Today helping my mother in law to check her 'lion' bank credit card and found out some incredible calculation which previously i myself never realize.
In conclusion - No matter how much we paid to settle as long as there is still balance inside our credit card account , they will charge finance charges base on last month remaining balance.
And here is the rest of it.
For example in Aug 08
Jul-08 Balance bring forward is 3000
1-Jul-08 Payment 2500
XX
XXXX
XXXX
Financial charge 3000*1.5% =45
I also cross check my HSBC settle and guess what ? they use different formula using the same exampel as above
Jul-08 Balance bring forward is 3000
1-Jul-08 Payment 2500
XX
XXXX
XXXX
Financial charge 500*1.5% =7.5
But when i google around and found HSBC got another interest rate calculate and it again confuse me..here is the link .
Now i'm finding way to get in touch with BNM(Bank Negara Malaysia) since they are the one who build up the guideline on how it should do.
Will continous to update all of you when i found it out.
Just in case anyone want to stuck those bank via BNM. Here is the form to download .
Can also cross reference to here to read out the procedure .
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