Recently, I purchase an item using my credit card 0% loan installment. The purchase price is about RM1,600 and the installment is 30 months. This means around RM53.00 right ? So I guess I have to pay RM53.00 every month to my credit card account.
But this is not what the credit card company do. Instead, they deduct all the RM1,600 to my credit card and every months my monthly payment will be reduce by RM53.00. I keep on asking to myself why the hell does my monthly payment so less and keep paying the minimum payment. Until recently I discovered that I cannot use my card anymore and wondering why as I only use RM1,000 something only (credit limit is RM3,000). I ask the their helpline service and was told that they deduct all the amount already and put it in my minimum payment.
Aiseh...does all credit card company do like this ? Better check with your credit card company whenever you want to buy something on monthly installment. You know all the terms and condition of the 0% interest installment...do ask for this. Do not ignore it!
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