---

Added on November 12, 2008, 12:12 pmUsing CIMB DA card doing 3 purchases in UK GBP.
1. Twice, the exchange rate given by DA are lower then BNM's interbank for the date. 6.249 vs BNM 6.305.  Forgot about the other one.
2. Once was higher. 6.359 vs BNM 6.225.

I could understand DA charging higher rate than BNM's interbank rate. But I could never understand as to the lower rates given for the other 2 occasion.

http://www.bnm.gov.my/index.php?ch=12&pg=6...ype=Mid&unit=rm

You missed my meaning completely.

Let me take this as an example:
Credit card charged me 6.249
BNM rate is 6.305

I have reason to believe those BNM rate of 6.305 is interbank or wholesale rate that is NOT available to us normal consumer. When we go to the bank to buy GBP, we are guaranteed to be charged higher retail rate.

Since bank typically add 200 to 500 base point to those wholesale rate, we will be charged:
MINIMUM of 6.305+0.02 = 6.325 or
MAXIMUM of 6.305+0.05 = 6.355.

If that assumption hold, then how is it possible for us to be charged a rate that is LOWER than the wholesale rate? In this particular case, I was charged 6.249!!!

I have a Vista gadget displaying almost real time exchange rate on my pc screen and I have never notice it going anywhere below 6.3 for the few days I tracked them. And of course, it might have momentarily done so when I am asleep at night. So it's either a mystery or I must be super lucky that day while sleeping.

You still do not get what I meant.

Based on my 2 past experience and using this as an example. Right now,
The Vista gadget (drawing data from some internet site) quoted 5.352
And assuming BNM quoted rate is 5.36
(These 2 must be wholesale or interbank rate not available to retail customer)

The Visa site you gave me quoted exchange rate of 5.40
(This must be the rate charged to retail customer)
But my credit card company is only charging me 5.29!!

How is that possible?

No matter how you wanted to argue, the fact remains the credit card is making a lost in 2 of my previous transaction. That is simply NOT possible , hence the mystery.

Using your example, 5.40 vs 5.29 is 100 base point difference. AFAIK, bank normally mark up 200 to 400 base point as profit when they sell you foreign currency. For larger transaction, they may even be willing to mark up only 100 base point so your 100 base point difference is significant loses to the credit card company.

If you wanted to use your credit card overseas or overseas purchase, CIMB DA card do not have transaction fees. Others add 1 to 2% on top of VISA/MC exchange rate.

The only catch I know of CIMB DA card is that you must be a professional or graduate to be entitled to free-for-life annual fee.

As for ATM, Public Bank ATM card can not be used to withdraw cash from overseas ATM machine. RHB very limited. Best is HSBC ATM card.

---

Added on November 14, 2008, 2:38 pm

On several occasion, the currency exchange I got from CC is so low that it is available nowhere else in the world (because it's even lower than interbank rates). Heck, it is not even available to the bank themselves, let alone their customers. When you think about that statement, it's truly puzzling. Hence my original posting asking as to whether anyone here know something I don't.
Foreign merchant ----> VISA/MC -----> CIMB -----> You.
AFAIK, CIMB DA is one of the very few bank that do not earn anything from you for foreign transaction.

The merchant makes money from you. VISA/MC makes money from you. CIMB do not charge transaction fee so do not earn money from you.

Other banks do. HSBC add 1% on top of VISA/MC charges. PBB also 1%. EON adds 2%.

Yup, GHz is rite. HSBC hav such practice.
Only classic & gold will use the same form, plat cc form will be different.

I applied for platinum as well 3 weeks ago & the status still pending. The HSBC officer told me that if you applied for platinum they never give the vanilla card because the application form is different. Maybe she lying:( . Hopefully I know if my application is approved this week.

i juz get my HLB visa classic 1month ago and the statement came last week ...

it stated there 18% interest for retail purchase

i tot it is suppose to be 15% interest , and if u never make payment promptly , 17-18% will be charge ?

Hi alex,
Y not u try to call their CS and let them know u actually sign up for the plat cc insted of gold cc?
I do hold their Visa plat and so far their CS are very professional and excellent.
I think they will help u to settle ur problem.

@tishaban,
Thanks for the heads up but I just made a payment in Euros! Damn.. should have consulted you earlier.  The good thing is that it wasn't a big sum

Speaking of Amex, has anyone ever been successful in getting them to waive off finance charges?  I overlooked my last months' bill and it seems I now owe them some $ on finance charges ! *SiGh*

@alexwsk,
If RM20k is sufficient for u then go ahead and ask for RM20k.  If u think it's not enough then ask for more.

Here are the cards

---

Added on January 21, 2009, 11:53 pmSynergy Cards are FREE FOR LIFE -NO CONDITION
up to 0.80% CASH BACK +100k P/A
C/L 3K to 100K

New card player normally easy to get card approved like AEON, Al-Rahji Bank and HSBC Islamic  They want volume.

does eon bank still give out cc with free for life without condition?

Direct Access WORLD MasterCard

need 180k annual income (saw it from their webbie)? Is that a typo?

where i can buy topup online for 012 using CC?

Slap yerself then .... or get your wife/gf/bf/mistress/toyboy/toygirl/sugamummy/sugadaddy/pa/clerk/boss/manager/director to slap you on the day you are suppose to pay the bill so that you wont forget.

I got charge once or twices as well.... didn't bother to ask for waiver though... i remember i had to pay. but then i forgot when it comes... so.... wel.. my fault... so, let them earn lo. Rugi duit hoping i would be scare for 2nd time. Mana tau it doesn't really work. 

Hey has anyone receive their Sushi King voucher from HSBC? In the previous Padini promotion, I received about 8 vouchers but for Sushi King I've not received even 1 although I registered.

which bank offer smart tag? how much point before can redeem??

I thought DA points valid for 3 years?

Is it true DA/CIMB charge us for courier fee when redeem points? Then Maybank no charge any fee?

guys..just wanna ask...can the treats points generated from petronas maybank visa can be use to redeem other things than petrol voucher? anyone use it?

In my latest direct access statement,  there was a note to say that a "1% admin fee" will be charged for overseas transactions... 

(i saw in an earlier post that Citibank charges this admin fee as well).

does other credit cards charge this as well? time to switch cards :-)