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From time to time, we may heard news that more and more people are unable to pay their credit card debts. As a result, credit card companies must be earning a lot of money in return. On the contrary, credit card companies have been facing quite some challenges. More and more people are settling their due payment in full monthly. This results the card company unable to earn money from this group of people. Some users even maximize the interest free period to 2 months and pay nothing to enjoy such great facility. Due to the stiff competition among the card issuers, every time an annual fee is charged, the card users will simply stop the account. When late fee and interests are charged, more and more users know how to get them waived. Generally people are getting better in managing their credit card usages. More and more people are more personal finance savvy now. Credit card used to be able to get their profit back from the people who owe them money. But now they can keep charging ...

The way credit card companies forward calculate interest has sicken many users. Together with the 5 cents round up mechanism , there are cases where its not even the users fault not to totally pay off their last month balance. Some are still in shock how consumers can be abused in such a way. Well, this is how ... Credit card companies used to charge 18% interest on the amount you underpay and owe to them. Seeing that this high interest has caused many people in debt and even bankruptcy, banks are urged to reduce that rate. So the project of multi-tier interest rate was born. If the amount you owe is not that much, banks may reduce that rate to 13.5% for example. Like wise, if you continue not to pay, banks will have the rights to charge 18% interest again. So lower interest rate is imposed on lower loan amount. So far so good isn't it ? Well, banks are going to give you more. In addition ... We will give you 22 days interest free on all transactions, if last month outstan...

If you have a remaining unpaid balance of $0.01 in your credit card from last month, and then you use $1,000 this month ... You may think the interest 18% should be imposed to your 1 cent balance which is ignorable but in actual fact, the interest is calculated based on your future expense as well. So ... $1,000.01 x 18% -> pro rate to 1 month => $15 See the magic of finance ? You could get charged $15 from your $0.01 remaining balance . Despite your $1,000 usage is not even due yet ! A handful of local banks are already exercising this interest forward calculation method. Most of the international banks on the other hand agree this is ridiculous and didn't enforce this calculation on small remaining amount. But recently banks lose many credit card accounts so they are quietly imposing this again to upbeat some profits. Many good card users are caught only after some time because they just couldn't believe such a ridiculous abusing technique can exist around us for m...

It was mentioned before Malaysia's government initiative to charge RM50 tax on credit card to 'reduce' debt is a plain zany act . When confronted by many institutions and experts, Najib ( some of his photos here ) even goes public exercising his power to enforce his budget 2010 . Just in case you haven't heard, the time to pay this RM50 tax is the same as your annual fee due month . So if your cards are due in December 2010, you can hold it for another year before cancelling it out. But if your cards are due in Jan 2010, you better find out when the statement date is. You HAVE TO cancel your cards before the statement is generated. Once this RM50 tax is imposed, the banks will NOT be able to waive it for you even if you cancel your cards AFTER the statement is printed. So far I only know UOB and EON banks will waive this RM50 tax for real. You have to use your EON cards for 36 times to waive this RM50 tax. Normally you will have to use 24 times to waive its annua...

I was once young and naive. Banks are so big, earn so much money that they wouldn't bother to cheat my money. Its safe to leave everything to them and they will take good care of my money, especially when I am not a big user ... but ... Notice in this statement that previous left over balance is only 1 cent. As a matter of fact, this account has been having 1 cent balance for 2-3 months. Recently I had to use up to RM 100 so that I can use ALL the points to exchange for food voucher before cancelling it. Suddenly there is a finance chargees of 22 cents. How in the world can there be a 22 cents finance charges out of a 1 cent balance ? The finance charge is 16%. After digging out the whole Eon team including the highest management demanding for an explanation, no one can answer that except apologizing and waiving the said ridiculous calculated fee. I couldn't help to think how many people out there have been abused by such system bug ? 22 cents x 10 million EON credit c...

It was hinted before that government may try to stop banks to subsidize credit card users on the RM50 fee to be enforced by the government starting next year. Today its no longer an internal warnings between government and banks. Government has made it public in the news on this. But of course it was made in a polite way, if banks subsidize our RM 50 we will FAIL to reduce Credit Card Debt problem ! Actually following one of the latest sharing commented by Alan in last post, banks faced many rejections on the ideas they proposed to bank negara. But BNM has no control whatsoever on the points accumulated in your credit cards. So when banks use the point system to return the RM 50 value to the credit card users, government fail to stop that approach. Hence, government goes public with news to add public social pressure to the banks. Its interesting to see how politic and finance fight so fierce over our precious RM 50. I am predicting the next move from bank is introducing 1Card -...

Seeing that credit card debt has reached a serious and dangerous level, Malaysia government will start imposing MYR 50 fee on each credit card hoping people will reduce the use of credit cards and therefore reduce debt. Although it may sound rational to some people, but its actually somehow a bit funny ... For those who keep credit cards in closet, they actually use the cards as emergency loan facility . Admitting to hospital will go through smoother with a gold card etc. These people did not owe any credit card debt, they were NOT part of the problems to start with. But now they are affected and has to cut off some of these FREE loan facilities. Credit card debt NOT reduced, good people's personal finance affected. Some pay off their credit cards in full every month. They use card so that they don't have to bring lumps of cash around. They were NOT part of the debt problem but now they need to take more risk bringing more cash with them. Credit card debt NOT reduced,...