interest installment plan really, absolutely means 0% interest? No hidden charges what so ever?

Does it make you wonder why the bank come out with credit card and the 0% interest benefits etc if it doesn't give them profit?

So instead of applying for loan from the bank which guarantee comes with interest, I just can apply 4-5 credit cards, use them and convert plan to 0% interest?

Lol. Common sense abit la brother.

Those that take personal loan, dont usually take it to buy material stuff. They could be taking for their own business, family member usage and so on. How to swipe cc for those stuff?

For everyway a bank dun earn from u, there is another way to earn from u or other ppl. Say for example, u like the cc coz u get the 0% Interest Installment for some stuff, however, once u got the card, u dun usually solely use it only for that. Perhaps u do some shopping and stuff with it. From those, the bank actually earn from the merchants.

Somemore, mind u. Not all stuff can be paid in installment with 0% interest.

here is one good article by Gen-X if you are interested to know how banks make money from CC, many ways!

http://creditcardsmalaysia.blogspot.com/20...-banks-are.html

This statement is likely to come from a cc noob. Bro kazekage_09, if your intention is to create cc debt in any form (incl ez installments), please stay away from credit card for your own good health.

Hehe sorry if I sound stupid here. I agree with the bold part and aware that not all stuff can be bought with 0% interest.

There are someone I know who use credit cards to make his own business. 4 years ago when he do not have any money to buy his first property, he apply about 6 credit cards, use the cash from the cc to pay the downpayment. To date he have almost 20++ properties with almost 5 million investment portfolio.

This is just one in a million example that use cc to do business.

Thank you. Good info event though I had a hard time digesting the info.

If I have cash and the credit card really can give me 0% interest, why not?

Hi there,

I just received my salary increment letter. Can I use that as proof of salary increment instead of my salary slip to increase my credit limit??

Thanks

This post has been edited by limchee: Jun 26 2012, 06:38 PM

If you are not in a hurry for something urgent, why dont you just wait for the next salary slip?

Hi, each month I am using 3 different credit cards from 3 different banks.
Is kinda troublesome to make 3 payments using maybank2u(via IGB) and been charged RM2 x 3 = RM6

Is there any method I can transfer the 1st and 2nd credit card payment amount to the 3rd card? From there I just pay the 3rd card via maybank2u(IGB). Can?

Or any better way?


p/s : pls don't ask me to cancel the other 2 cards or use only 1 card for all transaction. Not able to do that, cos different card got discount for dining, retailers, direct debit etc..

no, u cannot do that. unless u wanna incur cash advance charges