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

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Amanda85
post Apr 6 2016, 01:52 PM

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We only use credit card for petrol and groceries. Collect all the 5x points and redeem with Jusco vouchers.

Never use for emergency before. We have emergency funds for that. If you have to use credit card for emergency it means you are not prepare for rainy days.
Jordy
post Apr 6 2016, 04:05 PM

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QUOTE(fun_feng @ Apr 6 2016, 01:42 PM)
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?
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fun_feng,

I don't think this calculation is right. If you are calculating the rebate you receive against your purchases, you will have to divide it against the total cost of purchases.

Therefore, it should be 100/1014*100% = ~9.86% of CB
fun_feng
post Apr 6 2016, 04:57 PM

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QUOTE(Jordy @ Apr 6 2016, 04:05 PM)
fun_feng,

I don't think this calculation is right. If you are calculating the rebate you receive against your purchases, you will have to divide it against the total cost of purchases.

Therefore, it should be 100/1014*100% = ~9.86% of CB
*
Hi,

I think you make a mistake when you add the annual fee into your purchase. This annual fee is losses, you do not buy anything with it, it is not purchase!

Let me give you an example, where the annual fee is RM1200.

Do you agree getting RM1200 CB evens out with the Annual fee RM1200 means essentially we are getting 0% CB?

If by your calculation where a month annual fee is RM100
100/1100*100% = 9.09%!!!!!

Your calculation will bluff you that you have 9% CB when in fact you use up all the CB to pay the annual fee and get 0%

No?

Jordy
post Apr 6 2016, 05:51 PM

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QUOTE(fun_feng @ Apr 6 2016, 04:57 PM)
Hi,

I think you make a mistake when you add the annual fee into your purchase. This annual fee is losses, you do not buy anything with it, it is not purchase!

Let me give you an example, where the annual fee is RM1200.

Do you agree getting RM1200 CB evens out with the Annual fee RM1200 means essentially we are getting 0% CB?

If by your calculation where a month annual fee is RM100
100/1100*100% = 9.09%!!!!!

Your calculation will bluff you that you have 9% CB when in fact you use up all the CB to pay the annual fee and get 0%

No?
*
fun_feng,

You make purchases = you spend money
You pay for annual fee = you spend money

You get CB = you get money

We are calculating how much we are getting back against how much we are spending on the credit card, in terms of return.

No?

This post has been edited by Jordy: Apr 6 2016, 05:52 PM
j.passing.by
post Apr 6 2016, 06:22 PM

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QUOTE(Amanda85 @ Apr 6 2016, 01:52 PM)
We only use credit card for petrol and groceries. Collect all the 5x points and redeem with Jusco vouchers.

Never use for emergency before. We have emergency funds for that. If you have to use credit card for emergency it means you are not prepare for rainy days.
*
My emergency fund is in FD... even if it is in cash, I don't carry it around; so must always use CC to pay first.

So I take that you are one lucky gal who had never encountered any unexpected, unfortunate events before. smile.gif


QUOTE(Jordy @ Apr 6 2016, 05:51 PM)
fun_feng,

You make purchases = you spend money
You pay for annual fee = you spend money

You get CB = you get money

We are calculating how much we are getting back against how much we are spending on the credit card, in terms of return.

No?
*
hehehh, I'm lost with the calculations too.

Me, keep it simple; free-for-life cc with zero annual fee. (I think it has the rm50 + gst tax.) The amount I put on the card is very low, or rather the bonus points to redeem stuff is very high; so most of the time, bonus points expired without any redemption, or only get to collect enough points to redeem once every 3 years. sad.gif


Jason
post Apr 6 2016, 09:42 PM

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Yes. Because of leverage. Used wisely it can work to your advantage, used wrongly it can hurt you.

Like a hammer, can hit a nail into the wooden plank, beats trying to use your finger to push the nail in. But if you miss cue, the hammer can smash your fingers.
kpfun
post Apr 7 2016, 05:37 AM

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QUOTE(matdin07 @ Apr 5 2016, 10:33 AM)
Is it good to have credit card? Is there any bank offer amount only the amount inside the card. discuss
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Yes - you need at least one card.
As everybody said, be discipline, so that, credit card makes your purchase cheaper.

If someone can't control from overspending because of credit card, too bad, that person is a loser in his/her life.

I started using credit card since 1991. I am a very heavy users of credit card, for personal or business.

So far, I had missed 2 payments only. One due to overseas (that time, internet banking not available yet), and one was forgotten to make payment.

I never buy a thing because of can pay by credit card. I buy the thing because I need it only.

All these years, I keep this discipline very well.

I saved some money because of credit card.

I think, banks never like me, because I pay them in time.

Enjoying credit card. To me, it is one of most valuable invention by human.
krayzie
post Apr 7 2016, 08:12 AM

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Use cc for its convenience and CB. Always pay on time. Cut your cc if u know annual fees coming up. Don't let the bank earn
fun_feng
post Apr 8 2016, 02:37 PM

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QUOTE(Jordy @ Apr 6 2016, 05:51 PM)
fun_feng,

You make purchases = you spend money
You pay for annual fee = you spend money

You get CB = you get money

We are calculating how much we are getting back against how much we are spending on the credit card, in terms of return.

