I totally mis-read the part about "Interest Free" period - didn't know it depends on our past 12 months payment also. I mean if I'm not a full pay master and still 18% per annum and doesn't change then I won't give a heck but now, it's finance charges since day one. Thanks BN and BNM, you are really the "Barang Naik" of Malaysia.

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Added on May 27, 2008, 12:30 amWe don't get a say nor decide on the restriction and troubles. Someone from BNM and BN did it for us
Saying is easier than done. Of course if I can pay everything then I wouldn't even need a credit card in the first place or I'll just get AMEX or any other charge cards. Plus, we need to be full pay master for the next 12 months to re-enjoy the interest free period. It's such a dumb move especially when I'm using the card for the past 5-6 years but if someone apply a new one, he/she gets the interest free period for as long as they make full payment.

This post has been edited by clawhammer: May 27 2008, 12:30 AM

perhaps u may consider changing ur card every year.

i use credit card for the convenience of least ATM withdrawal and points for shopping voucher, i pay my bill every 2-3weeks b4 the bill even reach me, it doesn't bother me at all coz i know y i use credit card, banks have never earned a single cent from me.

BNM did what is best to save ppl from being a credit card slave, just tht BNM doesn't know (may be they do) the best way is increase application income to at least 24K or black list bad payer from applying new cards.

Are you doing a cash advance withdrawal? Won't that be charged from the 1st day (interest or financial charge) with some withdrawal fee?

When you change cards, there's a cooling off period. You cannot just cancel and re-apply.

It's good that the bank doesn't earn a single cent from you but reality is, not everyone is so rich Many people buy things with easy payment, installment scheme, etc. There are more poor/average people than the rich around.

BNM uses this as a good excuse to say they are trying to save us. It's just like how BN says increasing the price of ciggarette trying to cut down smoking but the fact is, does it really help?

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Added on May 27, 2008, 12:41 amI think he deposit cash into the card so there would be no charges since the bank owes him money instead of him owing the bank.

This post has been edited by clawhammer: May 27 2008, 12:41 AM

I wrote : convenience of LEAST ATM withdrawal. means i charge watver expenses i can to my credit card so tht when i go ATM is to pay CC outstanding, not withdraw cash. there is no such " cash advance " service in my banking dictionary, better forget about it at all.

Thanks for the clarfication. I thought you were withdrawing cash using your credit card.

Well, I seldom hold cash in my wallet. Everything goes to my credit card. I settle the oustanding online (Maybank2u) as my primary CC is MBB.

@clawhammer,
Am sure the implementation of this new rule is going to affect U since I've a feeling Ur one of the many who doesn't make full payment .

As far as I'm concerned, as long as I am making full payment before the actual due date, I shouldn't have anything to worry about - this rule isn't going to affect me. I don't know how the rule's going to affect those who make minimum payment as I haven't carefully read the new terms & conditions; I'm one of them who makes my payment in full every month.

If U think the price of ciggies are too high, perhaps U should stop smoking; if U don't it's really UR fault and UR fault entirely! Also, ciggie prices in MY is considered low when compared to other foreign countries esp in the West.

Also, the general rule is NOT to rely on credit if U can't afford to make the payment for interest on credit card charges are v high - it's not smart to spend tomorrow's $ today; and I'm sure there are stuff that U purchase which wouldn't necessarily be considered a need!

@yewkhuay,
Now now - don't U dare to be a smart alec with me



This post has been edited by tinkerbel: May 27 2008, 12:48 AM

I didn't make minimum but I don't make full payment - that's the problem It's alright, the solution now is to get a new card and cancel what I have for years.

too bad human CREATED easy payment to let ppl who can't really afford to get what they want so easily. smart consumer will use easi /flexi payment as a convenient tool, not a shopping tool.

BNM hasn't increased the cigarrette tax high enuf, and it's HUMAN's fault for smoking, not BNM's. same goes to flexi payment. the economy grow too fast with the use of credit card despite the fact we don't need it to be tht fast coz consumers r spending money tht they don't have. US subprime crisis is 1 good example.

