Maybank offers 6 months 0% borrowing up to 70% of credit card limit

[jtra5]

Promo website: https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/promotions/maybank_cards/ezycash.page

Promo T&C to read fine prints: https://www.maybank2u.com.my/iwov-r...otions/2024/tc-ezycash-waived-upfront-fee.pdf

Basically if you have maybank credit cards lying around with low utilisation, you can borrow 70% of the available limit for free. Since you need to repay 1/6 of the borrowed amount every month, I don't think its good to risk it on volatile assets, but if you put it in fixed deposits or money market funds like touchngo go+ or stashaway simple, that means free interest.

Downsides I can think of, not an exhaustive list:

1. CTOS score will tank a bit short term due to high credit card utilisation.
2. You really need discipline to manage $ well, pay your card off on time to avoid late heavy interest charges.

 

[solo81]

@jtra5 Nice. It'd be ironic to put this into an FD at Maybank. It's like you're legally robbing a bank.

 

[baylaurel143]

@solo81 Omg that'll be hilarious

 

[tctruongson]

@solo81 Yeah first, cash advance will incur fee. You need to launder your own business lol

 

[vlc]

@jtra5 They were offering this last year. Here is what I understand.

They are preying on those without financial capability or are desperate. Because if they miss out or unable to repay in 6 months, they will incur a penalty ~20% + refinance at interest rates of 8.88%.

T&C also states if you miss out repayment by 1 day, you incur that 15-20%++ penalty.

It's quite a scum tactic designed as a "convenience", but their T&Cs protect them. In the end there will be many who refinance and the bank earns big on it.

So be very, very careful if you think of taking this loan. If you are assured of your financial capabilities, then go ahead.

 

[jtra5]

@vlc So we are like the rats that act smart, take the cheese and dont get trapped.

 

[vlc]

@jtra5 A bit. But think of it as a game with the bank:

Bank says:

You pay me on time, 6 times, you win.

You miss even 1 time, by 1 second, I win.

 

[chrisitanmom]

@jtra5 Does it work for amex? American express, i cant find an option to do this, appteciate your guidance