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You can borrow a sum of money from the bank and pay it back for a month. This period is interest-free. If the interest on a savings account is 2%. So in this 20-day grace period We can earn an extra RM5 If only part of the amount owed is paid Not only will the amount owed on this bill be counted as interest. And the interest-free period will be lost. That is, there is no grace period mentioned earlier. Interest will be levied from the consumption date until the penalty date. Hello everyone I'm Hailey If you're on my channel for the first time My channel is about investment and financial planning. including how to accumulate wealth How to Secure Wealth learn to plan Heritage Planning Little knowledge of accounting, etc. Want to know the relevant content Remember to subscribe to my channel And click on the little bell next to it So I won't miss my next movie. In this extraordinary period Many people use credit cards for emergency turnaround. The most basic function of a credit card is to use the money first and then repay it. But with your credit card must finish this film Learn how to use credit cards wisely When is the best time to repay And how do you calculate the interest on your credit card? Don't be fooled by banks. There are several dates to distinguish when using a credit card. The First Consumption Day is the date we spend The date of the card. Second Entry Date Usually the day after spending That is, the date on which the bank received the account. Third billing day The bank will pay the bill on this day of the month. Everyone's billing day will be different The account day is to show the last month's account day. Consumption to this month's billing date Or the interest is settled in full. After the billing date Consumption of all production It will not be settled until the next billing day. And the last one is the repayment date That is, the arrears must be paid on this day. Usually 20 days after the billing date For example, the billing date is July. Consumption from June 8 to July 7 Will appear on July 7 checkout The due repayment date is 20 days after the checkout July 27 If consumption on June 10 Received on June 11 Then this amount Repayment can be made on July 27. this period Up to 47 days is interest-free There will be no interest calculation. But if there is no repayment on July 27 Or just the minimum repayment amount. minimum payment due then we have to pay interest and penalties for late payment When we choose a credit card It is recommended to select those Credit card with cash rebate cashback Usually cashback credit card All need to be consumed in specific groups to get the full cash rebate. If only a specific amount is consumed However, there is no condition for reaching a specific group. Then there is no enjoyment. Highest Cash Rebate It is worth considering having a cashback credit card. For example Visa Signature of Public Bank If you spend at Grocery Dining and Online Transaction 6% cashback Maximum limit of RM38 per month In other words, it can consume 634 ringgit a month. HSBC's Amana Empower Platinum Minimum Consumption RM2000 8% cashback Each group Petro Grocery B Wallet Each limit is up to RM15 RM45 total and other conformed consumption Can also be unlimited 0.2% cashback Nobank's American Express If spending on weekends You can get 5% cashback. Up to RM50 Standard Chartered's Just One Platinum If you spend 2,500 ringgit Can enjoy cashback of up to RM60 Each group is included. Auto Bill Online Purchases Enjoy 15% cashback Limit of up to RM20 per group Can have 0.2% cashback That is to say and Petro Consumption of at least RM134 while the rest of the RM2098 Consumption in any group can be You can enjoy cashback of RM60 per month. So as long as we pick the right credit card smart consumption while spending You can also earn a small cash rebate. Except for the cashback. We should also note that Annual fee and service tax As long as we have a fixed number of brushes We can all set down and bank requirements waive the annual fee Each credit card will be subject to a service tax of RM25. Whether it is a mother card or an accessory card So the more credit cards you hold The more service charge you have to pay If we pay back the money before the payment deadline on the bill. No interest will be levied on the amount payable on the bill. And this grace period Any new consumption is also not subject to interest. So we can choose before the deadline or repayment on the same day If our payables are RM5,000 We can take the money exist in the bank to earn some interest Payment will not be transferred until the deadline. If you worry about forgetting The date of the transfer can be set in advance. Not only will it not be taxed with lasting interest. You can also earn some interest on your savings. You might be curious Why do savings accounts have a 2% interest rate? If you want to