Hi everyone.. I have a tricky question here about converting credit card into cash with minimise cost by using Maybank Amex... I need the help from you all to answer whether my explanation is correct or wrong..

First, register two paypal account under your name. second, top up one of your paypal account by using Maybank Amex during weekend to enjoy 5% cash back. (ie: RM1,000)
Next, withdrawal the money that you transfer to your second paypal account to any local bank in Malaysia. (with fees 3.9% +RM2 reduction).

Overall, we still gain because the fees we paid was RM39+RM2=RM41, but the cash back we earn was RM50! and at the same time... we get the cash!

Any idea anyone?

[quote=supersound,Mar 12 2014, 01:53 PM]
"In actual you saved rm9 only. A stupid way. The way to get cash from credit card without paying fees(and getting CB) is help others to buy stuffs/pay bills which I'm doing now."

But for the person who need cash, this will be the best way since borrowing money from the bank like personal loan will incurred very high interest cost. but paypal method not only cost nothing but we gain. right?

This post has been edited by ckyow1: Mar 12 2014, 01:58 PM

Haha.. I mean for people who need cash badly.. this will be the alternative instead of borrowing money
from the banks or others.. the max cash back RM50 is another topic..
If your main focus was the RM50 cash back.. then you are right..

I super like this card. Earn 5x points extreme fast unlike the others. On top on that we get 5% cash back for anything at weekend too. No annual fees for life! Love it!

Tigaxxx.. You misunderstood the question.. What mytaffeta mean was if you did the transaction at weekend, but few days later you paid the amount you swipe to your card, not waiting until the statement come. In this case, you will still entitle 5% rebate, provided you are using Amex, not visa or master.

I am working at bank. For question 2, if every month you pay only minimum payment, your CCRIS will still appear as 0, which mean you paid on time, apperantly just like full payment. However, if you continue paying only minimum, your outstanding amount will increase in huge amount due to interest charges, which will affect your credit card usage amount and affect you when you apply for loan. Secondly, by making pay minimum as a habit, you may end up some of the month paying late. Most importantly, if you take it as habits for more than one year. The banks have the right to put you under CCRIS special attention account, which will definitely affect you when you apply for car loan or housing loan in the future. If you are under CCRIS special attention account, most likely you loan application will be rejected. Take note that every single bank have their own system to calculate the credit scoring of their customer for loan approval purpose, paying only minimum in the long run will definitely affect your credit scoring!

This post has been edited by ckyow1: Apr 3 2014, 01:12 PM

a) I worked at ocbc, alliance bank and rhb bank.currently at RHB bank.
b) point 3 is when your credit card card usage is high with transactions and charges for example. There is a risk for the bank to consider cause you may end up not paying the loan.
c) yes, minimum payment is consider as on time payment. But what I mean here is most likely you might turn out to become late due to the habit. I am working at credit card centre when I still at alliance bank last time. That is based on statics outcome of customer payment pattern.

Last but not least, paying minimum will causes your CCRIS record worse as remark in the special attention account if you only pay minimum for more than one year. Why? That is for the bank risk analysis purpose to mesuare the risk of the customer chances to not paying loan on time. Secondly, your credit scoring will be affected. For example, In RHB bank, we measure customer credit ranking from Ranking 1 to 7. 1 mean best, 7 mean worst. If you are ranked at 6 or 7, your loan or credit card application will be rejected within one day. That is why some people keep on rejecting for application with bank.

It's mean the chances for your approval is very high now.
The first officer check on your application has already approved it actually. Now he/she is recommend it to his/her
Manager for final approval. Should be able to know within this 3 days.

I used amex to pay my unifi bill every month during the weekend through maybank2u. You will enjoy both 5x treat points and 5% rebate. Take note not all bills can pay through amex. Depend on which company you refer to and whether they accept amex or not.

The max temporary increase in credit limit is just around 30% to 50% of your credit limit. Forget about double or more. In addition, most of the time only customer who have good payment record is able to get it, not anyone request they will let it increase just because of emergency. I am working as CS officer at bank previously. Most importantly, don't simply request the temporary increase for fun. Any amount that you have requested to increase must be paid in full amount in the following statement due date, otherwise your account will be highlighted as over limit and 18% will charge to your account, plus over limit fees for some bank.

Still consider buy 1 free 1 as well what. If not the original price should be RM14 each, now you paid RM14 for two. I just bought the Godzilla movie ticket at Sunway pyramid today. They charge me RM16 for two tickets, one ticket free. But the only thing make me interesting is... Not all the movie show are available on their website for online purchase. I bought the ticket at 11pm but I check online today their website don't have the show for standard hall at 11pm.. Weird..

This post has been edited by ckyow1: May 15 2014, 10:15 PM

Hi Bro and sister,
Just wanna to confirm. I understand that the cash back period is based on calendar month from 1st until 30th of the month. I have used up my RM50 cash back portion for May by spending more than 1000 this month. But, I just swipe my card today 31 May with RM200. If today transaction posted on 1 June, will it consider as June cash back portion or May due to transaction date?

Omg.. Surprisingly my question make a few page of debate here... >___<

If you have try so many times the payment was unsuccessful, I will strongly suggest you to call the maybank customer service. The phone number is just behind your credit card. Your card probably block by maybank due to suspicious transaction.