Sep 11, 2009

Financial Tips - Credit card trick.

Please read the fine print thoroughly.

The late payment charge is 1% of the total outstanding balance as at statement date, subject to a minimum of RM5 and maximum of RM50.

I was flipping my credit card statement when i stumble upon this fine print. Then I found out that I've make a miserable mistake. Just because of mising the the figure RM14.20 I was penalized for RM42.84. It might be not a large sum of money but it can make us a millionaire...seriously...(4D,6D.... for that sense)

Let look how this happen;

May statement;

Min. payment = RM214.20
Payment done = RM200.00
outstanding bal=RM 14.20

June statement:

Previous bal. =RM4284.07
late charges =RM 42.84 (1% of Pre. bal), due to outstanding balance(short payment) of RM14.20 in May.

Lesson from the scenario;

1. Always pay your minimum balance on time.
2. Never pay less than minimum balance not even a single sen
3. Make sure to keep track on spending and payment thoroughly.

* start charting down all the financial interests/charges arising from credit card every month. The figure will increase your headache.


Doria Robert Kawen said...

terima kasih laban dah mri info tu..amai beguna tu..aku pan kadang2 nda faham lapa jumlah ia tetiba ja maioh..

Jay said...

thank for following. arap ia beguna to all reader.

Ivy Metaga said...

sebab ya I sik mau pakai credit card hehehe...takut terover budget atau over spend dan part mau bayar balik mst satu kepayahan buat me...

Jay said...

ivy, good idea juga tu. Oh ya.. happy belated birthday to ur cousin.

designationjazz said...

I think u got it wrong Jay. The 1% percent was imposed on your overall prev. bal. in May that is RM4,284.07. Correct me if im wrong. TQ

Jay said...

yap,u r right.

J.H said...

I fully agree with your tips there. Credit card is helpful to have, but you can be a slave of it if you are not careful :-)

journey adventure said...

thanks for the tip... i guess i did the same mistakes before... it unfair for us.

Jay said...

the lesson is, in financial matter we must be calculative, observant and take close attention to interest rate charges especially when come to loan and borrowing. fine print is very crucial sometime. even few point different in rate charges can means a lot. Thank for those who have read and give feedback

eden said...

oh, my gosh.. that's a lot of money for just missing out to pay 14.20 (almost double). I agree with you, always read the fine print because that is very important. thanks for sharing the tips. i havent tried it because I always pay my due on time.

by the way, thanks for the comment

GeTzzz.... said...

Ya true...i always paid mine after the due date hahahaha...always being penalized fur the late payment huh! tough life....bills here and there....Ugh!

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