Apr 1 2015, 11:40 AM
QUOTE(nghj @ Apr 1 2015, 08:49 AM)
so starting today, the 5% cashback on this card is useless if the bank charges the 6% when we use the cards. Kindly see below example and let me know correct or wrong.
eg:
i buy something at RM10.00 at the supermarket.
supermarket charge me 6% GST, becomes RM10.60.
i use my card, MBB charges me 6% GST, becomes RM11.24.
if i get back 5% cashback for RM11.24, is only RM0.56.
Effective, the item i bought is RM11.24-RM0.56=RM10.68, which is still higher than paying cash at the counter in the first place, RM10.60.
Let's say we dont mind pay MBB the 6% GST because now dont have to pay RM50. But means maximum we can use the card is only RM833.33 because the 6% GST on that is RM50.
OMG eg:
i buy something at RM10.00 at the supermarket.
supermarket charge me 6% GST, becomes RM10.60.
i use my card, MBB charges me 6% GST, becomes RM11.24.
if i get back 5% cashback for RM11.24, is only RM0.56.
Effective, the item i bought is RM11.24-RM0.56=RM10.68, which is still higher than paying cash at the counter in the first place, RM10.60.
Let's say we dont mind pay MBB the 6% GST because now dont have to pay RM50. But means maximum we can use the card is only RM833.33 because the 6% GST on that is RM50.
.. you're getting it wrongly... if the calculation is to be like this, i believe no one will be using credit card anymore... the example should be like this,eg:
i buy something at RM10.00 at the supermarket.
supermarket charge me 6% GST, becomes RM10.60.
i use my card, you are still paying RM10.60.
if i get back 5% cashback for RM10.60, you get back RM0.53.
lets assume you did not pay the RM10.60 within the period, bank will charge you interest. let's say the interest is RM1.00, then there will be additional charges of 6% on the RM1.00. so the total interest will be RM1.06....
don't shoot me if i get it wrongly.
. because it's really confusing..
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