Hi guys. I have a question about credit card monthly instalment

So lets say before this i have zero outstanding with my card, today is my first time swiping it with a RM1600 amount

Minimum payment or 5% of RM1600 is RM80

So if i paid RM1000 before my due date, which is more than the minimum payment, but i still have balance of RM600. With 18% interest per annum, what will be my next month outstanding balance after adding the interest because i failed to pay in full?

Roughly i think RM600 + 1.5% interest

Oh ya and any new spending will also immediately charged interest as well, no more free interest until statement.

This post has been edited by WaCKy-Angel: Feb 10 2022, 11:16 PM

I won't say that you failed to pay in full but you choose not to pay in full. Coz it is a conscious decision to do so.

The amount due on the 2nd month would be RM600 * 1.5% = RM609.
There is an online calculator for this - https://www.akpk.org.my/tools?qt-tools=1#qt-tools

Using the same calculator if you opt to pay minimum every month, it'll take 13 months to pay all the dues and the payable cumulative interest is RM69.

This post has been edited by hye: Feb 10 2022, 11:28 PM

It depends on your statement date I think.

For example:
Statement Date: 3-FEB-2022
Statement Amount: RM 1,600
Due Date: 23-FEB-2022
Payment Date: 22-FEB-2022
Payment Amount: RM 1,000

you will still get charged 1600 * 1.5%? I could be wrong... I remember reading something like interest follow the statement amount if you do not settle the statement balance before the due date.

Yup. Tq for the advice

Thanks! I plan to settle it off in the second month

Some cc allows spending to be converted to interest free instalment payment but have to apply b4 any part payment is made.

Having said the above, one must not miss an instalment, otherwise normal late interest applicable.

If one dont 'abused' the plan, it works well for certain high spending.

This post has been edited by mini orchard: Feb 11 2022, 06:58 AM

There's 3 figure you need to aware of:

1.) Outstanding Balance = Total amount you owe.
2.) Statement Balance = The amount you need to pay before due date, also is the amount you owe before statement date.
3.) Minimum payment = The minimum amount, normally 5% of the statement balance you need to pay so that bank won't take action (like penalty or other financial charges) on you. However, the unpaid statement balance will subject to interest, 12~18% per annum. For your case, the interest will be less than RM9.

By the way, last time I used to top up Boost with credit card then withdraw from it to pay the credit card to avoid late payment/interest.
For example, I need RM600 to clear my statement. I will top up RM600 on Boost then withdraw it to pay the credit card. So that I will clear my last statement balance.
However, boost already disabled its withdrawal function.

But I think this trick still usable on Shopee as shopee pay allow withdrawal. Shopeepay withdrawal will take 3 working days, so make sure you have enough time before the due date to use this trick.

This post has been edited by fattyghost: Feb 11 2022, 09:17 AM

You will get banned immediately.

Nah, tried before. Top up shopee in order to buy something, but not buying anything in the end and request withdraw in the same day

Go a head and try it. I bet you they will block your credit card top up if you do it a few times.

also some bank do charge, so called late charges RM10.00.

Good for you.

Takkan I top up mean I must spend it all.

Late charges only if u did not made any payment at all before due date.

Topup RM600 (or more if u want) into TNG GO+ then withdraw out to make payment.

Wondering why people go to such trouble to beat the system when the short payment is only 1 month.

If the outstanding is 600, interest also not much at 18% is RM9.

Unless is monthly occurance, is time to cut the card.

This post has been edited by mini orchard: Feb 11 2022, 10:59 AM

Depends on your credit card also.

Some has a minimum charge and would increase interest rate the following month and the interest free period would be removed.

You are probably better off doing balance transfer or apply for some ezycash to pay it off.

This post has been edited by LamboSama: Feb 11 2022, 11:14 AM

How about late payment charge rm10? Sometimes I saw if in my cc

Depending on banks ....'Late payment' may refers to statement balance not fully paid on due date.

Minimum payment is to ensure the card cont to be active until a certain time.

Late payment fee will be charged if minimum payment is not made by payment due date.

Avoid it at all cost, it hurts your credit score.

If you pay the minimum amount before due, there'll be no late payment charge.