Hi guys.
Could anyone please clarify is this the correct way of calculating the interest.

I'm using Maybank Islamic Petronas Ikhwan Visa Gold credit card.
https://ringgitplus.com/en/credit-card/Mayb...-Visa-Gold.html

My statement date is every 14th and due date is every 4th.

For example this 14th May, I will be getting a statement with RM 4000 outstanding balance.
The minimum payment is 5% which is RM 200 and I paid before due date.

So the current outstanding balance is RM 3800.

For the new cycle of statement, 15th May to 14th June, for example I spent RM 2000.

So, the statement on 14th June, the outstanding balance is:

Last outstanding balance = RM 3800 + RM 57 (Interest 1.5%) = RM 3857
15th May to 14th June outstanding balance = RM 2000

Statement outstanding balance on 14th June = RM 5857

Is it correct?
Is there any fee that I'm not aware?
I called their service center and they said the calculation is kinda complex as they calculate per transaction not total outstanding balance as above.
I'm confused. Could someone please help me?

Thank you very much.

Thanks.
But I want to know is that the correct way of calculating the interest?
I have no problem of paying before.
It just this month kinda tight.

I'm planning to settle off the outstanding balance on the 14th June statement.

I just I want to know is the interest is RM 57?
Thanks.

eh sorry2.
just noticed.
sorry my mistake.

Whattt..the new spending from next statement cycle also will incur interest? Oh noo!!!

From your example it seems you paid after the due date, and I assume late payment fee will incur?
And what about the minimum payment?


And is it true new spending from other statement cycle also also will incur interest as mentioned above?

Below is the sample table that I come out. The calculation is from transaction date to 26 June 2017.
Like I mentioned before, my due date is 4 June. Below calculation is not adding into the minimum payment of 5%.
Consider I pay minimum payment on 26 May 2017. How the minimum payment will be put into the calculation?



This post has been edited by lowyatGuest000: May 14 2017, 08:10 PM