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 CREDIT Card Thread v2, Everything about the world of plastic

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SeeD
post Jan 21 2008, 03:27 AM

I Love Bubbles
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Joined: Jan 2003
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Hello fellow LYtians tongue.gif
Got a few questions here regarding credit cards.
Before that I intro myself abit.
I'm 20(2008) and still currently studying in KTAR. I don't have a monthly income(in fact I dont have a job) but I'm trying to venture into business. My dad gave me a sum of money to do my own business.

I plan to buy things from overseas and sell locally. I come to learn that when I got fraud using credit cards I can file a case and get a chargeback thus getting the full amount back. I'm not sure if that is how it works in Malaysia or not but it's definitely working in the US.

So here's the Questions.
1. Can I apply for a card? If not, how about supplementary card from my parents? If no again, do recommend me other method to get a Credit Card
2. Usually what kind of fees are imposed onto a card? Annual Fee, Monthly balance fee, erm ... what else ?
3. Say I'm using a Credit card and I pay all my balance before the grace period(I read around it's usually 20 days). Am I charged anything extra?
4. How does the chargeback method works in Malaysia? (In US it's, when I noticed I got fraud today, I file complaint to the bank, then I get the full amount back and in the same time the bank investigates the complaint)
5. I heard HSBC and Citibank are the best so far. How do they differ actually from company to company??
6. How does APR(Annual Percentage Rate) works ? I read around, i think it's something like ... say a Credit card has 18% APR. But it's chopped into 12 months and charges you about 18/12% every month over your balance. Is that correct? Need confirmation smile.gif
7. Why is everybody so crazy over the cashback/credit service offered by some of the credit cards? I'm not sure but are they real ??

Well I look up most of my information on types of credit cards at moneysection.com but I'm still unsure in certain areas. Hope you pros can help out smile.gif

This post has been edited by SeeD: Jan 21 2008, 03:41 AM
SeeD
post Jan 21 2008, 06:20 PM

I Love Bubbles
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Senior Member
6,728 posts

Joined: Jan 2003
From: YOUR HOUSE
QUOTE(WaCKy-Angel @ Jan 21 2008, 09:54 AM)
I plan to buy things from overseas and sell locally. I come to learn that when I got fraud using credit cards I can file a case and get a chargeback thus getting the full amount back. I'm not sure if that is how it works in Malaysia or not but it's definitely working in the US.
Yes you may get charged back but alot investigation will be made b4 that
1. Can I apply for a card? If not, how about supplementary card from my parents? If no again, do recommend me other method to get a Credit Card
Well its stated 21 years old, but 18 for supplementary (if not mistaken). You can get prepaid/debit card but i strongly not advise anyone to go prepaid/debit card.

2. Usually what kind of fees are imposed onto a card? Annual Fee, Monthly balance fee, erm ... what else ?
doh.gif  doh.gif  doh.gif  doh.gif
Usually, that's all..But some also charge like RM10-RM20 processing fee for ezypay/installment scheme. (i believe Maybank no such thing)

3. Say I'm using a Credit card and I pay all my balance before the grace period(I read around it's usually 20 days). Am I charged anything extra?
No problem about that...

4. How does the chargeback method works in Malaysia? (In US it's, when I noticed I got fraud today, I file complaint to the bank, then I get the full amount back and in the same time the bank investigates the complaint)
Its the same, but usually u wont know when fraud happens but its the bank that knows and contact u.

5. I heard HSBC and Citibank are the best so far. How do they differ actually from company to company??
Thats just rumours and im very good with Maybank becoz i their internet banking is good.
Payment just using internet and pc...but u have to go to hsbc or citibank branch to pay for that.

6. How does APR(Annual Percentage Rate) works ? I read around, i think it's something like ... say a Credit card has 18% APR. But it's chopped into 12 months and charges you about 18/12% every month over your balance. Is that correct? Need confirmation smile.gif
I sux at calculation, yea its like that...and the rate is reduced to 15%

7. Why is everybody so crazy over the cashback/credit service offered by some of the credit cards? I'm not sure but are they real ??
I never know how to use Citibank Cash Back...But now using UOB One Card atleast i know how to redeem the cash.
Its almost same with award point cards, just that u get cash rebate instead of points to redeem gifts.


Well I look up most of my information on types of credit cards at moneysection.com but I'm still unsure in certain areas. Hope you pros can help out smile.gif
Like?
Thanks alot man.
But is there anybody want to add into the informations?

QUOTE(Felice821 @ Jan 21 2008, 03:27 PM)
I just move to new house and the new house yet to have phone line and not decided to apply due to everyone has their own handphone.

And i'm going to apply for my credit card... will my credit card can approved without house phone number?
Don't know but land line is not a necessity now if you're not online using broadband services. They should approve your CC. Ask the pro to confirm
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