Do you want a short term Loan with 0% interest charge? You can do a balance transfer with CIMB Direct Access. CIMB Direct Access has been offering 0% interest on balance transfer for 6 months period. Bear in mind that the balance transfer is truly 0% and there’s no upfront fees, processing & admin fees, admin fees and etc.
If your mission is to clear your credit card debts, then you can take this plan in order for you pay less in interest. For example, lets say you made a purchase of RM10,000 with your EON Bank credit card last month and received your monthly statement from EON Bank this month showing that the RM10,000 is due on 15 December 2010. Well you can do balance transfer for this RM10,000 with Direct Access. But, you need to aware of something and what you need to do is:
– Submit the Balance Transfer application form to Direct Access once you get the EON Bank statement so that Direct Access can process & approve your application much more earlier and make payment to EON Bank before the 15 December 2010. You need to be well-disciplined in this matter in order to avoid paying late charges or being imposed interest charge.
So, you need to play safe! I have good recommendation for you:
It’s better to do balance transfer with Direct Access of not more than 95% amount owing. You should at least make 5% or RM500 payment to EON Bank before the due date first. Do you know why? This is because we need to think about if there’s bad case happen or there’s a delay for CIMB Direct Access in making payment to EON Bank, then you still have the minimum 5% payment to EON Bank and therefore no late payment charge will be imposed on you.
Recently, I have made my insurance premium using Standard Chartered credit card for the amount of RM2,520. With this Direct Access Balance Transfer programme, I will try to do balance transfer and wait for next 6 months only pay off my debt. This 0% interest balance transfer is excellent for me as I can place my money into some kind of investment vehicle to earn some money first rather than settling the amount due. Hahaha…