Credit Card Interest Free Installments

[iMac08]

interesting..i never encounter this...if they do. i will pay up and terminate immediately...but i didnot know ending the installment early involves penalty

 

[hotweb]

heh heh, right, they probably don't even need to pay at all, Canon or whoever will send them free =p

if you have a uob infinite (or eligible for one) who would ever need an installment for a cheapo camera that could be 1% of your annual salary?

but seriously speaking, I double check all my new credit card annual fees, some are at a nice price of $180 a year onwards, whoo, could probably add to purchase a lens...

 

[CS TAN]

interesting..i never encounter this...if they do. i will pay up and terminate immediately...but i did not know ending the installment early involves penalty

Yeah, the early termination penalty should be around $100-$200 depends on which bank you are dealing with.

 

[CS TAN]

but seriously speaking, I double check all my new credit card annual fees, some are at a nice price of $180 a year onwards, whoo, could probably add to purchase a lens...

So, you are the rare ones that are actually paying the credit card annual fees?

 

[Stoppable]

Cards market also very competitive. So many ppl actually get the fee waived. There are also some cards that do not impose annual fee and some that give first 5 yr free.

Although we can get it waived, it is still an inconvinience. And if you are a big time user with lots of transaction, you may not even see that charge in your statement, especially if you settle by GIRO.

Anyway, the the diverse views here only shows that our diverse backgrounds within CS.

 

[hotweb]

Nope, what I'm saying is when card expires and u still on installment, then they'll force u to pay annual fee. My card says $180. don't think anyone wants to pay that =p

So, you are the rare ones that are actually paying the credit card annual fees?

 

[iMac08]

Nope, what I'm saying is when card expires and u still on installment, then they'll force u to pay annual fee. My card says $180. don't think anyone wants to pay that =p

They always renew the card for me even before it expires...and when the card comes i just make a call and the fees are waive...from all the banks u can think of. some i don't even use and they keep persuading me to keep it...others if insist..i tell them just terminate the damn card..but none has ever insist....and they don't even deduct my points earn from shopping..so still can redeem voucher...

Only once OCBC told me i need to buy sthg abt 300 bucks within 30days then they will wiave it. which is no issue considering i pay my bills on card...so get points..waive fees and a happy customer

 

[hotweb]

even when you are on installment? which bank?
a friend last time said dbs refuse to waive and there was still installment, so had to either pay the annual fee or pay the penalty for early repayment.

 

[mulia]

They always renew the card for me even before it expires...and when the card comes i just make a call and the fees are waive...from all the banks u can think of. some i don't even use and they keep persuading me to keep it...others if insist..i tell them just terminate the damn card..but none has ever insist....and they don't even deduct my points earn from shopping..so still can redeem voucher...

Only once OCBC told me i need to buy sthg abt 300 bucks within 30days then they will wiave it. which is no issue considering i pay my bills on card...so get points..waive fees and a happy customer

OCBC keep slapping me with ridiculous $50 late charge even though only a couple days late, and refuse to waive it- all my other banks will just keep waiving it, even though I'm late several times.

Got fed up with OCBC and told them to stop sending me anything from OCBC forever. I take a $20,000 loan from other banks at 2.8% and the interest is less than $50 per month, and I owe OCBC just $300 and they slap me $50 late charge +++ interests per month- If u ask me, given the fact that everyone I know faces same problem with OCBC, I think they got a great way to earn money- this late charge fee is extremely profitable- and our CS bros are right- if u have an instalment plan with them, they'll hold u to it and will refuse to waive any charges, be it fees or charges (unless of course you can fully pay up the outstanding amount and stuff the OCBC credit card up their a*se)

morale of the story is photography is a passion, but dun overspend on it via credit as it will come back to haunt you by way of bank charges/fees or if you lose your job... and the wife's not gonna be too happy...

 

[hotweb]

So, you are the rare ones that are actually paying the credit card annual fees?

now considering, coz the amex platinum don't give free renew. u got free renew lobangs?

