Meaning u r getting deeper into depth and finally you realize it is too deep and too late Cuz u can't pay the monthly instalment

the difference between house loan (flexi) and car loan.

for this case they are doing it like car loan.

Quite sure the effective % per annum is more than double of 7% over 2 years

it gets more scary when you said you want to take BT to whole new level.

Bear in mind, bank is in the market to make money out of you. you need to read up.

The affin bank 7% over 36months, should be at about 4-5% per year effective interest rate (EIR). BSN and PBB the EIR is about 8% - 9+% per year. if you don't need the BT, then these are not for you. if you do need it, it is better than paying 18% p.a. to the bank on the outstanding balance of your credit card.

https://loanstreet.com.my/learning-centre/i...e-flat-interest

https://loanstreet.com.my/calculator/flat-t...rest-calculator

This post has been edited by adele123: Apr 18 2016, 09:12 AM

Thanks for ur advise. I have RM100k cash to standby for any unforeseen circumstances. Just i prefer venturing small business with abit aids from banks.

Hi all. Want to ask anyone tried Alliance Bank BT? Do they still give 20day free credit period for other swipes when we are on BT?
Want to apply their younique cc and surprise to know they give one time 0% interest BT for 12months.

Now u caught my attention. How do they calculate the interest rate?

you are already been spoon-feeded with the calculator link, at the very least click in and find out

As i told you, you pay 7% for full lump sum but you are paying back monthly installment equally for 36 months. Does it not make sense to you that the interest will be more than what they try to con you into?

tease you somemore, effective interest rate is >10% p.a.

This post has been edited by bearbear: Apr 18 2016, 09:52 AM

i don't see anything wrong here if your business could roll yield you more than >20% profit per year.. or more than that.

Don't jump the gun. 7% is the up-front fee for 36 months, which equivalent to flat rate of 2.33% pa or effective rate of about 4.7% pa, which isn't bad compare to credit card debt at 18% or ahlong.

It is that someone said to bring balance transfer to whole new level but couldn't differentiate between flat rate and effective rate.

Please read and re-read

I am not jumping the gun, i present you with facts. The calculator is there.

Sorry double post

This post has been edited by bearbear: Apr 18 2016, 12:10 PM

if his business can generate profit of >10-20% p.a then there should be nothing to worry about

maybe thats what he mean bring balance transfer to whole new level lol

This post has been edited by aromachong: Apr 18 2016, 12:37 PM

Aiya i am not professional in financial. Learning together mar. As i said if the average less than 3% per annual i will not hesitate to get it. I still do not understand how he cals the rate.

very simple illustration

i loan you 1000 for 2 months, fee is 2%. you pay back equally 1010 per month.

After month 1, your make your payment thus your loan principal is 1000 (assuming you pay your fee upfront, as with BT usually). Problem is i still charge you 2% based on your initial loan principal of 2000.

Thus it is not 2%

Your case

It is 7% / 3 years IF you only pay back your loan principal (10k or 100k) at end of loan tenure. But you are paying monthly equally yet they charge the % based on your initial loan principal.

See the difference now? Well if you don't then i have to say just go ahead and make the bank richer.

This post has been edited by bearbear: Apr 18 2016, 01:41 PM

100,000 credit limit. u can withdraw 80% credit limit example , rm80k u are about to get cash

so u need a second credit card with 100k limit too. u can get from Aeon, or PB , BSN.. aeon offer 0% so u can make a BT and RM80k /6 months , or RM80k /12 months with a little interest to add on

another way is when banks hav promotion u can cash out from your available limit. i will take above example again .. 100k .. some foreign banks allow u to take out all cash from ur cc.. interest as low as 3.99% .. so 100k / 12 months / 24 months / 36 months

i still see it is a very low interest for businessman

no?

correct me if im wrong

Dude just spoken to Affin Bank staff, he said that up front is only once so 7% (36mths tenure) for ur total BT value.

Lets say u BT RM10 k
Up front payment is RM700
Ur principle will be split into 36mths which is average RM277.78 per mth.

For others i am not sure yet. Anyway thanks for pointing it out.

i said what i had to, so judge yourself

Found out myself from card application dept. Sharing here…They will create diff acct. Each month just pay min 5%. Card swipes still get 20 days free credit period. Good then!

bearbear already knows how to calculate... it's you who do not understand.

read the links i posted earlier... if you have read, you would have known how the banks calculate..

all the banks calculate the same way...

Flat rate method

Ok noted. Thanks for telling. I will study it before committing my BT.