@clawhammer,
I suppose U could cancel the card and get new ones just so U haf a clean record. It's a good thing I always make my payment in full so like I said earlier this new rule when in effect wouldn't actually affect me. And, ALL banks will start implementing this beginning 1 June, 2008 not just Citibank.

@David83,
Yeah I'm 'cashless' too *grins* but so as long as Ur able to make full payment at the end of each month I see no reason for us not to utilise the Credit Card facilities. It also helps in accumulating reward points

@yewkhuay,
Yes the total outstanding credit card debts is amazing and growing by the year. Am sure the rest of the nation's going to be following suit especially since we don't seem to learn from other people's mistake

This post has been edited by tinkerbel: May 27 2008, 12:53 AM

it doesn't solve ur problem, and u r ur problem.

I believe Easy or Flexi Payment and 0% installament programme are very benefits to consumers if you use it smartly. You won't burden or burn your wallet in short term in order to get what you want. Just plan your purchase wisely and you won't be trapped by cunning banks.

By the way, MBB doesn't have Easy or Flexi Payment right? I know they have year long low interest of balance transfer programme which not that useful to me.

If you want to be a politician and want votes, saying these are potentially disastrous. You sometimes have to see conditions of other people and just because we are in the financial position to do so, it doesn't mean other people are the same. Everyone wants to have a good living, not just you and me and many people tried their best but sometimes they still can't Someone earning RM1,500 might want to get a furniture for his house but can't afford or get a PC for his kids but need an installment. It's always a case by case basis. I always feel thankful that I am given a good source of income but I feel sorry for those that doesn't. The world is never equal so I often put myself in other's shoe

California state is a good example on how they curb and discourages smoking. Although dollar to dollar a pack of ciggarette there isn't very expensive compared to here but they make use of the money to do proper awareness, etc. Over here they are just making excuse to jack up price of things.

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Added on May 27, 2008, 12:59 amIt's not only my problem but many other people's problem. It doesn't mean when it's not your problem, the other 70% Malaysian population have no problems

This post has been edited by clawhammer: May 27 2008, 12:59 AM

hardly see maybank participate in offering flexi payment, but i got hongleong, so i used tht for my laptop payment 2yrs back. always ask my fren y do they keep 4-5cards in wallet, the reply is : spare , in case..... then i started to think, do u really need 3-4 spares n in case..... u r worst case ...

I don't owe them hell lot of money but I just don't settle fully Yes, I guess that's the only option for now.

Maybank is more famous with their Zero to Hero (Hero to Zero - cannot remember which word comes first) programme. Basically, it's a promotional name for their 0% installament programme.

oh no.. with the new rules, i have to ask my hubby to settle the cc payment in FULL.. argh!!!

haha, i don expect politician point to be mentioned here.

look, all these Convenieces never exist during urs n my parents time and they made it through , poor but no BROKE. i was poor, family was poor, i never asked for a pc lesson nor pc when my peers r learning n graduating from microsoft 95, not even a video game or so. what the kids WANT doesn;t translate to what they NEED. and never compare with other ppl when it comes to luxurious / accessaries. I WANT but I can't , so I worked my way to be able to GET what I want later, example, my camera. I do not look down at ppl who r poor and unable now, I look down at ppl who know they can't afford YET go for it.

Californians are smarter than malaysians then. for malaysian to learn n to grow up , punishment is a better way since pampering doesn't work.

@clawhammer,
The other 70% of the Msians who finds this new rule a problem shouldn't be spending tomorrow's income yesterday. It's high time our government did something; it's a scenario of better late than never, right?

@yewkhuay,
I actually do have spare Credit Cards. In fact, I've so many credit cards it's time to cut some off!!!

I have to agree that Malaysians are sometimes hard to learn but doesn't mean BNM and BN can just implement all these rules killing me and the rest of the people further. Well, at least now I know there are many rich forummers around

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Added on May 27, 2008, 1:14 amThe economy is not good, when everyone stops spending the market goes slower and businesses starts to close down. Remember one time Mahathir ask us to spend more after the 1998 crisis? I'm just trying to help the country (while giving myself excuse to spend more)

This post has been edited by clawhammer: May 27 2008, 01:14 AM