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boost being a dick, no more cash out, all $$ stuck
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mushigen
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May 18 2020, 10:04 AM
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QUOTE(ZeroSOFInfinity @ May 18 2020, 07:00 AM) Credit card reload 1500. Withdraw with small fee. Tak bayar CC, get free money. Now can reload up to 4999.... I don't think this is the reason because 1. CC holders can still withdraw from ATM without going through boost 2. Why should boost care if the cc holder doesn't pay back the bank, unless it's BNM's instruction? The main reason could be this, as stated in the first post. Simpanan wang ini juga akan mengalakkan lagi transaksi dan penggunaan dalam ekosistem Boost ini sendiri.
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mushigen
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May 18 2020, 10:05 AM
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QUOTE(gooroojee @ May 18 2020, 09:59 AM) eWallet was never meant for money in money out without actual transactions. That is the simplest form of money laundering. The simplest form should be cash, no?
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mushigen
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May 18 2020, 10:26 AM
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QUOTE(maxpudding @ May 18 2020, 10:19 AM) Correct You can get cash money out of your cc, dont need to use boost as the platform to get cash (unless they are too stupid to dont know) Never use boost before, but this “trying to keep money inside boost ecosystem” sounds...not good? I dunno I don't have boost wallet. I find the "shake for coins" idea silly. I already have T&G and Grab, and I don't want to have more spare cash lying idle in yet another e-wallet. I think allowing users to withdraw cash is not (that) beneficial to them due to transaction and administrative costs involved - compared to users using it at merchants.
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mushigen
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May 18 2020, 12:40 PM
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QUOTE(munky @ May 18 2020, 11:50 AM) i abuse it by withdrawing the maximum allowed every month with my cashback credit card so i get the free cashback Who paid for the cb? Boost or the bank?
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mushigen
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May 18 2020, 01:32 PM
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QUOTE(munky @ May 18 2020, 12:53 PM) So it doesn't make sense for boost to stop withdrawal if preventing cb abuse is the reason. QUOTE(gooroojee @ May 18 2020, 12:54 PM) Cash is bulky and cannot be easily moved in larger amounts There should be a limit for boost. You can't transfer rm10k, for example.
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mushigen
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May 18 2020, 01:51 PM
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QUOTE(ZeroSOFInfinity @ May 18 2020, 01:49 PM) You can, but the charges are high. Boost is lower. How much did boost charge for withdrawal vs cc advance? And if it's free money as you said "tak bayar cc", the difference is immaterial, right?
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mushigen
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May 18 2020, 01:54 PM
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QUOTE(MR_alien @ May 18 2020, 01:49 PM) well, the thing abt that in this case is they don't care abt the late payment fee or interest at all and that they're not even gonna pay for the CC bill because if they're going to pay for it, they're not gonna do it this way from the beginning because they know the risk and the payment they shut down the feature based on order from BNM i guess, when BNM is watching u..u better becareful already So, the next "order" from BNM is to ban cc cash advance via atm, since they're not going to pay anyway?
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mushigen
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May 18 2020, 02:29 PM
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QUOTE(party @ May 18 2020, 02:23 PM) cc cash advance is 5% of total (min rm50). interest start count 15% on day 1 vs boost (charge dunno). no interest rate as bank consider normal retail spend (so u get 20 days free) depends bank. i got 2 banks can withdraw 100% of limit, 1 bank 80%, another max RM1500 only. TQ for the information. Anyway it's still immaterial because the argument put forth is people who withdraw via boost have no intention to repay the bank. My point is, if abusing cb or interest from withdrawal is the reason for boost to stop, it does not make sense because it's the bank that loses, not boost.
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mushigen
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May 18 2020, 02:36 PM
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QUOTE(party @ May 18 2020, 02:31 PM) boost stop is different reason i believe. not paying is bank issue. cashback is bank rugi so also bank issue and it was banks that stopped to give cashback. That's what I think too. Deswai it's baffling when someone wrote it's to stem the abuse when ppl withdraw money.
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mushigen
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May 18 2020, 02:50 PM
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QUOTE(BenYeeHua @ May 18 2020, 02:44 PM) Well, I will wait to see when all bank support DuitNow QR, and customer paying directly to seller using bank apps instead of top up to Boost/TnG ewallet which can't withdraw. Unless... they mess it up.  So far no mention of fees/cost for customer to customer, but it seem like easy to setup own qr code without becoming a seller. So... Just Boost paying back to your bank DuitNow QR code?? https://www.duitnow.my/DuitNow-QR/If they continue to offer cashback, I don't see why people will ditch them for duitnow.
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mushigen
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May 18 2020, 04:27 PM
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QUOTE(BenYeeHua @ May 18 2020, 02:57 PM) Just to withdraw the money?  Nope, as long as they continue to give cashback for retail expenses, I don't know why I need to switch to duitnow. QUOTE(drug5 @ May 18 2020, 03:13 PM) Don understand here. U still need to pay ur CC right? still rugi He said people go yolo and don't pay the cc after transferring to boost and withdraw from boost. So I replied it makes no difference because he can withdraw from ATM using the cc directly and still go yolo.
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mushigen
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May 18 2020, 04:35 PM
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QUOTE(drug5 @ May 18 2020, 04:31 PM) Yeah maybe thru boost save the withdrawal fees. But its not really abusing. Most likely boost wanna keep their monies and force them to spend all As someone said here, lower withdrawal fees compared to cc advance withdrawal and interest free 20-day repayment period after you transfer from cc to boost. Or getting cashback from bank for the top up to boost, then withdraw at lower fee than the cb earned. Whether it's abuse or not, it's up to individual's viewpoint. However, for them to suggest that the reason Boost stops the withdrawal is due to this "abuse" does not make sense to me because it's the banks that are losing out, not Boost.
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mushigen
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May 18 2020, 08:07 PM
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QUOTE(amir.asyraf @ May 18 2020, 08:04 PM) Nah that can't be it. Otherwise they'd just charge higher to discourage people from abusing the system. They just want to have your money in their account, that's all there is to it. I think so too. It's also mentioned in the first post about wanting users to spend in their ecosystem or sthg like that.
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