Pay Your Credit Card Bills On Time..
The government recently recommended to the banks to give incentive to those who pay their credit card bills on time. I have received a circular from Standard Chartered bank . If you pay up before the due date on each month for 12 months, your interest would be reduced from 18% PA to 15% PA.
For every 1K you owed, you would be charged only Rm12..50 per month instead of Rm15.00. This is upon the condition that you do not miss paying your bills late. If you managed to pay only 10 months on time and late for one or two months, then you only get a reduction of 1%.
However, if you are late, you will be charged a minimum fee of Rm10.00 up from Rm5.00. How many of us pay on time every month?
You will have to strive to pay on time every month to get a lower interest charged or you will have to pay more in fines. Darned! The banks on one hand give but take back from others in the other hand. Will they make more money from this scheme? I think it will make more money for them ..LOL!
We were told to pay up early to get the incentive but the banks have added their punishments for those who pay late. It has increased the penalty by 100%!!!
Not only that , Standard & Chartered have changed the 20 day free interest of retail purchase . If you want to enjoy the 20 day free interest, you will have to pay in full at the end of the month all your retail purchases.. If you only pay the minimum, you will be charged interest the moment it is entered into your account.
So instead of encouraging us to pay in time , it has taken this opportunity to squeeze your balls.Oh! Well! This bank card will have to be terminated. Hope other banks don’t follow this route.
Where is the fairness??? This is daylight robbery!