know how to get 2% or higher interest on savings accounts can leave a message to tell me If there is a need I'll make another video Tell you what. How to avoid depositing a time deposit. There can also be interest rates on time deposits. Next, let's take a look What will be the cost and interest if the repayment is late? Although I would suggest Repayment will not be made until the deadline. But we must be careful Because even if it's a day late The bank will not only calculate the interest There will also be a penalty for late payment. If we're late on the bill The stated deadline for money repayment. The bank will impose an additional charge on us. 1% of total arrears or a minimum of RM10 as a fine Which one is higher, which number will be charged If you only pay the minimum monthly payment. That is 5% or a minimum of RM50 Then you have to pay interest. Universally Annual interest on a credit card is 15% And it's calculated every day Annual interest rate becomes day rate which is 15% divided by 365 days The daily interest rate is equal to 0.0411% Even if the amount owed is only RM20. Still, the interest-free period will be lost. And all consumption pays interest. Interest will be levied from the consumption date until the repayment date. Collected until the repayment date Billing date July 7 Repayment due July 27 If you spend 5000 ringgit on June 10 Consumption of RM2000 on June 25 On July 7, the balance on the account day was 7,000 ringgit. Minimum repayment amount is 5% That is 350 ringgit If only RM5000 is paid on July 27 Then the interest calculation is The first consumption June 10 - July 7 5000 ringgit by 15% by 27 days equals 55 ringgit 48 sen Second consumption June 25 to July 7 2000 ringgit by 15% by 12 days Equal to 9 ringgit 86 sen Billing balance July 7 to July 27 7000 ringgit by 15% by 20 days equals 57 ringgit 53 sen Arrears from July 27 to August 7 2000 ringgit by 15% by 11 days Equal to 9 ringgit 04 sen So all consumption will not be interest-free The total interest is 131 ringgit 91 cents. If the same example Just the day before the bill on July 6 returned 6950 ringgit The balance of the bill on July 7 was RM50. Minimum repayment of RM50 And on July 27 Release the repayment Repayment is not due until July 30. June 10 to July 6 5000 ringgit by 15% by 26 days equals 53 ringgit 42 sen June 25 to July 6 Billing balance July 6 to July 27 50 ringgit times 15% times 20 days Equal to 41 cents Balance of arrears July 27 to July 30 50 ringgit times 15% times 3 days Equal to 0.06 cents What can be seen is Even if the debt is only RM50 The interest to be paid is RM62 93 cents. That is, more than the amount owed. Many people just pay the lowest amount. That is, 5% of what is owed Well, because it hasn't been paid off. Interest will keep snowballing. Keep counting There will be no grace period interest-free. And this 15% is already the best case scenario If there is a default record Interest also increases. If within 12 months There are 2 months late the annual interest rate will increase to 17% If it is more than 3 months Interest will increase to 18%. So we need to make good use of credit cards And must pay off the card debt If every month Just the minimum amount of repayment. You will find It takes a long time to pay off the debt. Interest has been calculated continuously. Then if you are already in debt to the card Want to know your current repayment amount When can I pay off my debts? Then you can log on to this AKPK website Enter the card debt owed at RM7,000 Annual interest rate If the interest rate is up to 18% Enter the minimum repayment amount of 5% and RM50. Click on calculate If you only pay the minimum amount That is, 5% of the monthly bill arrears. It takes 6 years and 6 months to pay off Total interest RM2769 This 7,000 ringgit card debt 40% interest payable If 350 ringgit is fixed every month Not just 5%. Fill in 350 ringgit here at fix payment Then it only takes 2 years to pay off the card debt. Total interest also reduced to RM1,385 If you have any problems There are card debts or debts that cannot be paid off. Feel like your debt is beyond your management Can seek help from AKPK AKPK specializes in persuading and assisting people with debt problems. Give people with debt problems a chance to restructure their debt And all inquiry services are free A friend who is in debt and can't pay it back. They can be contacted in advance. Well, that's all for today's sharing. If you like this film Or do you know that your friends like to owe card debt Then remember to press like and forward it to them. I hope my film can help them a little bit. Well, if you find any credit cards that are also very favorable Want to share with us You can also leave a message below to let me know There are other videos on my channel about investment and financial planning. Friends who haven't subscribed yet click to subscribe We'll see you next time Bye bye