9 Credit Card Terms Beginners SHOULD Know
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- เผยแพร่เมื่อ 1 ก.ค. 2024
- Whether you're new to credit cards or have used one for years without knowing the terms, here are some common terms you should know! 🔥Get your credit card with RinggitPlus (TONS of rewards!) ➡ invol.co/clh4q97
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🟠 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗺𝗼𝗼𝗺𝗼𝗼 ➡️ j.moomoo.com/00JRcf
⬇️ Timestamps:
0:00 → Introduction
0:18 → The Cardholder and the Merchant
0:51 → The Credit Card Issuer
1:44 → Credit Limit
2:44 → Billing Cycle
3:55 → Statement Balance vs Outstanding Balance
5:19 → Statement Closing Date and Payment Due Date
6:18 → Minimum Required Payment
7:40 → Service Tax and Annual Fee
8:32 → Interest Rate
10:16 → Conclusion
Credit cards can be a great asset when used responsibly. But it can be tricky if you don't understand exactly how they work. Credit card terms and conditions are often filled with confusing jargon that can be hard to decipher, even for seasoned cardholders. You could pay late fees, interest, and other charges as a result of missing one small detail in your cardmember agreement -- that's how important it is to understand the credit card terms in your agreement. Which is why, in this video, I have put together a list of common credit card terms your should know as a credit card holder.
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You're literally teaching so much about finances. Thank you so much & keep doing what you're doing.
Awwww thank you so much for your nice comment, that's all I'd ever ask for! Super grateful to be in this position to share with everyone 🥰
Thanks it really helpful for fresh grads before applying a credit card
Glad you liked it!!
Hi, what is “fixed management fee” ya? It says in the product disclosure for platinum card is RM15,000. What fee is that? Should I concern?
Hmm I paid off the outstanding balance same as you make it zero ....but when I checked the e statement balance still show RM700 + ....wondering why i wont automatically disappear?😅
the way i thought i was already knowledgable in credit cards but ended up not knowing half of what you're talking about thanks for this video!
huhu no problem - so glad you found this useful!!
a small tips to Citibank CC holder, you can request to waive your SST by going to their website live chat and ask for loyalty cashback.
At first customer service will say the SST is imposed by govt and cannot be waived etc. Then you can ask them to check if you are eligible for the loyalty cashback.
After a few minutes, they will waive the SST.
Oh ya, I heard from ppl that the SST only can be waived within 4 months.
Omg! Loyalty Cashback - this is something new to me! Thank you so much for sharing
@@ZietInvests guess that banker was right ughhh
i have make full payment for statement balance but it still shows the amount that i need to pay. do i need to wait after the payment due date to see my statement balance turns zero?
Hey man. Great video. Helpful for noobs like me. I have a question regarding the annual free waiver. Is the waiver something that the banks are obliged to do if we call and make a waiver request? Or is it something that is more of a 'budi bicara' and up to the bank's discretion kind of thing? And can we do it every year?
More of a bank's discretion that sort of thing if I'm not mistaken! You can always call up your bank to ask to confirm.
Hi a little lost. For CC payment, if I were to pay the statement bal before the due date will interest be charged on the bal payment ?
Hi, wont ya, clearing off statement balance before the statement due date is good enough to avoid interest charges ;)
New user of a cc. My question is i had paid my statement balance within a week after statement date(of course before due date), it's considered as the grace period right? As u said in the video it's safe from getting any extra charges.
But i wonder if i use my cc during the grace period (start from the day i paid off my statement balance), what will it affect to me? Will it became a factor to charge me interest soon?
hey Kim! yep, as long as you pay off in full before the due date, you are ok. When you start using during the grace period, it will only be reflected in the next billing cycle anyway.
I don’t actually how credit card work.. but how I use normally is once I spend it, I try to pay it back as soon as possible.. in a sense I treat it like my “eWallet” or some sort.. is this actually a good habit or it’s not recommended to do this way?
Hi Leon - its a good thing! Dont worth about that, i occasionally so that too haha! But to save you the trouble try repaying weekly instead, because technically you can “not pay” for 1 full month 😁
Is there a video about using Malaysia credit card use overseas?
Hey Aki, not at this moment. I can definitely consider for next time! Meanwhile, you can check this one out if you'd like to know about cashback credit cards: th-cam.com/video/RJasEjCRXxw/w-d-xo.html
10:12 My statement date is 6th march, due dath on 26th march. Statement balance is rm500+ but outstanding balance is rm0. Meaning i paid off my cc right? I tried paying but i cant pay my statement balance as it exceeds my outstanding balance.
Hey there, hmmm best to check with your bank on this for better clarification!
Wht if lets say my oustanding bal is 2k on 5th sept, the pmt due date is 20th sept. I go ahead and pay my oustanding bal on 15th sept before due date, but i still use my cc another 100 ringgit after 15th sept. Will i get charged interest for the 100 ringgit after 20th sept?
No. As the video already explained outstanding balance and statement balance are two different things. Outstanding balance is the total amount you owe in real/current time. As long as you pay the “statement balance” in full before the due date then you are already safe.
Hi Ziet, I was wondering that can we cancel credit card which we applied but have not activate it yet?
I had applied for Hong Leong Bank credit card through an agent but they sent me three cards. After learning more about the cards and its terms and conditions, I am not interested in it.
Do I need to call the bank to cancel my credit card which I haven't activate it?
Hi there, yes you can do that! In fact many of these companies encourage you to apply for the free gifts haha (tho i personally dont encourage doing that).
As long as you didnt activate, its fine. You can give them a call to tell them you want to cancel it (even thou if you didnt activate) for the peace of mind!
@@ZietInvests Thank you for the information, Ziet 😊
Ya, I applied the Hong Leong credit card for the free gift which I felt guilty about it now. So I will be using my Citibank credit card from now on 😅
Hi, can i choose how much i want to pay for the statement, let say my outstanding is RM 1k and minumum amount is RM 50, can i choose to pay RM500? Thankyou
Hello! Be sure check and pay off the monthly statement balance amount first. So that you won't be charged any interest. Any extra, it's up to you.
Hi, just wondering if you know why. i have three cc, the third one has a lower credit limit, a lil bit less than half, as to compare to my other two cc. Is it because i have too much cc or bcs of my credit scores? How do i check my credit scores? But I think i always paid mine on time before due date.. Thanks!
Hey Sarah! A few factors but usually they would base it off your salary range and promptness in paying back your dues. You can check with the banks directly for more info too.
As for checking credit scores, you can check it here at CTOS: ctoscredit.com.my/
@@ZietInvests i see! thank you for replying 🙏🏻
That's when this banker told me the Service Tax Principle for CC can be waived, I didn't believe him, but he sounds convincing though, he claims he made the waive it. I tried before, doesn't work, you can only waive your annual fee, subject to approval so before you sign up, do some research.
SST memang cannot waive one, only annual fees!
Talking too fast and racing through it
thank you for your feedback!
I came here to say Can you please stop putting thumbnails with your mouth open?
Appreciate the feedback. Will see what I can do! :)
i actually found a way to waive the gov tax which is by redeeming points accumulated whenever i spend on my cc. In my case, it is called tpoints (maybank) which required 10000 points to waive the rm25 gov tax. Basically i paid nothing to use the cc since the annual fee is zero too.. ;)
Oo interesting, like that also can! Means you redeem points to get back RM 25? (Or they specifically mention can waive the SST?)
@@ZietInvests Yeah man, weird, I thought this was unwaivable
ahhhhhh thank you so much for the knowledge, really needed this info. 🥹
Welcome!