Balance transfer is still consider credit card loan, but it is pay monthly, just like installment. Am I right?

@jasontoh,
Yeah but that's onli if TS is able to get a balance transfer approved

Sure approved one. Nowadays banks are desperate

Use CC only to defer payments for one or two months only. Be clear and objective about your real disposable income. Set a budget for every month to prepare for CC payments. Pay in maximum amount whenever possible.

You will be able to maintain a zero balance every month like what I am practicing. I also have finished paying my car loan. I don't intend to buy a new car yet since my car is maintained and functioning well for another estimated 2-3 years and it is efficient in fuel consumption. Right now, I am on my way to finish my flexible-payment study loan, allocating more money every year to finish it sooner.

Basically, be a little bit disciplined with your money and don't procrastinate your financial plan. Don't put yourself in credit crunch till you die.

This post has been edited by eclectice: Jun 14 2008, 12:25 PM

may i know what is the meaning of balance transfer?? is it withdraw the cash advanced from crdeit card is considered as balance transfer?

hiya..

credit cards, personal loans.. they all fall into this category called "unsecured loan" products.

they're unsecured as there isn't any collaterals or asset-backings onto it. since it's risky to the banks, they(banks) would required a higher returns to such lendings.. remember higher the risk, higher the returns?

if you're wise enough, there isn't much difference when it comes to credit card(balance transfer) or personal loans.. if you're FUBAR, you're FUBARed.

finding tiny loopholes/recesses to avoid the inevitable is not going to stop the inevitable..

@lwb,
I've just had a v long and tiring day so pardon my ignorance [hey, at least I'm willing to ask!] but what's FUBAR?

ooo oo, i know!

fubar means fouled up beyond all repair / any recognition !

tht's new to me....

Could also be F**ked Up Beyond All Repair" and its variations http://en.wikipedia.org/wiki/FUBAR

My turn: fubar google definition




This post has been edited by cute_boboi: Jun 15 2008, 09:56 PM

G.. I had no idea FUBAR was an abbreviation available on wikipedia!!! LoL..... Ah well, the best is to make sure U pay up everything at all times

well, credit cards is actually a game between consumer and banks...

if we are able to pay in full every month, make full use of the credit card discounts, collect points and exchange good gifts, then we win...

if we cant do that, then we lose...

I think credit cards are pretty cool for the tiny discounts that we get for certain food and fuel. Too bad I have a tendency to pay them extra abit so I feel they are actually earning me interest

u pay in full everymonth, then they kenot earn ur interest lor...

tht's the whole idea of using credit card, earn points n pay bank nothing.

Haha I think you missed my point d. I do pay in full. In fact I always pay extra...e.g. I owe them RM 860.52 but I will pay sometimes RM 870 and sometimes RM 900. So they actually get to hold my money there Dont mind me, I'm just being calculative and whiny

that's nothing new... i believe quite alot of people do that becoz the "smart ATM machines" are not smart enough to recognize RM5 and RM1!!!

@jeff_ckf,
Unless ur paying cash, I don't see the reason for paying the bank anything more than I spent *grins* - unless I know I'm going to need the additional credit [when I go away, I always make sure I have sufficient credit] - but I don't need to do that now since I now hold more than the 2 cards issued by Citibank.

Yes... do take advantage of their point reward system - but I find it difficult to accumulate points esp if I'm 'scattering' my payments hence I'd always believed in using 1 card as my primary card.

A very good plan.

Bankers like to call you more for some more loans ( not asking you for payments of course ).