No?
*
Hi,

No.
What you earn from the card is total CB - expense of the card(annual fee). You divide with your credit card spending(purchase), and you get effective CB

Going by your logic, even if the annual fee is a million buck, you still get a %CB. blink.gif

I have already given you a very clear example. If you are still not convinced, then please by all means give a mathematical example.


Ayrehn
post Apr 8 2016, 03:17 PM

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QUOTE(krayzie @ Apr 7 2016, 08:12 AM)
Use cc for its convenience and CB. Always pay on time. Cut your cc if u know annual fees coming up. Don't let the bank earn
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CC holders are able to waive the annual fees.
Just call and tell them to do so
krayzie
post Apr 8 2016, 11:11 PM

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QUOTE(Ayrehn @ Apr 8 2016, 03:17 PM)
CC holders are able to waive the annual fees.
Just call and tell them to do so
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Depends bro, HL die die also don't let to waive coz 10% cb
Ayrehn
post Apr 9 2016, 12:11 AM

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QUOTE(krayzie @ Apr 8 2016, 11:11 PM)
Depends bro, HL die die also don't let to waive coz 10% cb
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Ohh damnn! I thought all banks can d.
Hahahha

But so far... I compare all cards.
For cash rebate, CIMB Cashback card and Citibank Cashback card is the besttttttt 😁
fairyboy
post Apr 9 2016, 05:34 PM

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WTA if getting a CC but seldom will use it, what are the fees will the bank charges to us even if we did not using the CC?? Weekly/Monthly/Yearly fees, interest, penalty etc??
Ramjade
post Apr 9 2016, 05:49 PM

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QUOTE(fairyboy @ Apr 9 2016, 05:34 PM)
WTA if getting a CC but seldom will use it, what are the fees will the bank charges to us even if we did not using the CC?? Weekly/Monthly/Yearly fees, interest, penalty etc??
*
You have a CC does not mean that you need to use it. You can just keep it. Apply for thos FOC CC. No need to pay a single sen. Just keep inside your drawer/cupboard also can.
Kobis Bunga
post Apr 9 2016, 07:39 PM

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QUOTE(matdin07 @ Apr 6 2016, 12:25 PM)
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
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For Me I use combination of CIMB cash rebate CC:
-no annual fee
-2% cash rebate for petrol and groceries

And Maybank Ikhwan mastercard CC:
-no annual fee
-5% cash rebate for petrol and groceries DURING WEEKEND (Friday & Saturday)


So, usually I try to pump petrol full tank on weekend using Maybank Ikhwan Mastercard CC and during weekdays using CIMB CR CC.

QUOTE(fairyboy @ Apr 9 2016, 05:34 PM)
WTA if getting a CC but seldom will use it, what are the fees will the bank charges to us even if we did not using the CC?? Weekly/Monthly/Yearly fees, interest, penalty etc??
*
U have to search for their annual fees. Some card didn't have annual fee. However if U use CC with annual fees, you have to pay even seldomly use it.. Can try call CS to waive the AF, however don't hope that much... sweat.gif sweat.gif
HarpArtist
post Apr 9 2016, 11:18 PM

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have as many cc as you want. if u cant control ur cc spending what makes u think u will control ur cash spending? get charge card...forced to settle every month.

on other note i read that banks will think highly of people who use less than 10% of their credit limit monthly and always pay prompt.
SUSsupersound
post Apr 10 2016, 12:03 AM

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Only get a credit card if you can spend and pay on time.
I'm 1 step ahead as I'm using it to cash out and make money.
SUSsupersound
post Apr 10 2016, 12:15 AM

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QUOTE(fun_feng @ Apr 6 2016, 04:57 PM)
Hi,

I think you make a mistake when you add the annual fee into your purchase. This annual fee is losses, you do not buy anything with it, it is not purchase!

Let me give you an example, where the annual fee is RM1200.

Do you agree getting RM1200 CB evens out with the Annual fee RM1200 means essentially we are getting 0% CB?

If by your calculation where a month annual fee is RM100
100/1100*100% = 9.09%!!!!!

Your calculation will bluff you that you have 9% CB when in fact you use up all the CB to pay the annual fee and get 0%

No?
*
Highest cashback % for this STUPID card is 8.714%, that is by spending rm985 each month and getting rm100 cash back.
The joker with green tag is just giving some false info. Your calculation are right from beginning, why want to confuse your self when some joker comes out with wrong calculations?
SUSsupersound
post Apr 10 2016, 12:16 AM

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QUOTE(fairyboy @ Apr 9 2016, 05:34 PM)
WTA if getting a CC but seldom will use it, what are the fees will the bank charges to us even if we did not using the CC?? Weekly/Monthly/Yearly fees, interest, penalty etc??
*
Simple, get a card that free AF for life, Maybank most of the entry-mid level cards are free for life.
adele123
post Apr 10 2016, 08:52 AM

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QUOTE(fairyboy @ Apr 9 2016, 05:34 PM)
WTA if getting a CC but seldom will use it, what are the fees will the bank charges to us even if we did not using the CC?? Weekly/Monthly/Yearly fees, interest, penalty etc??
*
It's not that bad. The only charges to worry about is the annual fee. Some banks have cards that doesn't have annual fee.

Interest is charged if you don't pay in full.

Penalty is charged if you pay late.

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