Whether you are rich or poor, some money saved is some money saved.

You have to either

1. Perform a BT which the interest rate is lower. (or a personal loan but please consider on banks and not some funny company like esave who just copy and paste the banks logos to give some credibility or Ah Longs)
2. Pay more than just minimum. At least you need to be constantly paying 2.5x of the minimum to begin seeing the reduction

More importantly, you need to stop using credit cards altogether until you clear off your cc debts. Work with cash only. Most of the folks here, you see them sounding like spending a lot but they pay in full (or almost in full) every month. Don't ever think that we live in cc debt, we don't actually as cc debt is freaking expensive and hard to get out.

To me cc is just a way of not carrying cash around and get rewarded for your spendings but you need a lot of discipline not to splurge or spend beyond your means. Even the rich can get poor if you don't know how to manage your cc debt. Once my friend got a sparkling new cc with 8K CL, hit the limit in 2 months and spend the next 12-15 months paying off the debt. So if you can't handle the temptation then don't use cc, period.

This post has been edited by hye: Jun 11 2009, 02:12 PM

I slightly disagree with depending on parents to bail you out. As much as possible, allow them to enjoy their retirement & learn to be independant in solving your own problems. Taking a loan from the bank, you need to clear it off soon/on time or get into more trouble. With parents loan, you can take forever to pay with (sometimes) little motivation to clear it off.

Ya ... that's why better don't give such optimistic advise la to borrow money from parents. I mean the person is a grown up and should learn to handle problems like a grown up. No such thing using parents as a rescue option. It is always best to learn from mistakes but I don't anyone will learn if there's always an easy way out.

Yup agreed. That's why I won't bother going after these types of promos, whether you get it or not ... it is not assured. I'd rather get less rebate but I'm assured of the rebate. (Not to mention I don't have a good opinion of this bank in the 1st place)

What sort of "goodness" are you looking for ? Card main feature is cash rebate (between 2-5%), up to RM600 p.a.

Yes ... it is. Plus, please make sure you don't accumulate debt on this card. (or on other cc's) Otherwise lose all the savings.
Once finish off the RM600, keep the card and use other cards for rebates. Once your rebate reset again then do it all over again.

Perhaps the bank is aware that consumers is going to do this trick but heck! Enjoy it while it last! At least you know your rebate is yours up to RM600 and no need to SMS or worry about quota.

OK ... let's try this.

I suggest you get rid of your Petronas gold. (and maybe Platinum) and get a cash back card either JustOne or Alliance.
Keep the Citibank MC coz if you are travelling you can get access to the Plaza lounge. (Unless you are on business all the time) Maybank cc doesn't offer anything extra except for getting EZ Payments (perhaps the most merchant support) and 5x points for petrols. You could compensate that via your cash back. (Read the previous threads on JustOne and Alliance)

I assume you are a seasoned cc user. You know your needs best, the folks here could suggest but likely you know what you want.

2 different banks for best protection when you travel. I just had one of my card with some trouble @ the merchant overseas. I used another bank and presto, transaction went through! When you travel, you just can't afford to have hassles which could inconvenience you (or worst embarass you)

Yup ... I read the article too. It came from a landmark case where the consumer fought against the bank (can't remember which one, could be Citibank) and won. Consumer lost her card (it was a lady) and someone went on a shopping spree and rack up a huge bill. Bank insist it was her liability as transactions occured before she cancelled her card.

She bought the case up to court and won !
(I can't find the full article but mine above is a simplified story)

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Added on June 15, 2009, 9:32 pmCouldn't agree more. Having a cc and the knowledge to own one is not a ticket to acquire cc debt, period. If anyone intends it that way then you are not qualified to own a cc in the first place coz you got the wrong mentality for it.

This post has been edited by hye: Jun 15 2009, 09:32 PM

1. Make sure you make a police report on your card lost. Otherwise you lose your bargaining chips already.\
2. After MBB confirms the illegal transaction, make another police report again on that.
3. Your liability should be capped only to RM250.

P/S Given the long queue to get to their helpline, you still say that you are satisfied with their service ? Let me help you on what are your comparable metrics
HSBC - 2 rings and they will pick up the phone. 10-20 seconds?
SCB and Citibank - Within 30 seconds, your call will be picked up. And you will speak to a person within 5 mins.

Now ... compare that with your 30 mins wait. Speechless

I partially agree on this but again remember the power of the consumer is @ play here. I have been using cc for quite a while and able to tell which bank have good cs and which one does not. Many of the folks who visit this forum would often ask this ...

1. Which bank easy to apply ?
2. Which bank easy to pay ?
3. I apply cc from bank which has my bank account
and the list goes on and on.

Hello! Everyone forgets what is one of the most important factor in a cc feature - Security. Sure it is simple to say that the merchant should be blamed for not noticing but what if the person looks Chinese then but in actuality a Malay. (Not being racist or anything ... just an example) Would the same checking have happened ?

How many people out there who sign exactly like the signature @ the back of their card ? In real world variation exist my friend.

In a pub or entertainment place, it is normally dark and you really have to try hard to see the number on the card. In a supermarket on a weekend, everybody is in a hurry and the possibilty of an oversight is high. Try again my friend, your suggestions need a practicallity check coz they are very hard to execute in the real world. Probably the person was acting funny in Hard Rock and the cashier checked the card.

What I am trying to say is that (repeatedly) the senior folks here in this forum have emphasize and feedback on the various cs encountered they had. But yet many ignores it for one reason or another. For example - Jusco card scammed me out of my money and till date never took responsibility or offered any apologies but yet many people apply and use it because they offer a multiplier to their Jusco points. Bank Rakyat's card is unproven and suspect CS quality ... try walking into the branch and see how "fast" can they service you. But people apply and use this card coz they can accumulate debt on this card.

Many times also, the forummer complains coz the senior guys suggestions are not "practical" to them coz difficult to pay cc. Hello ... there is something called IBG (interbank transfer) where you can pay from anywhere and anytime in the world. I have done my Malaysian banking while I was thousand of KMs away from KL, everything is convenient and gave me a peace of mind. Some say the RM2 is too expensive ... ever considered the cost of fuel had you drove there in the first place ? Sorry to be sarcastic but "Penny wise, pound foolish". There's no such thing as a free lunch.

If you ask me, one of the stronger emphasis that a consumer must decide is whether the CS is good or not. if CS is bad then it is a matter of time before some one else will get hit like our unfortunate friend. Make a check and test how fast would your card CS will pick up the call and you will be surprised. I have done this before and that's why I could share my experiences in this forum. I use my card for travelling and I need a peace of mind, if anything happens I expect a CS will be on the other side of the phone to respond and act to my trouble.

I'm sorry if I offended anyone but really this incident should be a lesson for anyone choosing a cc. You should not choose a cc just because it offers you easy to pay (etc) but how well would they respond to you in case of an emergency and support you. Imagine if you are holding a cc with a 100K limit, can you imagine what can the thief do within 1 hour of shopping spree in KLCC? There was an incident several years back with a thief swiping over RM30K within 1-2 hours using a stolen cc. (Signature was even forged) Your damage could have been bigger my friend.

Best .... don't lose your cc in the first place. Treat it as important as your IC or your passport. Nothing beats a cc provider with excellent CS.

This post has been edited by hye: Jun 16 2009, 07:27 PM

Please use the right word to refer to the bank. This is not the thread for name calling, we got class and if you want to do such things look for another thread.