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 Is it hetter to have credit card or to go without?

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alna1988
post Apr 5 2016, 03:52 PM

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Try read this book and u will think 99 times to have a Credit card.

as for me, cancel my application for Credit card.

This post has been edited by alna1988: Apr 5 2016, 04:04 PM


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Ramjade
post Apr 5 2016, 04:02 PM

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If you are applying for cc just so that you can pay via installment, don't. Apply a cc if you know you can payback the bill.
Fortezan
post Apr 5 2016, 04:18 PM

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Credit Card is definitely good to have if you have the discipline to only spend on necessities (things you would be paying with cash anyway). If you are paying with cash, you are only getting the product you paid for and nothing else, but if you use credit card, you are also accumulating reward points in the process which can then be added up in the long run to redeem for other stuff in return.
fun_feng
post Apr 5 2016, 04:33 PM

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QUOTE(Ramjade @ Apr 5 2016, 10:40 AM)
Good if you can control. Never let the credit card control you. You can save at least >10%p.a of spending with proper planning, the right card and discipline. With discipline, banks are working for you. GST? No problem when you can get >10%p.a of spending. drool.gif rclxm9.gif thumbup.gif

No discipline, banks come after you like sharks when they sniff blood. drool.gif And good luck working for the bank giving them free 18%p.a interest. biggrin.gif

Banks aren't getting a single sen from me if I can help it. I don't intend on giving banks any single sen now or in the future. Banks instead will give me >10%p.a cashback for my spending.
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So how u get >10%?
lingleeyen
post Apr 5 2016, 04:40 PM

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I cant survive without a CC. As a disciplined heavy CC user, my cash back a month is near or more than 200. So lots of savings there. Why not right?
Ramjade
post Apr 5 2016, 04:45 PM

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QUOTE(fun_feng @ Apr 5 2016, 04:33 PM)
So how u get >10%?
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I don't have a CC yet. Use HLB wise. Then combine it with maybank eGIA-i (give 4% interest + flexibility to withdraw anytime)

Eg.
1st - due date
20th - statement date

Anything spend on 20th will not be billed on 1st of next month. Instead it will be on the 1st of the following month.. This gives one about 40 days interest free period. Prepare how much you normally spend for that month and dump it into maybank eGIA-i it will give you 40 days of interest. On due date, withdraw from maybank eGIA-i and pay off your bill.

HLB wise gives 10% CB (if you know how to use it. You can even maximise it by spending max if I am not mistaken RM985/month to get cash back of slightly more than 10%) + 4% interest from maybank eGIA-i = >10% CB/month.

This post has been edited by Ramjade: Apr 5 2016, 04:48 PM
hafizhans
post Apr 5 2016, 04:53 PM

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so far after just three month using, for me, better to have it.
cash back ftw
adele123
post Apr 5 2016, 05:04 PM

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QUOTE(matdin07 @ Apr 5 2016, 03:44 PM)
what is the lowest limit you guys know because I don't want to overspent sad.gif I'm thinking  about 1000~2000 . It'll be good if there is cc that we can use only available amount on our acc smile.gif
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You can set to the lowest possible la. but at the end of the day, if you are discipline... it doesn't really matter. might as well you stick to debit card...

QUOTE(Ramjade @ Apr 5 2016, 03:47 PM)
Rm1k-2k limit can. If you need to increase, just call up the bank. Usually they allow a temporary increase.
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Hmm... you got credit card or not ah? 1k to 2k limit? most banks have minimum credit limit that they will issue... 1k is not possible.

2k is as low as it gets. some probably the lowest is 3k...
spyduh
post Apr 5 2016, 05:05 PM

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no need credit card mang
Ramjade
post Apr 5 2016, 05:35 PM

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QUOTE(adele123 @ Apr 5 2016, 05:04 PM)
You can set to the lowest possible la. but at the end of the day, if you are discipline... it doesn't really matter. might as well you stick to debit card...
Hmm... you got credit card or not ah? 1k to 2k limit? most banks have minimum credit limit that they will issue... 1k is not possible.

2k is as low as it gets. some probably the lowest is 3k...
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I think I saw on cc thread that you can set the limit to rm1k.
j.passing.by
post Apr 5 2016, 09:11 PM

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QUOTE(matdin07 @ Apr 5 2016, 03:44 PM)
what is the lowest limit you guys know because I don't want to overspent sad.gif I'm thinking  about 1000~2000 . It'll be good if there is cc that we can use only available amount on our acc smile.gif
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Wrong thinking... getting a credit card is not about getting a line of credit that you can borrow at anytime.

If you need to have that standby credit, this means you have no significant savings and constantly in need to borrow money. That's a tough situation to be in - in constant need to borrow money. Don't go make life any tougher by borrowing more and more...

The smart way in using CC is viewing it as a convenient method of payment. Option to pay in cash or by CC... cc is more convenient as we don't have to carry a large amount of cash in our wallets.

At the petrol stations, cc is more convenient as we can slot in the card at the pump instead of walking to the cashier... At the hypermarkets, cc is more convenient as we don't have to check whether we got back the correct change...

The line of credit may be more than 10k, doesn't mean that we need to spend till that limit. Nothing wrong with spending only several hundreds every month and paying the statement balance in full at the end of the month.

