Not to mention getting 150k MYR within minutes is a sure way to bankrupt someone who doesn't know the meaning of indebtedness...

I hope they have highlighted the word "up to"...

Oh no... thanks for the heads up.

They lend you below 4% p.a. effective rate?

That would be ridiculous...

Just curious. When they say 0 markups on FX rates, do they compare that against mid-market rates quoted by XE.com and those used in wholesale corporate banking rates? That means you are getting rates exactly the same as those reported in international FX markets?

If they compare against say, Mastercard's rate, you still lose some 30-50 basis points right (benchmarked against the international FX market)?

This post has been edited by TOS: Nov 5 2024, 08:46 PM

So, Mastercard's FX markup is 30-50 basis points? I just made up that figure in my previous post lol

You help us check what is the lowest effective rate for the loans yea

If it's below most other bank's FD rate for a comparable tenure, we can run GX bank down!

Haha joking. I don't think the lowest effective rate will be below FD rates. Banks make money by pay less interests on deposits and earn more interests on loans.

The problem with digital banks however, is that they don't have a huge customer base like conventional banks, e.g. RHB, Maybank, CIMB, Public, Hong Leong etc.

Also, they don't offer diversified loans like car loans, housing loans etc. None of the digital banks' loans are collateralized too, so unsecured loan rates should be high....

I am still waiting for them to increase the number of saving pockets and raise interest rates...

Oh I simply hope only

You know Anthony Tan is not interested in sharing his wealth with you right?

8% p.a. from flexicredit, but give 2% p.a. for saving account/pockets, factor in 2% margin for management and expenses, that would give 4% net interest income eh?

I see on FB comments other users reported 8.06% p.a. also. Looks like it's a uniform rate across all consumers...

Oh got RM 20 cashback...

Can I activate flexicredit, get RM 20 cashback, then deactivate flexicredit again?

Now I know why I didn't receive Flexicredit offers... Cuz I open GX Bank account as student... which in theory I am, though paid stipend in SGD worth some 9000 MYR a month...

The use of EPF to decide the credit limit is not sensible. Some people may withdraw from EPF account 3 for investment purpose, while some may have low EPF balance but huge asset outside Malaysia...

Anyway, based on this: https://gxbank.my/flexicredit

The lowest effective rate is 6.62% p.a.

T&C out liao

https://gxbank.my/campaign-tnc

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QR warrior wants you to spend 30 MYR x 5 QR transaction per month = 150 MYR to get 5 MYR "cashback"...

https://gxbank.my/campaign-qrwarrior

5/150 = 3.33% but minimum spend has to be 30 MYR...

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Tauke cashback wants you to spend 10 times using GX bank debit card, then from the 11th time onwards, you get 0.4% extra... (reset every month...)

https://gxbank.my/campaign-taukecashback

This post has been edited by TOS: Nov 30 2024, 08:13 AM