The sensible way to flex your credit card
With the holidays just around the corner are you are planning to buy special gifts for all your loved ones? Perhaps you are eyeing that new 3D TV and thinking of replacing that old fridge? If you want to put some of these large purchases on your credit card then make sure you are ready to pay-off the monthly bill when it arrives to avoid hefty interest charges.
If you really can’t wait for these special purchases and you think you might have trouble with your credit card bill at the end of month then consider a Flexi Payment plan. These plans allow you to transfer large purchases into more affordable monthly payments at low interest rates. If you want to know more about how Flexi Payment plans work then check out Flexi Payment Plan FAQs.
We have had a good look around the market to find some of the best credit card Flexi Payment plan deals out there. If your credit card issuer isn’t listed below then do check their website or call them up to check if they have any offers. You’ll find some amazing deals that go as low as 0% interest for 6 months credit – a huge saving compared to the usual 18% per year.
|Interest Rate||Minimum spending (RM)||Apply|
Note: Updated as of 11 Dec 2012
*For AEON credit card, the retail purchase amount shall not exceed the total outstanding amount in the current month’s statement
For those of you planning on going overseas for the holidays, MBF has a 6 month 0% Interest repayment plan just for foreign spending.
MBF has another very interesting promotion under their Power Credit program. This is available to all new applicants of MBF Gold or Platinum credit cards and it gives you a 3-year revolving credit facility at 0% interest. With this promotion you don’t have to pay any interest for your outstanding balance below RM2,000 for their MasterCard and/or Visa Gold or RM3,000 for their MasterCard and/or Visa Platinum.
We know that some of these Flexi Payment Plans are extremely tempting. However, always remember that the safest thing to do is to make sure you can pay-off your monthly bills in full. These Flexi Payment Plans should only be used in emergencies and not as an excuse to spend more than you can afford. If you use these plans to spend beyond your means then chances are the high interest rates will catch-up with you at some point.
Finally, you should always read the fine print to understand how the interest rates differ from bank to bank. Some banks charge upfront fees while others are spread throughout the tenure. The promotional periods also vary, and may change from time to time.