Credit Card Interest Free Installments
- Thread starter shamsury
- Start date
- Status
illumeseer
New Member
Lords also provide installment.
although you need to add 2 percent or something. but comparing the price with CP. It still is much cheaper.
although you need to add 2 percent or something. but comparing the price with CP. It still is much cheaper.
SabaDen
Senior Member
Err ... how sure are u on this? Miss 1 time, u pay compounded interest 24mths?!! :bigeyes:
24%
Not 24 months
As an experiment, you can purposely don't pay your credit card bill, let us say, $5,000 for example, (add more amonuts for the additional purchases you made during the time of the experiment) for 6 months and then look at how much you owe the bank at the end of the 6 month experiment due to compounded interest. There is a lot of small print too of minimum charges added to your bill each month it is not paid.
24%
Not 24 months
As an experiment, you can purposely don't pay your credit card bill, let us say, $5,000 for example, (add more amounts for the additional purchases you made during the time of the experiment) for 6 months and then look at how much you owe the bank at the end of the 6 month experiment due to compounded interest. There is a lot of small print too of minimum charges added to your bill each month it is not paid.
SabaDen
Senior Member
My bad, typo error. :embrass:
But if u missed 1 month, they only charge u interest from tranx effective date (thta's to say that u do not hv any other tranxs) ... all u hv to do is to pay the missed 1 months + interest + present month instalment and u'll get it to Zero instalment again. Anyway, the agreement is clear & precised ... it's a MUST to pay full for the month's posted instalment amount charge to your statement to enjoy interest free payment. BTW, my example is ONLY for UOB cards ... some other bank interest payment always roll. They hv interest on interest owed ... this one u DIE! :bigeyes: :bsmilie:
Anyway, best for people who always makes full payment on credit card ... easier to track.
SabaDen
Senior Member
My bad, typo error. :embrass:
But if u missed 1 month, they only charge u interest from tranx effective date (that's to say that u do not hv any other charges to card) ... all u hv to do is to pay the missed 1 months + interest + present month instalment and u'll get it to Zero instalment again. Anyway, the agreement is clear & precised ... it's a MUST to pay full for the month's posted instalment amount charge to your statement to enjoy interest free payment. BTW, my example is ONLY for UOB cards ... some other bank interest payment always roll. They hv interest on interest owed ... this one u DIE! :bigeyes: :bsmilie:
Anyway, best for people who always makes full payment on credit card ... easier to track.
xxxxxxxxxxxxxxxxxx
Cathay Photo accepts interest free installment using selected credit cards. What I suggest you do is be aware of the market price of the item you intend to buy. Walk in into the shop (CP), try to bargain (might quote a bit higher than usual) and then when the price is agreeable, tell the salesman you'll get it by will pay by installment. There shouldn't be any additional charges.
:Later,
:Later,
persistence
New Member
yeah. for credit cards it is better to pay in full or it will be compounded
beautifulworld
New Member
I just received a letter from my credit card company that late payments will be charged 28%
This is equivalent to 32% effective interest rate.
Even if it is 24% the effective rate is actually 27%.
So interest free instalments is good, but when you cannot pay, it is very bad.
No pig head. Only suck blood.
This is equivalent to 32% effective interest rate.
Even if it is 24% the effective rate is actually 27%.
So interest free instalments is good, but when you cannot pay, it is very bad.
No pig head. Only suck blood.
Is there a minimum amount that they allow for credit card? Cos I will prefer to buy at CP but I am also aware that they do charge higher compared to MSC.
- Status
Similar threads
