Hey guys, I am quite new to this.

My current outstanding

PB 4.9k/5k
HL 4.9k/5k
CIMB 9.8k/10k
HSBC 20k/21k

What is the best balance transfer that I can do and what happens to the credit limit after I do a balance transfer?

I hope to hear from you all. Thanks.

Why are you having so much debts?

are those numbers outstanding/credit limit?

if yes,

the only way is to apply for aeon cc and BT all of them there and cut off your cards

This post has been edited by brotan: May 26 2014, 08:34 PM

How do I calculate the monthly payment, and is there any charges if I can settle the whole thing early?
I need maybe not the lowest rate, but the most flexible 1 where I can settle it early when I can.

if you want to know how the calculation works, best to call the CS

refer to post #1 for reference which bank suite you most

are you trolling?

how are you going to do balance transfer when all of your cards already so close to max?

and with these outstanding, do you think you still can apply for another cc in order to do bt?
and if you really still can, can you get a credit limit of 50k in order for you to do bt for these outstanding (bcs bt can only use 80% of a cc)?

So it is not possible to do a balance transfer basing on these figures?
I actually don't really get this balance transfer thing.
It's not merely transferring the outstanding amount of your current credit cards to a instalment plan?

Yes, BT mean transfer your current balance to another CC as an installment plan, but all your available cc also out of credit limit, so you can't do BT in this case. And with your current commitment, i don't think you can get another new CC approved to do the BT.

it's possible to do balance transfer on these figures... but provided you have another cc with a credit limit of rm50k.

balance transfer means transferring your current outstanding from one cc (bank A) to another cc (bank B). so bank B will pay to bank A the outstanding amount (and spread the amount into 6 or 12 months installments) so that you are now owing bank B instead of bank A.

otherwise, you can go for converting your current outstanding with your current bank (upfront flat rate applicable).

Thanks for some of the information.
Anyway, anyone knows how do banks define bad payment record?
what if I repay slightly more than the minimum every month?

As long as you pay the min in time before due date is consider good payment record.

If really can't do bt, I'll recommend you to do Epp plan by third party merchant. Althought there charge you advance interest. But it's still way better then just pay min payment.

For example of your HSBC cc with 20k balance. They will charge you 27% interest upfront for 24 month plan. So after change to the EPP plan, your payment will be rm20k + rm5400 (27%) = rm25400. Then your repayment will be rm25400/24 mth = rm1058.33 per mth. By doing this you will guaranteed settle this HSBC cc after 24mth.

If you didn't do anythings and just pay the min 5% which is rm1000 per mth. It will take around 7.2 years to settle.

You need to swipe about 12 times in over 12 months to qualify for fee waive on PBB card.

Meantime, no annual fee, no minimum swipe required for BSN basic Gold credit card.

--

Is this bad judgement?

The CC will purely for BT and I dont want to swipe it over and over (try to self contain)

For me i don't mind min. swipe as you can buy literately anything with it since min. amount is no imposed. I rate min. swipe above paying interest.

if you pump petrol, just pump rm10 and swipe

pretty sure, 12x within 1 year is no problem

if you perform 20k BT a year, 0.3% a month for 6 months is like RM360 a year to pay.

Why pay when you can get it free?

at 40K cc outstanding!!! with 5% min payment = 2K per month to sustain and finance charges at 18%pa is around rm600 per month.

have u work-out the math!! the compounded repayment if you just pay 5% min??

This is why i suggest him to do EPP (Easy payment plan) if he can't do BT. EPP at least can stop further finance charge, fixed repayment amount and shorter the repayment tenure.

I think should go for AKPK already. That debt amount is too high

If still can afford repayment around rm2500 per month, it's still manageable and can settle it in 2 years time. Once go AKPK, your credit record will be very bad already.

agree, since i so free, just pull my mouse here:-

1) rm40K collectively, if TS can pay FIXED 2K/mth, its gonna take TS, 24mths with rm7913 (18%/pa) interest incurred.

2) if only manage at REDUCING min 5%/mth & fix 500/mth(40th mth onwards), its gonna take TS, 62mths with rm14,562 (18%pa) interest incurred.

i think EPP with four banks can't do. i suggest if CCRISS still good, just apply PL bahh

This post has been edited by vincentwmh: May 27 2014, 04:35 PM