My card already more than 1 year.
That day when PS called me on other product, i ask them am I eligible to the 0% balance transfer? He said yes even your card is more than 1 year, because you can just sign up another new card to eligible for it...

This post has been edited by red_scorpion: Jun 9 2013, 01:20 PM

May I know the BT transfer can be done on two different banks of CC at the same times?

And the amount will be total up of two CC balance and make installment, right?

Yes you can.

Bank also double standard.....

My BT from Bank Islam to Maybankard2 stuck because my BI CC is not activated...

Activated and called them just now

Hi, Can anyone briefly explain what is the fee here? refer to admin fee??

Exp: if taking Plan A with BT 2k, fee 3.3%, zero interest

mean RM66 (2,000 x 3.3%) fee need to be pay?
So, total RM2000 + RM66 = RM2066
divide by 6 month for pay off, RM344.33 per month??

Is above calculation correct?

How about Plan C, there is zero fee, but only with 0.499% interest

Appreciated your explanation & thank you.


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fee is normally paid upfront when BT approved. your calculation is correct, total you need to pay 2066

however, if i am not mistaken (i can't be sure), the RM 66 fee is charged on the 1st month

so most likely will be

1st month = 333 + 66
2nd month -> 6th month = 333

##########

zero fee with monthly interest i think different bank have different method

some bank charge the 0.499 on how much balance you owe. some charge 0.499 of the initial BT amount irrespective how much you have paid back.
But most go for the 2nd method

better ask the bank to get correct info

This post has been edited by brotan: Jun 13 2013, 10:00 AM

Based on your explanation, Plan C would be much more better than Plan A, since there is zero fee charging.

As you mentioned above, majority of the ppl will go for Plan C right?

Hmm, maybe I can call and ask properly about this.

Thanks for your advice.

i mean majority of the bank (not ppl) will use the 2nd method for calculating interest charge

most of us go for zero interest, zero fee

haha, I see.

Okay, but I only have few cards can be do for BT, which all the cards with fee charge or interest charge one

Dont have RHB, PPB and SCB...

Most of you using which bank to be done for BT???

First time touch with BT, so totally no idea with this info... hehe

for BT, persoanlly i use PBB, BSN

since you first touch BT, let me give you a friendly reminder

BT can save you lots of money BUT if you don't use it properly, you will get burned even more than you don't do BT at all

This post has been edited by brotan: Jun 13 2013, 10:47 AM

haha, thanks for your kind reminder

No worry about payment.

but what u mean by here "dont use it properly"?

Is this mean late payment, no pay full amount on monthly, something like this??

Just would like to ensure everything is clear regarding this before involved in BT

But, I believe there is no anything need to be concern if I always pay on time, right? then no worry about extra charge

what i mean is if you do bt, you would have extra cash in hand. Good in the sense if you put in FD or your flexi home loan account. will earn / save you lots of interest

however, once you do this bt over and over again (yes, you can BT from Bank A to B, then next month B to A, repeat...), you will have lots of "cash". These cash will tempt a lot of people to spend (instead of save)

At the end of the day you would have to pay the amount you owe the bank due to BT with your own cash (you can't BT forever, there is a limit). So, if you spend instead of saving the BT money, you would have no cash left to pay them, and now they will charge you standard credit card finance fee (12% to 18% PA).

This is when your nightmare starts

Of course, if you have confidence to clear your cc debt on time all the time, then this is no issue

This post has been edited by brotan: Jun 14 2013, 11:55 AM

extra cash in hand??

hmm let me briefly with this:

owe 2k for credit card from Bank A, now going to do BT.
Bank B will help to pay off the balance 2k for Bank A, whereas I no longer owe bank A credit card 2k, but will pay back money to Bank B by monthly, am I right??

So, why to say got extra cash in hand??

I just would like to make a simple to clear the balance for 6 months, BT and end (pay off), no thinking about BT and BT again.

well, if you don't do BT, you would have to fork out your own cash to pay Bank A, right?

ya exactly, actually thinking to do one time BT which pay monthly to Bank B.

Anyway, thanks for your sharing...

you are welcome

if do 1 time only, then it is no issue

but if it is continuously every month (which quite a lot of us do), then have to be extra careful

Just a heads up. Once you start to do BT, you will unconsciously want to do it again and again. It is like drug addiction

This post has been edited by brotan: Jun 14 2013, 11:58 AM

0% interest with AFFINBANK Balance Transfer Installment Plan Campaign (June 2013 until May 2014)

source: http://www.affinbank.com.my/news/2013-abb-btip.htm

thx for the feedback

updated on post #1

btw, min 5k for 0% BT not that attractive

If you don't own CIMB credit card yet, and plan for BT only once later. I think CIMB still is a better choice.
Let say RM10k, BT 6 month 0% interest, only pay 5% (about RM500 for 10k) for 5 months. Then the 6th months clear all the remaining (about RM7500). No interest if you able to make the payment as stated above. This what I heard from CIMB CC.

But listen to what BROTAN said is correct. BT only if you have enough cash and have confidence to settle the amount. If not, you should look for a financial/debt advisor, which is a better way to solve problem. There are a lot of them in this forum.