dude, you are in CC thread.

BT=balance transfer.

no people will relates it as blue tooth.

Simple.

Every month I pay 3k to credit card.
This month I didn't wanna pay, so I BT'ed and use the cash which is supposed to pay for my credit card to book a property.
Then I flip the property and earn fast money.

What you mean by nice try? I really don't understand where are you getting at.

gov also need money ma

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Added on April 18, 2009, 9:56 pmsame here, 3 yrs free but need to apply for supp cc at the same time

This post has been edited by alexwsk: Apr 18 2009, 09:56 PM

when you do BT you have oustanding balance, if you say you did not pay for a month and BT, the bank just bought the chance to collect your interests from the other bank by giving you a more competitive repayment rate.

they did not simply transfer your auto debit without a balance to transfer in which they charge you interests.
so you are still paying interests for credit card, so what I said about the bank wanting to keep you is not an assumption.

you may say the returns from the property is higher in the end, but noone is arguing about that
that is why I don't understand what you mean by assumption, balance transfer means you have defaulted payment to pay and the banks will try to keep you cause you make them richer.

make sure u get a photostated copy of the application form from the agent b4 they submit

What you mean by transfer auto debit without a balance transfer which charge interest?
Interest for BT is paid upfront which is low. If I settle every month there isn't a single cent of interest they will get from me, so why keep me?

If you say they intend to keep me, my BT repayment is 12 months and classic card only needs 12 swipes to waive annual fee (1 auto debit = 1 swipe = I used it for motor insurance EPP). Upgrading me to gold card with 24 swipes just gonna make me cancel the card without thinking twice after 12 months coz of the annual fee. Where's the logic of keeping a customer?

And for your last statement, how can they get richer if they can't even charge me any interest every month?

You're assuming that I did not settle my payment (by saying that I'm still paying interests for credit card). The fact is, I always settle my payment (bank ain't getting any moolah from me except the tiny upfront interest).

Back to the main point, don't mix assumptions with facts.

bolded. u paid the same upfont fee that all balance transferers pay no matter how little your balance is.
you cancel your card, they still win, becase you paid upfront some moolah to them.

you're trying to tell that you don't pay your bills late and no overdue payments? ohh. ok, but i never asked
you did a BT....so you paid them to the same effect.

This post has been edited by aeronic: Apr 18 2009, 10:45 PM

Explain your bolded "facts" then.

You're assuming that I did not pay full payments and always pay late payment interest? It's not a fact. It's your assumption.

Which is why I said it's not a fact, it's your assumption.

Monthly interest and upfront interest does not have the same effect as the amount differs. That's a fact.

From your replies, it seems like you're mocking me to accept your so called "facts" even it's untrue.

How should it educate people when you draw your own assumption and call it a fact? Should I say, "Nice try"?

This post has been edited by suiteng: Apr 18 2009, 11:14 PM

Any EON bank MATTA card holder here?

Let's say I want to apply this MATTA card and give a supplementary card to my sister, does her annual fee get waive if I sweep 24 times in 12 months also?

Understand that the annual fee waive thing is for principle card golder,what about supplementary holder?still need to swipe 24 times a year for it too in order to waive its annual fee?

no one's mocking you, look at your posts, you seem to be very sentimental on thinking if anyone is saying you're defaulting payments every month and going in circles.

anyway the message is delivered and it is clear for ppl to see.

monthly interests vs upfront interests
and i am making assumptions?
let's say you pay your cc full ammount every month
but you TOOK A BT this month

1)so this month you did not pay full payment is correct
2) you pay late payment interests = yes, which was subsidized by your new BT-ed bank
3) you are a credit card defaulter (before you did a balance transfer)
(yes the previous bank would have charged you the same ammount as if you skipped payment, then your new bank have subsidized it with their BT rate, and they paid your old bank)

then they bill you monthly which you may pay promptly
but this is already an installment of the overdue balance already
they may not charge you more if you pay this on time
but they already charged you ahead for this installment in the first place

we all of us know very well you did not take the BT for fun, like you said previously.

Bolding your assumptions.

Firstly, learn how to separate outstanding amount and statement balance.
Secondly, learn how interest is charged.
Thirdly, learn how to skip those interest.

What you're saying in the bolded words are your assumptions that late payment interest must be paid by BT-ed bank. In my case, there wasn't any late payment interest. Capiche?

