QUOTE(zenquix @ Aug 23 2015, 12:15 PM)
incorrect. if you do not pay statement balance, the remaining amount +
all new transactions from previous statement date is subject to interest
Called CS and her understanding is same as mine. To curb my curiosity, I searched for the FAQ in M2U.
Bear in mind, it is much more complex as we have 20 days free interest period with conditions.
http://www.maybank2u.com.my/mbb_info/m2u/p...RD-Cards#117015Quoted from M2U, if you read all the FAQ in the page, it gives the impression that you already have an existing unpaid outstanding balance.
QUOTE
6. How will I now be charged interest?
If you pay on partial or minimum payment to your outstanding balance, you will be charged interest on remaining outstanding balance and on whatever transactions posted between your previous and forthcoming statements.
Another quote which gives the impression if you don't have previous unpaid outstanding balance,
http://www.maybank2u.com.my/mbb_info/m2u/p...sonal/CRD-CardsQUOTE
2. Late payment charges and interest free period
To further encourage prudent financial management, the following revisions will be effective simultaneously:
Late payment charges
•
If the minimum payment is not made by the payment due date, a late payment charge will be levied at 1% of the unpaid retail and cash advances/withdrawal transaction outstanding balance, subject to a minimum of RM10, whichever is higher up to maximum of RM100
Interest free period for retail transactions
•
No charge for 20 days from statement date if you have paid the full amount of your previous month retail transactions.
•
If you opted to pay partial or minimum repayment of your previous statement account, the finance charges on your unpaid retail transactions will be calculated from the day the transaction is posted to your card account.
Feel free to add your opinion on this.
(If only M2U comes out with scenario based FAQ with the calculation, it will save the trouble for end users. )
Generally, pay in full for your statement balance. Don't get credit card if you can't manage your own finance