Yes, taking cash advance ultimately let banks charge you with hefty interest rates. So be careful how you manage your debts, unless you got no other way and it's emergency situation. Always remember loan and debts is what makes you had to force yourself to earn more to repay the loan

Cheong1215,

Do you know how cash advance formula work for credit card, it obviously you are not understand for it. Each swap for cash advance will charge you 5% or mininum $25 from your account directly. A mininum of 18% of outstanding balance calculated from daily basis until full repayment amounts. Let say you do a cash advance on last month, and how the payment goes.

Payment Bucket
1. New Retail
2. Old Retail
3. New Cash Advanced
4. Old Cash Advanced

That's how bank make money with interest accumulated. It not calculated late charge, administration fees, annual fees, interest charges and any fees applicable.

This post has been edited by adolph: Jun 1 2013, 02:43 PM

Yes, i know its charged 18% on DAILY basis, that is why credit card cash advance is definitely used only on emergency situation, just as TS stated.

Adolph, clarify that payment bucket pls

Cheong1215,

Let say you have outstanding balance which is not settle before. Each swap from your credit card, will be entered as new balance. Credit card usually have 7 days floating amount, for merchant to collect their money but not for cash advanced because you are taking your money from your existing credit card which will effected your credit limit, not merchant.

Past amount : $2,000
New amount: $1,000

So, how does it actually works. Just follow the number as given from previous replied. If you do a payment for your credit card, your payment will be used to pay new amount and whatever left will be entered into past amount. Just follow the flow from the payment bucket which I explained just now. All your new cash advanced from your credit card will be pay once you clear your past amount and new amount, because new cash advanced interest rate at 18% in daily basis, this principle applied to all banks and actually formula are more complicated. Bank Negara had revised retail interest rate, which as follow. The question is, how do you know you are eligible for such rates, just make full payment or mininum payment as per statement consecutively for 12 months, but cash advanced is different from tier interest rate. If want better rate, please refer to own banks for cheque on call products, better interest rates.



Info,
http://1-million-dollar-blog.com/new-credi...-interest-rate/
http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1467

This post has been edited by adolph: Jun 1 2013, 10:32 PM

""If you do a payment for your credit card, your payment will be used to pay new amount and whatever left will be entered into past amount. Just follow the flow from the payment bucket which I explained just now. All your new cash advanced from your credit card will be pay once you clear your past amount and new amount""

thank you very much for that info.. now i know how why they still charge me high interest rates, even after i made partial payment.

Cheong1215,

If you want to get better interest rates, make sure you pay full outstanding amount within 20 days from statement date which is zero interest. It will reflected your CCRIS to all banks, a good paymaster always found themselves very easy to get loan approve. A mininum payment will only dig a big debts for your interest rates which is compounded, annual fee could be waived by points and swap under certain amounts depend card levels.

It would wiser to take up personal loan if you really need cash. Currently a lot of banks offering very low interest rate for personal loan.

My HSBC bank (which I kept 2 different current acct with cheque book),I had wrongly issued a cheque (with not enuff fund), the other other acct had more than double of the amount issued in the cheque. But, HSBC never inform me about the insufficient fund, and penalize me RM100, and warning me, as well written to Bank Negara Credit Bureau. What I can do? as I remember some bank can even transfer the fund within the same bank.

Gotham11,

That's your cheque and current account, they will not be able to do anything for you without your prior notice. You can only raise service request once you have cheque get bounce, not expecting them to do everything for you. If they did everything for you, what's the point for you to get cheque book and own a current account. It your own responsibility, you should know how much amount leftover before issue a cheque because it is kinda impossible for anyone who don't know how much money he or she have. There's nothing you can do because it your own mistake, make sure you learn from own mistake.

NO Marking for that, As Long You Pay On Time Before Due Date Every Month, They only Show Total Amount of Outstanding Balance at your CCRISS...

if a person is under CCRIS or CCTOS, does that mean that this person is very near to bankruptcy?

I heard that if you are a bankruptcy, your passport will be retain?? is it true?
Can you still travel overseas if you are a CCRIS or CCTOS?
Can this person still buys a car with cash?

My ex housemate has own many credit cards debt with many banks and has not being paying his rental on time. Someone even came to look for my housemate issuing court letter.

However, with all the above, my housemate are still high frequent traveller. Wonder how people like my housemate can be escape from being summon.

hi, i have some problem would like get some advise from you guy.

I have Rescheduled Credit Facility appear at CCRIS report for my one of CC.

1. is that will be affected to me for any loan application in future?
2. If i pay full settlement to this CC, should i cancel this CC if i want to apply personal loan?

Thanks.

I have re-scheduled loan for my hire purchase and i have been a good paymaster ever since.. My CCRIS is showing 0 records for the past 6 months, but upon applying for new loan, i was rejected twice due to my rescheduled loan status. Would this be a problem in applying new loans? I have 5 more years left for my hire purchase, does this mean there s no chance for me to get any new loan till i settle my re-scheduled hire purchase loan? Its frustrating to get a negative reply for any loan that i am applying. Any thoughts? Thanks

Playmini,

There are more thought to be consider especially your income to debt ratio, if you exceed a certain amount then you will not get any loan from any banks as long it a loan except ASB loan.

Thanks, but do u know hows the calculation for the income-debt ratio roughly? I wud like to know my eligibility.. Cheers!

I have a question which I hope someone can advise me about.

My company (company A) bought over shares of company b to own a majority of 55% stake. 3 months down the road..we realised the business is not a viable one and company b was being sued for debts. Some of the suppliers if company b has threaten the following:

1) Listing my personal name and my company a into ctos in which I am not a director or even an employee of company b

2) we did not give any personal or company guarantee to any of our suppliers in company b

So..can they list my personal name or even my own company (company a) into ctos?

Playmini,

It depend bank for that particular subject, an example by calculate your existing debt to income debt, normally should not exceed 60% for unsecured lending, while ASB loan have higher ratio of approval because it not same as others. Your payslip dedect remaing existing debt including other banks, calculated as sixty percent as example which is varies and remaining is the amount that you can loan depend term and condition subject to bank approval. While for credit card, 5% from the mininum credit limits.

it depend to bank, i have 1 resscheduled for my Car...bank rakyat reject but Affin bank can accept.

sifus, what are they mean 0, 1, 2 in CCRIS?