The Must Have Credit Cards
Well, they have to be AmBank, Eon Bank and Affin Bank credit card!
These card do not come with a lot bells and whistle, cash rebate, free movie ticket, air mile point. In fact, Cards that bear any of those banks’ names are not ‘cool’ at all. However, they have one feature that other can’t match – they are only few that offer 0% balance transfer. And, this is the most important feature for those who in-and-out of credit card, a must have.
The reason is simple, if you are one of those in-and-out of credit card debt, you can take advantage of the 0% balance transfer to better manage your repayment and to reduce the interest cost. But make not mistake, the 0% balance transfer card should only be used as a “reserved” card for balance transfers only, that means no new charges!
Until recently, the 0% interest rate only last for 3 months, such as those offer by Ambank and Eon Bank. However, Affin Bank has just introduced a 12 month 0% balance transfer. Use it wisely, these are the cards that can help you to manage and free from credit card debt.
Below is a quick comparison:
While both Ambank and EonBank offer are available for 3 months only, Affin Bank comes in 12 months. However, it has a whopping RM250 penalty for early settlement. In term of processing fees, Ambank is the lowest with only RM20 per application. For Eon Bank and Affin Bank, processing fee is charged based on the transfer amount with 1.5% and 3.0% respectively. Below is a quick comparison.
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EON and Affin bank B/L is not that worth to go for it. Especially EON, as 1.5% will be charged. For example, you B/L 10k. You will be charged for 150 for the plan. Divided by 3 months, you are paying RM50 a month. 50×12 months= 600. More or less the interest is about 6%pa. So it is almost same as housing BLR.
While Affin B/L is charging 3%. Let say 10k, it charged rm300. It is equal to 3%.
Ambank is the best with no matter how much you transfer. It will charged you only rm20. If calculate by p.a., It will be 20×4=which is 80 only…If 10k, you are paying 0.8%
FYI, some banks were offering hidden B/L. Those usually assigned a sales person to call you up. Like I took citibank 0% for 3 months with rm30 processing and stanchard 4.99% a year.
You have left out OCBC 0% for 3 months and 50 processing fee.
Thanks for your good add-on and the calculations. You have point out a very good point - the % based BL transfer fee is a smart way of banks to ‘hide’ the interest charges. Effectively, those relative high processing fee as compare with the industry is a substitute for interest rate bearing BL. Therefore both the EON & Affin Bank DOSE NOT OFFERS ANY 0% BL. I will post a correction on this on my next post. Thanks a lot.
awesome work from you.. keep it up!