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SBB Credit card offering 36months interest-free

 
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Tue Jun 07, 2005 11:55 pm    Post subject: SBB Credit card offering 36months interest-free Reply with quote

Can use it for down-payment for property. Should be very useful for those who does not want their $$$ to be tied up by the down-payment.

Read the ad in Star today.

Only thing to be aware of:

1. First month interest fee will be charged. Interest-free period will start on the second month.

2. One time 4% handling fee for 36months repayment. Shorter repayment will have smaller handling fee.


Example: You have an SBB CC with limit Rm10000. You swipe it as partial down-payment for a new property. Interest incurred will be:

Rm10000 * first month interest (1.5%) = Rm150
one time handling for 36month repayment = Rm10000 * 4% = RM400

One time extra $$ to fork out = 150 + 400 = RM550

Monthly repayment = RM10000/36 = less than RM300 per month.


What do you think? Comments are welcomed.

Wink
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Wed Jun 08, 2005 12:14 am    Post subject: Reply with quote

Yeah read it too. Good deal. Wonder if it really is for everything?

Now imagine this, pledge a FD against your credit card facility (think this is do-able in Malaysia) to southern bank for a higher credit limit. Use the credit to buy a condo with a 3 year repayment period (100k is 4k interest for 3 years, each year effective interest rate is 1.333% pa). No need to apply for loan Razz

For me, i just want to earn the points and the 55day credit free period Razz
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Wed Jun 08, 2005 12:18 am    Post subject: Reply with quote

getting more interesting now. I will probably give them a buzz and see what's the "terms and conditions" are...... Cool
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Wed Jun 08, 2005 8:17 am    Post subject: Reply with quote

Yep keep me in the loop. After all, what's another credit card? Razz
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wacheelei



Joined: 01 Jun 2005
Posts: 34

PostPosted: Wed Jun 08, 2005 7:03 pm    Post subject: Reply with quote

Have paid for downpayment before using credit card. The developer is IOI. However they only accept 10k only from credit card, the rest still need pay by cash or cheque. Its ok though, at least get some good redemption point from the credit card company Very Happy .
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Wed Jun 08, 2005 10:19 pm    Post subject: Reply with quote

Ok. I'm gonna call them tomorrow and update you all. Smile
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mercuri



Joined: 03 May 2005
Posts: 4599
Location: KL

PostPosted: Thu Jun 09, 2005 9:18 am    Post subject: Reply with quote

I have a Direct Access SBB credit card, and it's free for life! I dun know it it has the facilities that u all are discussing here, perhaps it is a different card or it is for all SBB cards? Razz
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Thu Jun 09, 2005 3:06 pm    Post subject: Reply with quote

ok. Just called up the customer service of SBB and this is what I got:

the 36months interest free can be used for all purchases except
1. Cash advance
2. Gambling chips in Genting Laughing

So, in short, it can be used for anything, be it down-payment for new house or 2nd hand house.

Interesting eh?
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Thu Jun 09, 2005 3:16 pm    Post subject: Reply with quote

ok. just gave them another call, just to make sure I've covered everything.

Looks like its true.

forgot to add this, my initial statement regarding the first month interest is wrong.

The ONLY fee which will be incurred is the one time handling fee. Wink
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Thu Jun 09, 2005 3:31 pm    Post subject: Reply with quote

hehe.. now to get a ridiculous amount of credit line from them and to find a developer or Seller who is willing to accept 100% of selling price using credit cards Smile
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Thu Jun 09, 2005 3:33 pm    Post subject: Reply with quote

LOL.... get 10 CC with 15K limit each Smile

hmm..Im planning to increase my credit card limit Twisted Evil
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mercuri



Joined: 03 May 2005
Posts: 4599
Location: KL

PostPosted: Thu Jun 09, 2005 5:24 pm    Post subject: Reply with quote

is it for all SBB cards including direct access? Handling fee? how much is that? Razz
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Thu Jun 09, 2005 5:36 pm    Post subject: Reply with quote

Yup. and this is the handling fee:

12mth : 1%
24mth : 2.5%
36mth : 4%

1000 - 2999 : 12mth instalments
3000 - 4999 : 12/24mth instalments
>5000 : 12/24/36mth instalments

Wink
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Thu Jun 09, 2005 6:01 pm    Post subject: Reply with quote

aramis wrote:
LOL.... get 10 CC with 15K limit each Smile

hmm..Im planning to increase my credit card limit Twisted Evil


Just save the same document and name change for the banks Razz
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wacheelei



Joined: 01 Jun 2005
Posts: 34

PostPosted: Thu Jun 09, 2005 6:03 pm    Post subject: Reply with quote

Guess I better start applying for SBB Direct access card now before the queue gets unbearable Razz .
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Thu Jun 09, 2005 10:40 pm    Post subject: Reply with quote

just curious, does the property agent/negotiator accept CC for downpayment for 2nd hand property??
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my44



Joined: 03 May 2005
Posts: 430

PostPosted: Sat Jun 11, 2005 2:47 am    Post subject: Reply with quote

How to pay credit card on 2nd hand property, really? You're buying from a person, right?
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Sat Jun 11, 2005 1:03 pm    Post subject: Reply with quote

my44 wrote:
How to pay credit card on 2nd hand property, really? You're buying from a person, right?


There are ways...Wink I just found out...
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ezygo



Joined: 13 Jun 2005
Posts: 7

PostPosted: Sat Jun 18, 2005 11:54 am    Post subject: Reply with quote

Hi aramis,

"There are ways"... Idea great! Could you share that? I wish to buy a 2nd property without touching savings. Hope you could shed some light here.... thanks.. Razz
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Sat Jun 18, 2005 2:16 pm    Post subject: Reply with quote

ezygo wrote:
Hi aramis,

"There are ways"... Idea great! Could you share that? I wish to buy a 2nd property without touching savings. Hope you could shed some light here.... thanks.. Razz


PM me and I'll let you know. Not really "suitable" to share it in an open forum. Btw, it is NOT illegal. Wink
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chrismoo



Joined: 05 Jun 2005
Posts: 33

PostPosted: Wed Jun 22, 2005 2:08 am    Post subject: Reply with quote

aramis 0 can you share with me too? Question Very Happy
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asialink



Joined: 26 Jun 2005
Posts: 8

PostPosted: Sat Jul 02, 2005 11:50 pm    Post subject: Reply with quote

36months interest free - malaysian bank getting mad.. Rolling Eyes but then again it give more credit financing options... Laughing
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satyromaniaman



Joined: 14 Jul 2005
Posts: 14

PostPosted: Thu Jul 14, 2005 11:14 pm    Post subject: Reply with quote

yeah.. but some developer's still wanna stcik to...." You bear the 2.5% service charge"... what way do we go around this?
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