I have a simple Test:
1. If i used RM 3,365.99 for last statement date (28 Dec 08).
2. I paid RM 1,600.00 on 5th Jan 09
3. I paid RM1,410.00 on 15th Jan 09
4. I paid RM360.00 on 21st Jan 09
5. My statement due date was 17th Jan 09.
What is the amount that logically and supposed to be charged for finance charges (or interest)?
The ANSWER is RM3,365.99 starting from 28 Dec 08 till 21st Jan 09, a TOTAL of 24 days!!!!! Eventhough i cleared all my RM3,365.99, just because i paid the last RM360 4 days after the due date, i will be charged for 24 days interest based on RM3,365.99. Such a fair system imposed by our BNM. They never appreciate early payment, but they penalty you all the way back to Statement Date if you paid 1 cent less! As i have the habbit of not paying the few cents, no wonder i always kena "extraordinary" interest some time!
Please read carefully what has written at the back of the statement you received every month. It says that interest will only be calculated based on the balance that is not paid after the due date and will calculated from the PAYMENT DUE DATE until FULL SETTLEMENT.