Malaysia Secured and Unsecured Loan

How to convert credit card to cash and repayment by installment?

Are you urgently looking for CASH? There are few ways that you can obtain CASH from your credit card available limit. We are not encourage you to withdraw cash advance from your Credit Card as the bank will charge you a instant 5% cash advance fee upon withdrawal and daily rest interest from 13.5% to 18% will be charge to you until you fully settle the amount. This post show you the information how you can get CASH from your credit card available limit and stress your repayment by installment with minimum interest rate charged.

Option 1:

Do you hold Eon Bank Credit Card?  You can take instant cash from your Eon Bank Credit Card and they will only charge a one time interest fee which the lowest rate so far.

Maximum amount that you can withdrawal is subject to your available credit card CASH limit.

For example you would like to apply RM 5000 and choose 24 Months repayment tenure.

One time interest fee will be RM 5000 * 6.99% (Currently they have 1% rebate promotion until 31^st Dec 2010) = RM 349.50. Hence in the first month of your bill date you have to pay RM349.50 and subsequent month you will start your repayment with 0% interest of RM5000 / 24 = RM 208.33 each month for 24 months. Meanings that you only pay interest of RM349.50 which is very little compare to cash advance and pay off in 24 months. To apply, please call 03-2382 7979 and speak to the officer that you want to apply Call For Cash. No filling form hassle, they are over the phone conversation recording for application process and you will get your money in 3 working days after approved.

Option 2:

Alliance bank is also offered instant cash from Alliance Bank Credit Card. They have 3 plans which are 6, 12 and 18 months plans and each plan charge 5%, 6% and 8% p.a. interest respectively.

Maximum amount that you can withdrawal is subject to 80% of credit card available limit.

For example you would like to apply RM 5000 and choose 12 Months repayment tenure.

Flat interest fee per annum will be RM 5000 * 6.00% = RM 300.00. Each month repayment amount will be (RM 5000 + RM 300) / 12 = RM 441.67. To apply, download the application form from http://www.alliancebank.com.my/pdf/forms/FC_appl_form.pdf and then fax to 03-5638 3667. You can confirm your application after 3 working days by calling this number 03-8073 7888.

Option 3:

This option is not legal however I will consider it as a loop hole of the credit card balance transfer plan.

Would you ever think how to get instant CASH from balance transfer plan?

First you will need a credit card (A card) has no outstanding balance on this card and any saving or current account in the credit card issued bank. Then now you can apply a balance transfer with other credit card (B card) to settle this credit card (A card) which has no outstanding amount.

Why it is allowed? Because most of the balance transfer now do not required you to submit the balance statement hence you can apply any outstanding amount you want.

Once the balance transfer is done, you will see the transferred amount has been credited into your credit card (A card) account. Now in your account it will show credit (positive) amount and means the bank owe you the money.

Finally, call the credit card (A card) customer service and tell them that you have overpay to your credit card (A card) and would like to withdraw out the overpay amount to your saving or current account in this bank (Do not use the credit card to withdraw the balance from ATM because it will be treated as Cash Advance).

This is how the magic of balance transfer to instant CASH

More instant CASH options can be found here Quick Cash