Tuesday, December 21, 2010

Goodbye Plastics

Finally...after more than 4 years...

I finally cancelled both my H*SBC credit cards...visa and mastercard (the mastercard was given without me asking for it)...the process was simple actually...went to the bank...take the number...then meet the customer service representative...NOT...

Yeah...the process was simple...but the execution was a bit lengthy...i went to the bank...met the cust service rep...then told her i want to cancel both credit cards...then she went over my latest statement...there's some outstanding balance...okay...i just need to clear it up...but...it was not that easy...as my current statement is not yet to the cut-off date...so i can't cancel the card just yet...but we filled in the form...the billing add was stated at my aunt's in gombak...usually i will just paid the card without taking a look at the full statement...just log in the personal banking online...

There was two items in my credit statements that was being paid by me...one thing about this particular bank was that the sales person were always calling up for promos and what not...so maybe it was my mistake or miscomprehension about the items they were promoting over the phone...and i end up paying for two things...the credit guardian plus...and also this takaful amanah whatever...both of payments can easily paid for my meals for the whole week...and i got no benefit whatsoever out of it...and i had been paying it for over three years (since i joined the govt...i had been using the credit card since i was in the private sector)...

Back then when i was working in the private sector...i paid my credit card bills without fail...and without any outstanding balance whatsoever...but since i joined the govt sector...there's always an oustanding balance...it was kinda tough at first to really adjust the financial implication of switching from higher income to slightly lower ones...i really respect those who can make the transition smoothly (it took me about a year to get used to it)...then i just found out how exactly the finance charges was calculated...it was not as easy as i thought it was...when i heard the way the cust rep explaining it to me...it was denggg complicated...the outstanding balance carried forward on top of the current charges on top of the previous balance and finance charges of the former month...denggg...actually the finance charges was calculated on daily basis based on the oustanding balance after the payment which included the finance charges for the that particular month...thats why the financial charges still exists eventhough you paid full sum without any outstanding balance...as it was charged on the outstanding balanced carried forward from the former month...arghhh...

So end up...i physically destroyed the card...cut it into two pieces...but technically its still yet to be settled...now i have to wait for the finance charges for the current month and also on top of that the takaful whatever along with the credit guardian plus (which was supposed to be charged in month end but i have to pay it anyway for the month of Dec eventhough i cancelled my card and paid the oustanding balance) to finally get it out of my system...denggg...that H*SBC credit card is simply a silent 'bleeder'...it will suck you dry...its all because all these 'extra protection plans' that goes along with it...not sure if they have it for another bank...but based on my experience with cimbeng...i don't have them calling me every week to update on promos and what not that i surely don't need...

Owh yeah...i forgot to mention...just three days ago a sales rep from the bank called me up about giving me loan for RM11k...no documentation needed...they can just debit it to any of my bank acc...and they will charge it monthly to the credit card...you know how much the interest? it was 11% (if i am not mistaken) over the course of 5 years...owh...how convenient...and on top of that...there will be all those monthly financial charges of 1.5% monthly on top of the 11% or was it 22%?...even my car loan was only 3.33% interest rate...OMG...my answer...

~sorry, i am working in the govt sector and it is stupid of me to take on your offer as i can take on loans easily at a BETTER rate than whats your 'bloodsucking financial institution' is offering if i want to...and i will appreciate it if you just blacklist my number from your phone book as i am going to cancel my card coz i am not satisfied with the service given~

That managed to caught her off guard as there was a complete silence for about 7 seconds...and then she sweetly said sorry to interrupt and thank you...

In the end i felt so good to get it over and done with...now i just maintain my cimbeng credit...as its easier for me to monitor my expenses and paid it online as soon as it was posted in my bills...credit cards is actually a good financial tool...but one must know how the exact calculations are made and the exact charges to really utilised it...otherwise...it will be a silent non-living bleeding creature that can leave you dry...and i will advise anyone who want to take on credit to really ask the rep who are promoting it about all the calculations...and make sure its islamic credit cards...owh yeah...affin's finance charges was only 9% per year...and that is half from any other conventional credit cards...not sure whether others too...

But whatever it is...life without plastic is a blessing...no more hidden debts...just simply cash...but i still maintain one plastic...just for controlled usage...hehehe...

ajie
12:59 a.m
22 December 2010
Putrajaya

15 comments:

marmalade said...

for meibeng (funny how it is spelled this way), i don't receive any other promos whatsoever. and in any way, even if they were to contact me, i would just decline them. i like credit cards merely for its convenient. also for travelling. because i don't fancy carrying cash all the time. not very safe too.

i would have preferred debit cards, just like how it was when i was in the uk. but that has its danger too. you really have to know the balance in your account. but since i have both credit and debit cards, i didn't have much problem. credit cards for travelling and debit cards for local expenses.

and jangan lupa, every year you have to rm50 for your primary card regardless you pakai ke tidak. so sape yang ada banyak2 credit cards tuh, baik cancel je.

nihadriz said...

whoah. aku pun nak cancelkan H*SBC aku. dah lama tak pakai.

jay jamil said...