This will be the last time I'm quoting this and I'm not going to quote the words that you denied using again.
Are you still trying to deny putting your own assumption into the post and rendering it as facts?

This post has been edited by suiteng: Apr 19 2009, 12:15 AM

your current statement balance due for that month is considered outstanding already when you did the BT
1) i am not gonna waste time replying to your around the bush replies again.
2) let people see for themselves since this thread is pinned
3) you are one of the smart alec, who tried to do BT for fun by paying "special interests"

EDITED: Example on the post below:
twist and turn, this coming from someone who "went thru the looholes' and paid some extra moolah in the name BT with a different name for the fun of it. sounds like she's talking to herself. nice..

This post has been edited by aeronic: Apr 19 2009, 01:14 AM

First bold, you've already got the definition wrong.
Second bold, I'll let others see for themselves how you draw your own conclusion when you can't support your "facts" anymore.

And a word of advice, there are ways to mingle with the loop holes in the finance world. If you don't know how, ask, you will gain something. If you're stubborn with your "facts", you will learn nothing.

Let me fix your "facts" if you intend to educate people.

Then your scenario is correct.

This post has been edited by suiteng: Apr 19 2009, 01:10 AM

Is tier pricing interest rate drop further to 13.5%?

http://www.alliancebank.com.my/personal_ca...sstructure.html

I would like to clarify above statement as I find it inaccurate. One can do balance transfer from another bank to a certain credit card account (lets call it Card A) prior to statement due date and thus not having outstanding balance in Card A. (And as such not defaulted in payment to Card A or not a cent of interest was charged for Card A).

Just for your info, in Malaysia, HLB card members can do "balance transfer" to any credit card account or even to savings or current account eventhough one does not have any outstanding balance. In respect to transferring "so called balance transfer" to current/savings account, many people are not aware of this balance transfer. HLB people have called me many times on this offer where I can make "balance transfer" to my current/savings account up to 90% of my credit limit, this so called balance transfer to bank accounts is more like a loan. This interest rate of 0.5% ( or 6% annualized) for 6 months and the interest rate is very competitive and even lower than one of my OD facilities.

There is no upfront interest charges except for a nominal fees of RM2/= for each request for fund transfer.

Below is the link
http://www.hlb.com.my/pfs/cc/ccbt.jsp?flag=ccbt

Look thru the previous posts, inspiron, one of LYN member even had a better idea. he mentioned that one can call HLB to do balance transfer (with competitive interest charges) to his/hers bank account and use this said balance transfer to pay for his/her HLB credit card and thus reducing his/her interest charges and not defaulted in payment.

in respect of upfront fees and upfront interest, i would like to share my opinion as follows:

1. for upfront fee like HLB RM2.00 for balance transfer, I would say it is nominal and of no concern.
2. for other companies that charge surchage of 1% for balance transfer (equivalent to 12% when annualized). For this case, you are absolutely right to say that there is a upfront payment when we do this balance transfer. However nowadays not many banks imposed upfront surcharge. This kind of surchage were imposed years back when some banks were offering 0% interest free balance transfer for a certain period.



you are right for general cases where people who usually dont have enough funds to pay their credit card will do BT from another bank to cut down interest charges and at the same time gives the other bank to collect interest, but i feel that banks offer initial competitve rate because most propbably the person who did BT will still won't have enough money to pay the balance transfer comes end of the BT "promotion" period and end up paying higher interest which makes the banks richer BUT it it not applicable to all nor it necessarily means that a person had defaulted in payment because he did balance transfer.

Please correct me if I am wrong above, does Bank Negara clasify people who have done balance transfer as defaulters if he or she had made the BT and the funds transferred prior to Statement Due Date (as in suiteng case) where no interest nor late payment charges were imposed?

Yes ... only recently implemented on the 1st April 2009. (One of my cards enjoy this rate) You'll enjoy it provided you fulfill the requirements of 12 months consecutive on-time payments.

so far only RHB and Alliance Bank posting such info on their website but not others.
Wondering if this is announced by BNM or up to bank to reduce it?

Announced by BNM. so all banks have to do it.

..talking about BT, if you already a defaulter, possibly the new bank wont grant you the BT...

A slight correction; It was suggested by the consumer right group and thus BNM is also "suggesting". But it is not an official ruling, that's why you never see the official statement from BNM as like the previous announcement.
Anyway, shall update the 1st page.