for maybank gold visa/mastercard how much the pnalty if i want to settle the payment earlier?

ambank is RM100, not sure abt MB

hmm who experienced with MB easy payment pls share.. Sharing is Caring

This post has been edited by lucas_podolski: Jan 3 2011, 11:06 PM

For the merchant, normally the EPP used is block-off entire amount, and release based on monthly payment, as mentioned in earlier post.

e.g. 5k, next month pay 417, means available CL is 417. 4583 is still blocked-off.

Note that there is another type of EPP by merchant (not banks), which is also mentioned above. The merchant will prepare some forms for you to sign. Instead of block-off the entire sum in your CC, the merchant will claim the amount every month.

e.g. 6k CL, purchase 6k with 6 mthly payment x 1k.

Jan : CL 6k - 1k = bal 5k CL
TS pay RM1k
Feb : back to CL 6k - 1k = bal 5k CL
TS pay RM500
Mar : CL only 5.5k - 1k = bal 4.5k CL
...
...

The latter type is normally applicable for huge amount purchase, normally 5-6 digits.

Understand wat u trying to bring out here.

But my CC bill came, i also feel confuse bout it.

I also made a EPP with 12mths installment. But the bill there still show my full credit limit over there. Isn't they need to put the limit i have on the bill??

For MBB statement, it only states credit limit and not available credit. For OCBC they do state Credit Limit and Available credit.

Credit Limit=Available Credit + Credit Used

Meaning tat i have to do all the limit calculation by myself not the bank?

Wat a good bank

Agree...
Interest in banking industry so important for them..

Same when they increase your credit limit, they will say it as an appreciation for our loyalty (to pay interests).
More credit limit, more probability late payment, then comes the interests. Its a life of banks.

---

Added on March 19, 2011, 10:43 amTry look at your statement terms and condition.

I ll think there's a clause for penalty.

This post has been edited by azliayob: Mar 19 2011, 10:43 AM

i think eazy payment scheme is special case.. as long you have credit card with maybank, you can apply for eazy payment and it depends on ur credit limit as well.

So lets say :

CL - RM5000
Item - RM5000 / 12 = RM416.66 (each month)

CL Balance = RM4583.34


You credit limit will remain RM4583.34 until you finish paying for 12 months but well you can request to pay all lump sum (if needed). So now if you want to do another eazy payment scheme it will depends on your RM4583.34 credit limit.

if im not mistaken correct me if im wrong

Actually i was thinking bout the wat u mentioning here. But do u have any link or info for reference?

same thing happens to me. do epp using maybank cc. but strangely, my available balance is only minus the months payment amount, not the entire purchase amount. once, call the cs, they confirm that i shouldnt have the 'extra' balance. she even say that i over limit already, but no penalty whatsoever in statement. i can still use the cc..very strange...the next month or so, they increase my cl without me applying for it...

same as previous forumer, minus the monthly payment amount only, not the full amount

i have no link for reference, but it makes sense tho. Unless u paid full amount with credit card and u want to pay them installment, call cs asked for split the amount. This is diff case, i guess epp is special case.

Last time i have swiped once RM2000, request from CS for split up to do installment. They said they cannot do it unless the shop where u purchase they provide the installment otherwise u have to pay full amount.

Now clever d, ask got EPP or not then only swipe big amount. Or else charge interest like crazy

Early Settlement of Maybank EzyPay (0% Installment)
- Faxed request letter : 3 May 2011 (1pm)
- Full settlement amount appeared on M2U : 5 May 2011

Very efficient when Maybank wants to collect debt from you....
Will cancel the CC once the payment is settled next month ;-)

good to know that..will try to use this service in the future..

Looking through the discussions, I was wondering, what's the different between getting a 12-month 0% installment plan with just credit the amount and pay the minimum amount every month?

Option 1 : 12-month 0% Installment has no interest if you pay the monthly figure

Option 2 : Pay the minimum will attract CC interest (up to 17.5% p.a.), for the unpaid amount --- NEVER DO THIS

Product cost : RM12,000

Option 1 : RM1000 per month
Option 2 : RM600 for the first 5% minimum, RM11,400 attracts CC interest

Looks like this thread becoming 'how does easy payment scheme work'.. Hahah..

Anyway, I'm wondering why they wanna charge if pay early IF the interest is already paid in advance.. Like CIMB's plan(nt sure bout others), they charge the % upfront, then the remaining months u just pay price of item÷total months.

So remaining months they don't earn interest right? s