Personally, I mostly used cc in petrol stations and hypermarkets and monthly bills, and occasionally in purchases in places like Seng Heng, and also for hotel rooms, and a few times at some private hospitals. And had never failed to pay the statement balance in full.


fun_feng
post Apr 6 2016, 10:22 AM

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QUOTE(Ramjade @ Apr 5 2016, 04:45 PM)
I don't have a CC yet. Use HLB wise. Then combine it with maybank eGIA-i (give 4% interest + flexibility to withdraw anytime)

Eg.
1st - due date
20th - statement date

Anything spend on 20th will not be billed on 1st of next month. Instead it will be on the 1st of the following month.. This gives one about 40 days interest free period. Prepare how much you normally spend for that month and dump it into maybank eGIA-i  it will give you 40 days of interest. On due date, withdraw from maybank eGIA-i and pay off your bill.

HLB wise gives 10% CB (if you know how to use it. You can even maximise it by spending max if I am not mistaken RM985/month to get cash back of slightly more than 10%)  + 4% interest from maybank eGIA-i = >10% CB/month.
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There are a number of errors with your calculation.
HLB Wise Gold has annual fee of rm170. Assuming you get max rm100 CB every month, after deducting your annual fee, your real CB is 8.6%.

Now for the 2nd thing, i have no idea what eGIA-i have to do with credit card. YOu might well say you use the money to invest in share/bond/etc and get XX% return... blink.gif
And your 4% is way off. This 4% is p.a., if it is a 40 days interest then it should be around ~0.4%..

SO in all, the total CB is 9%



Ramjade
post Apr 6 2016, 10:30 AM

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QUOTE(fun_feng @ Apr 6 2016, 10:22 AM)
There are a number of errors with your calculation.
HLB Wise Gold has annual fee of rm170. Assuming you get max rm100 CB every month, after deducting your annual fee, your real CB is 8.6%.

Now for the 2nd thing, i have no idea what eGIA-i have to do with credit card. YOu might well say you use the money to invest in share/bond/etc and get XX% return...  blink.gif
And your 4% is way off. This 4% is p.a., if it is a 40 days interest then it should be around ~0.4%..

SO in all, the total CB is 9%
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Thanks for the correction. But there are ways to bypass the Rm170/year. If you use that way HLB wise is FOC. It doesn't involve begging CS. Only applies for people you really trust and they really trust you.

Easy. Say you spend only rm1k/month. Prepare that RM1k in advance. Since you have about 40 days until next payment date, the rm1k can be put into something able to generate returns. Why bother with normal 1 month eFD when you can get 4% p.a? Why let that RM1K sit in normal SA earning almost negligible interest?

Using maybank eGIA-i with HLB will boost your CB.
Jordy
post Apr 6 2016, 11:20 AM

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QUOTE(fun_feng @ Apr 6 2016, 10:22 AM)
There are a number of errors with your calculation.
HLB Wise Gold has annual fee of rm170. Assuming you get max rm100 CB every month, after deducting your annual fee, your real CB is 8.6%.

Now for the 2nd thing, i have no idea what eGIA-i have to do with credit card. YOu might well say you use the money to invest in share/bond/etc and get XX% return...  blink.gif
And your 4% is way off. This 4% is p.a., if it is a 40 days interest then it should be around ~0.4%..

SO in all, the total CB is 9%
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fun_feng,

Do take note that the annual fee of RM170 is charged per annum, so it should be averaging to ~RM14.17 a month. So actually RM100 CB is still at ~9.86%.
xixo_12
post Apr 6 2016, 11:23 AM

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master your cash on hand first, then master your schedule.
good people is the one can squeeze all cc benefit.

it's good to have one, once you master it, then u find your expenditure getting bigger, then it's good to have a few to focus on several benefit. fully utilise but dont let it controlling u
Zot
post Apr 6 2016, 11:27 AM

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The reason I use credit card is just because I don't have to carry cash so much. I usually have < Rm100 in wallet
kelvin8810
post Apr 6 2016, 11:37 AM

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it is a lot better to have one as stand-by or emergency.

secondly you can really save some bucks from the cash back and discount offered during promotion.

but end of the day you still need to be disciplined enough to keep your financial stable.
TSmatdin07
post Apr 6 2016, 12:25 PM

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I spend a lot on fuel per month because I travel almost 200km per day sad.gif That's y I interested to have one cc for petrol cc. After research, I think maybank petronas cc maybe the best option for me smile.gif
fun_feng
post Apr 6 2016, 01:42 PM

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QUOTE(Jordy @ Apr 6 2016, 11:20 AM)
fun_feng,

Do take note that the annual fee of RM170 is charged per annum, so it should be averaging to ~RM14.17 a month. So actually RM100 CB is still at ~9.86%.
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Huh what do you mean?

For one month
100 - 14 = 86. 86/100 X 10% = 8.6%

For one year
1200 - 170 = 1030. 1030/1200 x 10% = ~8.6%

No?
charsiewking
post Apr 6 2016, 01:49 PM

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My expense drop a lot when i cancel my credit cards. but i think having one card just to pay for urgent goods is acceptable.

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