“Must Have Credit Cards” - A Closer Look
In the last post – I include both Eon Bank and Affin Bank as “The Must Have Credit Cards” because of their 0% balance transfer. However, as reader Espionage pointed out, the respective processing fee of 1.5% and 3.0% charged is effectively wiped out any saving from the 0% interest rate. In fact, they could end-up much more expensive than those non-zero interest balance transfers.
For Eon Bank, the simple interest rate per month is 0.5% (total 3 months) while for Affin Bank, 0.25% (total 12 months). So after all, both Eon & Affin Bank do not have a 0% balance transfer.
Two down one to go. With a FLAT fee of RM20 per transfer, AmBank is thus a “true” 0% balance transfer card - for those in-and-out ofcredit card debts.
What have we learn ?
Banks are smart, they have a full time team that constantly find ways to sale more of their products. By not going into the detail of the processing fee, I was ‘duped’ by the 0% interest balance transfer. Key takeaway, always remember that when you dealing with bank, you are dealing with someone who is very intelligent and, sometime a rather cunning fellow too!