HSBC card huh?
seb baik aku supplementary holder, walau telah diterminate oleh bapak ku ehheheheh.settle sket-sket.

glad to say that I managed to settle all my Bank Islam card balance in lump sum. sama jer islamic ngan convetional, tadwid dia aku mintak waive, x dapat pun, hampagas!

Lega takder plastik ni. Now with meibeng debit. senang aku nak shopping.

hanieharis said...

aku dah setahun lebih idup tanpa cc. memang lega sesangat....... wpon aku kdg2 ade prob bila nak booked hotel bila outstation tp itu bukan alasan...tp serius la seronok gile idup tanpa penghisap darah

papaYA said...

I use my credit card for points.. Lepas shopping, terus bayar online.. Tapi hari tu, beli tv, amik free installment for 10months.. points dapat, free installment lagi..

Tapi bank ni bijak, tahun lepas, aku diberi kad kredit percuma, upgraded from classic to gold.. Saja nak suruh aku pakai banyak2 kad kredit.. Aku tak activate pun.. Cukupla RM50 setahun..

dianramli said...

aku dulu pernah keje credit card centre, mcm2 ragam cardholders aku jumpe. sebenarnye mmg cc ni penghisap darah. zero interest ke ape ke menipu je. zero interest mase die charge. tp dlm bill bulan2 tu transactions tu treated as transaction lain tu jugak.
sblm kawen aku da hidup tanpa credit card, mmg terasa sgt2 lega.

Hasina Terebuzzu said...

demikianlah pengakuan mangsa kad kredit! hehehe.. aku dlu pon dh sama mcm ko la mal.. then aku terminate..sume! last2 baru teringat kena ada gak 1 kad.. in case of emergency.. skrg aku maintain ngn 1 je (setahun lebey aku semai dlm pala otak takde cc.. alih2 bln 12 ni tergadai konsep aku gara2 ilang tepon, tv rosak etc).. tu je.. huhuhuhu

muhamadakmalwahab said...

cik hayati :
H*SBC call like almost every week just to promote their new plans and what not...also to promote giving out supplementary...hampagas tul...

i used to use direct debit from mebeng and cimbeng...but nowadays i just charged them on my cc then paid it online...at least i got points which later i usually redeem for vouchers to various eatery places...hehehe...

i try as much as i can to avoid using credit card when i travel...as the conversion rate by the bank is not worth it...also the international transaction charges by the bank...and usually it overseas they will charge you additional 3-5% for their own so-called international charges...serious tak berbaloi...

muhamadakmalwahab said...

ha :
baik ko tengok statement ko tu...brapa dia punya finance charges...

muhamadakmalwahab said...

min :
memang lega takdak h*sbc cc...as for cimbeng tu senang skit...aku just monitor online ajer...tengok all the charges and the date posted then terus bayar...almost like direct debit...but got points...and if you paid it before the cut off date...no financial charges applied...

muhamadakmalwahab said...

che bimb :
betul tu...tapi aku still keep satu ler for worst case scenario...bayaq ler RM50 tetiap tahun...

muhamadakmalwahab said...

yaya :
aku pun yang mastercard dia bagi foc tu memang aku tak pernah swipe...just jadi perhiasan ajer kat dalam wallet...hahaha...

actually yang 0% installment free tu aku tak tau exactly how true it is...memang 0% for the transaction...but how about the outstanding value tu...ada kena charges tak?

muhamadakmalwahab said...

dian :
aku sangat la lega bila aku tolong cust rep tu gunting kad kredit aku sendiri depan mata dia..hahaha...

muhamadakmalwahab said...

ina :
memang kita semua ni at least ada la satu just for emergency cases...okay ajer...

papaYA said...

Memang free.. Bank akan bayar ke kedai whole amount, tapi die charge kad kredit kita monthly.. Kebiasaannya barang yang tiada discount diberi kemudahan ni.

Tak semua kedai boleh.

Dan lagi satu boleh guna i.Pay Plan kalau kedai tu tak bagi free installment. Macam aku cimbeng akan charge 2% (kalau installment 10 bulan) out of total price, yang perlu dibayar pada bulan pertama bersama installment.

cth: beli fridge RM2000. ko nak buat i.Pay Plan untuk 10 bulan. First month ko kene bayar RM40 (2% out of 2000) + RM200. lepas tu, bulan ke2 hingga bulan ke10, bank akan charge CC kita RM200 je every month. i.Pay Plan ni sesuai untuk barang yang ko dapat promotion giler2 punye, lepas dikenakan charges 2% pun, masih murah berbanding di kedai lain, jadi berbaloi la guna.