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Credit card interest rebate

Posted on July 16, 2008
Filed Under Personal, Credit cards |

I seldom go through my credit card statements as soon as they arrive. But this month is different. I want to see how much my bank is paying me back for being such a good paymaster. You know, we now get a nice rebate if we do not default on our repayment for a consecutive 12 months period. Interest rate is at a whopping 18% per annum The statement has a new row added to it that reads “Interest Rebate $3%pa”. The amount is at Rm7.72 as you can see from the above.

To me, this is something to shout at, lol. The other thing many credit card users are not aware of is that Bank Negara also implemented a new ruling this month onwards. For those who pay on time and in full, you’ll definitely benefit from the interest rebate i explained earlier. The percentage varies from bank to bank okay. But for those who carries a balance on your statement, then you may want to refrain from using the card on your subsequent purchases as you are no longer entitled to the 20 days interest-free period.

See, you may think you save some interest by getting a nice rebate, huh. But see how Bank Negara is taking your money from right under your nose in a different way. At a time when people need to use their credit cards in order to survive, this is a blow in their face. Nope, BN is not interested whether you can pay on time or not cos most people cant and they know it. If you have another card, use that instead. And make sure you pay in full and by the due date. If not, it’s gonna be another cycle of your money going into BN’s pockets.

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