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

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

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.

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.

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.

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.