I heard they will only ask to pay 5% (Minimum) from your BT amount of RM8100, which is therefore RM405. Not like other bank, they calculate just RM8100/12=RM675 per month.
You can pay any amount more than minimum amount each month (>RM405), you can settle earlier within any period up to maximum of 12 months only.
Let say, if you have some retail spending during that month, eg: RM1000
The minimum payment during that month are the combination between BT & Retail Purchase
Eg:
BT = RM8100
Retail Spend = RM1000
Total = RM9100
Minimum Payment that month = RM455 (5% of total above)
If you pay RM455, that is enough to cover both BT and Retail minimum payment.
But remember, you only clear RM50 out of RM1000 (5%), still have RM950, so you need to pay RM455 + RM950 = RM1405 in order to clear your Retail Spend or else it will bring to the following month.
And if they is extra payment, let say the Total just now is RM1405 just enought to clear MINIMUM + RETAIL, if you pay RM2000 during that month, the extra payment of RM595 will not bring to the next month for RETAIL, it will just deduct your BT amount first. RM8100-RM405 (Min)-RM595 (Extra Payment)=RM7100.
*Meaning that, SHOULD BE NO PENALTY FOR EARLY SETTLEMENT OF BALANCE TRANSFER
*If you not made full payment for RETAIL, there is LATE PAYMENT CHARGES if bring to the following month.
*If you only pay MINIMUM PAYMENT of RM405/month, you will need 20 MONTHS to clear all your BT instead of 12 MONTHS which you actually applied, but I think, after 12 MONTHS, if you still not SETTLE your BT, it will consider the remaining balance of BT as LATE PAYMENT???
I'm not sure how the Statement will looks like, maybe they will just shows the minimum payment of RM455 instead of the TOTAL amount you need to pay>RM1405? Because they don't specify the exact amount of BT you need to pay, you can pay any amount you like for BT, so I believe they also don't put how much TOTAL you need to pay in Statement, am I right?
Please someone correct me if somewhere wrong with my understanding above.
Thanks.
To all my friends here... based on my case, it doesnt work that way because i did spend RM500 in March and settle everything in March including BT and retail spending but HSBC still charge me interest. after called HSBC, they mention that once we sign up the BT with HSBC, we will not enjoy the 20 days interest free period and now i recall the HSBC officer told if i accidentally spent on it, i have to make sure the settlement to the credit card will be on the same day as well (not too sure it follows posting date or transaction date) but have to settle the same because if you settle the next day it will be considered as late payment because no longer enjoying the 20 days interest free period. based on their advice, once you applied for BT, just keep inside the withdraw until full settlement. !!!!!!!!!!
g. Interest Free Period 20-day interest-free period is only enjoyed on all retail transactions, provided all outstanding balances as per the monthly statement of the previous month are fully settled
Dec 15 2016, 07:55 PM
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