Posts

Showing posts from October, 2011

What is a credit card?

If you are asking this question, it’s likely that you do not have a bank credit card or you intend to have one but need to understand this credit card ‘creature’ a little bit more before having a relationship with it. The credit card industry is a very lucrative business for banks as they charge high interest rates for outstanding balances.  However, the credit card does have its benefits: For convenience and to enjoy the benefits that come along with the cards such as discounts, point’s redemption, cash back, etc. It’s better than borrowing from “Ah Long”. You would need it if you or your loved ones need to get admitted to a private hospital. Private hospitals will need a deposit before they do any major procedure on you or even to admit you. Or else, you will be transferred to the government hospital. Further, most of us do not carry so much cash in our wallet. You would need it if you are suddenly jobless for whatever reasons and you have no extra cash. Living in

Credit card security | Common online scams

Smart tips from CIMB: Online Identity Fraud / Phishing Online Identity Fraud also known as "Phishing" occurs when fraudsters pose as trusted organizations and send out thousands of fradulent emails to random email addresses. These emails usually contain a link to a look-alike website. These look-alike websites will trick bank customers to reveal sensitive information such as their user ID, password, TAC, etc. Compromising these sensitive information enables the fraudsters to access the customer’s bank account. If you suspect you've been sent a fraudulent email, contact your local CIMB Bank customer service officer immediately or send us a secure mail after you sign on to Internet Banking. Our security team will investigate and work with the appropiate authorities to disable the fraudulent site as soon as possible. Do not input any sensitive information that might help provide access to your accounts, even if the website appears legitimate. Phishing Mule Basica

Cash back credit cards in Malaysia

I prefer using cash back credit cards because I enjoy the cash rewards, but other great credit card options can earn you travel rewards, loyalty points, or other rewards based on your spending. Just remember to treat your credit card like a debit card (only spend the money if you have it) and you will be fine. Recommended promotions: HSBC Amanah 6% cash back http://www.hsbcamanah.com.my/1/2/amanah/personal/credit-cards/mpower-visa-platinum-credit-card-i Maybankard 2 American Express; 5% weekend cash back. http://www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=CRD-Cards&cntTypeId=0&cntKey=CRD01.61&programId=CRD01-CreditCards&chCatId=/mbb/Personal/CRD-Cards

Hong Leong Bank Malaysia | Removal of Over-limit Fees

Removal of Over-Limit Fees (for Credit Cards only) "We would like to inform effective 1st October 2011, the Over-Limit fees of RM10 chargeable on each occurrence of over-the-limit, shall ceased. Should you have any queries on this matter, please contact our Call Center at 03-76268899 or visit any of our branches." More info: http://www.hlb.com.my/pfs/latest/latest_notice57.jsp

Should I apply for a credit card in Malaysia? | Updated

Should you apply for a credit card? There are good points and there are bad points. Let me begin with some good points: It’s better than borrowing from “Ah Long”. You would need it if you or your loved ones need to get admitted to a private hospital. Private hospitals will need a deposit before they do any major procedure on you or even to admit you. Or else, you will be transferred to the government hospital. Further, most of us do not carry so much cash in our wallet. You would need it if you are suddenly jobless for whatever reasons and you have no extra cash. Living in a city means you can’t plant your own vegetables and hunt for meat. Almost everything cost money!  The bad points: You start to buy expensive and branded products as if there is no need to pay back. You do not manage your credit card account/s and got yourself blacklisted.

How many banks in Malaysia are offering credit cards? | Updated

Maybank HSBC UOB CIMB Direct Access (under CIMB) RHB Citibank EonBank (under Hong Leong) Alliance Public Bank Affin Bank Hong Leong Standard Chartered OCBC AmBank MBF (under Ambank) Bank Islam Aeon BSN Bank Rakyat

What is Balance Transfer? | Updated

A balance transfer allows you to transfer the ‘credit card balance’ that you owe in one bank to the other bank. This service allows you to reduce the interest (17.5% per year) that you are paying the banks to as low as 0% for 3 months. However, please take note that the ‘0% for 3 months’ will expire after three months and the interest will return to 17.5% per year. The following are some of the *balance transfer programs available: Banks Balance Transfer Rates Balance Transfer Tenure Maybank 0% per month 12 months CIMB Bank 0% per rmonth 6 months Hong Leong 0.5 % per month 6 months RHB 3% onetime interest charge 12 months HSBC 5.99% per year 12 months *Note: Please check with the banks for updates.

Pages