Just settled full payment for my final CIMB BT . 0% at 6th month payment already

Now left MBB 0% 12 months BT, halfway.

Welcome

I don't know my exact date also, but I just aware this is my 6th 5% payment due date (for CIMB BT), therefore must pay the 5% and the remaining 70% for full settlement.

MGM,

I tend to agree with ronnie... my first CIMB 0% 6 months (cleared last year), I clear both the 6th 5% and remaining 70% together, about 5 days before 6th-payment due date. No extra interest/charge.

This is my 2nd CIMB 0% 6 months just cleared recently. Hopefully no extra interest.
Have to wait next month statement.

Bear in mind, some banks treat the BT differently.

e.g. Transfer from X -> CIMB.
CIMB will show lump sum and each time you pay installment, the amount will reduce.

Transfer from X -> MBB
MBB will charge ONLY the monthly installment every month. There is no lump sum.
Therefore, you can't transfer out from MBB, unless you do not pay a single-cent for the entire period and get charged interest. Then only BT to other banks, which to me sounds pretty ridiculous

This is "cheating" or "lying" to the bank, which some people may think it is alright to do, since his/her every friend is doing that.
I'm not sure if LYN mods will clean it up or not.

Anyway, everyone please be aware of the consequences. If found out, the banks may require you to pay back full sum immediately. Failing which, will be court case, AKPK, bankruptcy, black-listed, etc. And then we will have more threads about people unable to get future loans for cars/properties.

Most of us here promote usage of CC/BT in LYN forum here in a positive + constructive way, so that we, as consumers benefit from the usage/rewards.
On the other hand, most of us will not appreciate doing it in an un-appropriate manner, especially getting one into more debts. As much as you may have the discipline to clear your debts, but some others may not, especially at this moment, to our dear Muslim readers, with Hari Raya around the corner (1 month), I am sure they are looking for some extra cash to spend. But to me, I do not wish our Muslim readers to get into debts just because to celebrate Hari Raya once a year.

Edit: typo error.

This post has been edited by cute_boboi: Jul 20 2012, 02:57 PM

If you have real outstanding and BT over, it is legal.

If you don't have real outstanding and BT over, this is a gray area, which may or may not be legal.
I'm sure BNM will be very happy to look into auditing the banks/finance which approve BT without doing sufficient checks before approving.

Whether you cash out or not, that is another point on the gray area -> legal or not when the BT is done in gray area as above ?

Terms and Conditions

Need to lock in 3-years @9% p.a.
For 20k, = 3x 1798
= RM5394

The Sharp Aquos 46" Full HD LED Backlight LCD TV worth RM3,299 (as listed) + delivery RM150.

Better go for 0% + buy the TV with another 0% installment ?