wrong thread

Hi guys. I'm trying to understand how the credit card interest rate works.

I'm planning to pay RM3000 with credit card and plan to split then pay back in 2 months; RM1500 each month. Story here http://forum.lowyat.net/topic/2430650

I'm using the online calculator in bankinginfo.com.my and if I put the interest rate at 15% and current balance at RM1500, the total interest charges is at RM324 and tenure to pay off is 34 months.

So does that mean that my interest charges is only RM 27 (324 / 12) if I were to pay off in the second month?

Thanks.

Never ever swipe more than you can pay

You should based the calculation on highest interest of 18% per annum.
Balance outstanding for the next month = [RM1500 + any new swipes] x 1.5% per month
I recommend stop swiping until you paid the 2nd RM1500 part to avoid paying interest on the new swipes.

Haha. I've got no problem paying RM3000 in cash as I have savings. But this payment was someone unexpected due to emergency. I was thinking of paying it with credit card then pay back to the bank in 2 months. The reason is so that I have more cash in hand in case of emergency again. If the interest rate per month is just rm50 or less I'm fine with it.

Thanks.

Why is there a 34 months tenure when you will settle in full on the second month?

I not very sure how it works but I here is an example:

Since you will not be settling the outstanding balance in full prior to the due date, you may be imposed interest charges from the day you make the transaction. Please note this is not necessary the case (I don't really know - some reported they are only charges interest for unpaid balance after Due Date ). So assuming your card does charge interest from the day you made the transaction.

Assuming you charge RM3K to the card tomorrow 18th July 2012, and you pay RM1,500 on 30th July 2010 and once again RM1,500 on 30th August 2012 (please note you got to add interest here to settle the debt in full, call CS to confirm the amount and add a few ringgit for payment to be cleared/captured).

18 to 30th July = 12 days
Interest = RM3000 x 15% x 12days/365days = RM14.80

1st to 30 August = 30 days
Interest = (RM3000 + RM14.80 - RM1500) x 15% x 30/265 = RM18.68

Also note, if you have Outstanding Balance after Due Date, you no longer enjoy the "interest free period" and as such any new transaction(s) with your credit card may also be imposed interest.

Anyway Bro, would appreciate is you could post here later the actual interest charges imposed after you settle in full your Outstanind Balance in full in 2-3 months time.

You may also want to read my article Credit Card Interest Rate - CC244

This post has been edited by Gen-X: Jul 17 2012, 10:07 AM

hi got question about the RHB tesco card..

say everything u swipe got 2xpoint..
i swipe my 1st time yesterday to activate it the bill is RM 19.00 but the receipt only show point earn this visit : 9 point? ( shouldnt it be 19?)
anyone can help?

thanks in advance.

The tenure period I presume would be the period you need to settle the RM3000 transaction in full.

Q: So how does the Clubcard Points programme work?
A: For every RM2 spent, you will earn yourself 1 Clubcard Point. However, you can also earn an additional 1 Clubcard point for every RM2 spent if you swipe both your Tesco Clubcard and your Tesco-RHB Credit Card together at any Tesco outlets.

Q: I am currently not holding a Tesco Clubcard. Is it compulsory for me to own one?
A: No, it is not compulsory. However, if you wish to take advantage of extra benefits, you are encouraged to register for a Tesco Clubcard along with your Tesco-RHB Credit Card application. If you already have a Tesco-RHB Credit Card, just visit any Tesco outlet to register for a Tesco Clubcard.

Q: If I don't have a Tesco Clubcard, how can I enjoy 2 Clubcard Points for every RM2 spent at Tesco outlets?
A: You will not be able to enjoy 2 Clubcard Points without a Tesco Clubcard. Only 1 Clubcard Point for every RM2 spent.

http://www.rhb.com.my/cards/credit-card/cc_tesco_points.html

RM19 / 2 = 9.5 ... round down to 9 ClubCard points
Don't know how the extra 1 ClubCard point from Tesco RHB CC works.

The rebate is not true 2%/5% ... be aware.

no meantion 2% rebate oo..
but the point wan i very blur..nvm will as the tesco ppl

did you ignore my post?

RM2 = 1 Club Card point

to get 2x points, it is expected that you use a normal Tesco Clubcard as well (so to get 2 points for every RM2)

It is written in their FAQ which i linked.

yahiko mentioned she's blur, haha. And with ronnie mentioning x% rebate, I am sure she's more confused.

This post has been edited by Gen-X: Jul 17 2012, 07:05 PM

Can we apply 4 cards which all from different banks? Heard that is 3 banks maximum rite?

For cardholders earning RM36,000 per annum and less, can only hold credit cards from a maximum of two issuers.
If earning above, can collect as many as you want

i understand what zenquix say, meaning i must bring my tesco club card and use my rhb card to swipe correct? yes i did it.. but the point is some how normal ( RM2 =1 point ) as show in the receipt .. that y i am blur

ronnie mention 2% rebate but the RHB guys ( sales) didnt mention this to me oo? so is not true i just ignore correct?

The Ultimate Airport Lounge Card Title is no longer exclusive to Standard Chartered Bank Visa infinite. There's a new card in town issuing the Priority Pass Membership Card with unlimited passes plus 5X reward points for overseas spending. If you are free and nothing to do, click on below link to read my freaking long article (from the title also you will know what new card I am talking about without needing to click on the link):

UOB Privilege Banking Visa Infinite & Retirement

SCB VI or UOB VI?

?? I guess you must be referring to "(from the title also you will know what new card I am talking about without needing to click on the link)". Here the title is referring to my link which is also the title of my article.

So now both the SCB and UOB VI share the award of being the ultimate airport lounge credit card

tesco receipt will only show your tesco clubcard pts. I believe you will only see your RHB Tesco Card points in the credit card statement. Add both together and you get 2x points

ooooooooooo ooo o oo oo o