 

[titleist]

Got money then buy, no money don't buy... And buy what you can afford.. Especially when this is just a hobby.. really no point going into installments lor..

As for CC annual fee or late charges.. just cancel it lor if they do so.. always many bank waiting for u to spend money with their cards..

I never pay a single cents for annual fee or late charges, even if i'm late, i will call to get it waive.. if they don't, then i will just cancel the card.

 

[huaiwei]

Essentially don't buy what you can't afford. I myself use it to ensure I have cash on hand. Don't use it because you can't afford it *yet* and thus resort to installments as a way to borrow from the future.

Precisely. And if any of you do not have the intention to pay up your credit card bills in full and on time every month, than credit cards are not for you. These cards must be seen as merely a medium to pay for things, not as a legal loanshark. The banks, on the other hand, love people who don't pay up diligently, for it is through all these interests and fees that they earn money.

Anyway I avoid paying by instalment for various reasons:
1) You don't earn points for such purchases, which can be substantial since payments by instalments are usually huge ones anyway.
2) Your credit limit is not restored every month until you pay up everything.
3) When you factor in the admin costs etc, it may be 0% interest, but it is not 0% cost.

So think first before signing! Good luck!

 

[huaiwei]

OCBC keep slapping me with ridiculous $50 late charge even though only a couple days late, and refuse to waive it- all my other banks will just keep waiving it, even though I'm late several times.

Got fed up with OCBC and told them to stop sending me anything from OCBC forever. I take a $20,000 loan from other banks at 2.8% and the interest is less than $50 per month, and I owe OCBC just $300 and they slap me $50 late charge +++ interests per month- If u ask me, given the fact that everyone I know faces same problem with OCBC, I think they got a great way to earn money- this late charge fee is extremely profitable- and our CS bros are right- if u have an instalment plan with them, they'll hold u to it and will refuse to waive any charges, be it fees or charges (unless of course you can fully pay up the outstanding amount and stuff the OCBC credit card up their a*se)

morale of the story is photography is a passion, but dun overspend on it via credit as it will come back to haunt you by way of bank charges/fees or if you lose your job... and the wife's not gonna be too happy...

Morale of the story? Apply for giro payment. You won't ever miss another bill again unless you let your bank account run dry.

Then again, I understand most banks are lenient when you pay be AXN, internet banking, etc, since these do that a few days to transact.

 

[jun82]

hehe for dbs the charges are waived it actually doesnt make sense that u will be charged for paying early believed the banks earned the $ from the merchant once the ipp is done...

for those who want to purchase items at a shop which does have credit card ipp u may apply it via yr bank after the purchase they will charge u an admin fee though...

 

[jun82]

Morale of the story? Apply for giro payment. You won't ever miss another bill again unless you let your bank account run dry.

Then again, I understand most banks are lenient when you pay be AXN, internet banking, etc, since these do that a few days to transact.

but u may need to take note if giro fails it means giro return fee + late charges!!!

 

[Vulpix0r]

I like UOB because they are pretty understanding for most things. My Singtel UOB card is free forever as long as I charge my monthly bill to the card.

 

[huaiwei]

but u may need to take note if giro fails it means giro return fee + late charges!!!

Then I go back to the bottom line. If maintaining a healthy bank balance to service all bills, including credit card bills, is a problem then a credit card is not for you.

My comment about Giro is for those who can easily pay up but find it a hassle to track the bills and to remember to pay on time. I myself missed a bill recently due completely to my own oversight, thus paying $50 for nothing, all because I didn't apply giro for that particular card!

 

[AbsolutKev]

erm, if no one had post this yet (I ve not read the whole forum), Mr Norman (Harvey) @ Funan does offer interest free installment for up to 3 years.

 

[jungsangchoe]

gosh this is very tempting!!!
i keep thinking to myself to poison my bag with a 5dmk2, 85 1.2L hehehh