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Thursday, November 3, 2011

RHB Bank Credit Card Promotion 2011 to 2012

(Article by My Credit Cards: http://creditcardsmalaysia.blogspot.com/ If you are reading this article elsewhere, beware that  site is a fake as they are copying my contents without my permission! )

RHB Bank launched two new promotions in November 2011 - 
(1) A RM50 transaction automatically entitles you to enter a Contest  
(2) 0% 6 Months Installment Plan for Retail Transactions. 

RM50 Is All It Takes Contest

This contest ends on 29 February 2012 and is applicable to all RHB Bank and RHB Islamic Bank Credit and Debit cards but excluding RHB Business Cards. By swiping RM50 or above, you are automatically entitled to 1 entry. And if you register your card number by sms or online, you'll get 2X entries. And if you do online purchase of above RM50 per day, you are also entitled to 2X entries. I like this contest because I do not need to sms to the bank after I swipe unlike HSBC contests (HSBC not sincere at all and should learn from RHB). 

If you are a newly approved cardholder, you are entitled to 10 X entries. 

The grand prizes consist of a 1.5 Carat Diamond, a BMW 320i and a hotel suite unit at One@ Bukit Ceylon, KL. However, there was no mention of the diamond's clarity, color and cutting. And the BMW 3 series shown in the ad is not the latest model launched in October 2011 .

There are also monthly prizes i.e. 5 X iPhone 4 and 10X RM1,000 to be won.





Just to highlight, the entries per day are based on block of RM50. Here's an example taken from RHB FAQ:

If I spent RM220 on my RHB Credit Card and RM80 on my RHB Debit Card on the same day? How many entries do I get?

Cumulative spend is separated between RHB Credit and Debit Cards. For the above example, you will be awarded with 4 contest entries for Credit Card and 1 contest entry for Debit Card. Hence, in total you have be awarded with 5 contest entries for the day.


In order to win any of the prizes, you have to answer a simple question. If you are shortlisted for any of the prizes, RHB will try to contact you maximum up to 3 times and if you failed to answer the  call on your mobile, then too bad because you just burned away your prize. 


0% Dial An Instalment - 0% 6 months Installment Plan. 

RHB Bank 0% 6 months installment plan only applies to minimum transaction of RM1,000 and up to RM30,000. All you have to do is call RHB 3 days after the transaction to convert it to 0% installment plan. This 0% 6 months installment plan ends on 31 January 2012 and is applicable to all RHB Credit Cards Principal and Supplementary cards but excluding RHB Business Credit Cards. Another very important thing to note, this plan is not applicable for Service Stations or for Fuel where the MCC Codes are 5541 and 5542.




However, if your transaction is between RM500 and RM1,0000, you'll be imposed UPFRONT interest of 2.5% for the 6 months plan! You can also convert your transactions to 12 months and 24 months installment plans with UPFRONT interest of 5.5% and 11%.  Below are examples taken from RHB website:

Three DAI plans are available:-

a. Interest is chargeable at 2.80% for 6 months Instalment Plan. [Minimum transaction RM 500].
e.g.: The monthly instalment is computed as RM 500 + (RM 500 x 2.80%) / 6 months = RM 85.67 per month. The repayment quantum will be 6 equal monthly instalment amount.

b. Interest is chargeable at 5.50% for 12 months Instalment Plan. [Minimum transaction RM 1,000].
e.g.: The monthly instalment is computed as RM 1,000 + (RM 1,000 x 5.50%) / 12 months = RM 87.92 per month. The repayment quantum will be 12 equal monthly instalment amount.

c. Interest is chargeable at 11.00% for 24 months Instalment Plan. [Minimum transaction RM 2,000].
e.g.: The monthly instalment is computed as RM 2,000 + (RM 2,000 x 11.00%) / 24 months = RM 92.50 per month. The repayment quantum will be 24 equal monthly instalment amount.

Maximum amount for DAI plan is RM 30,000 per transaction.

Unlike the 0% 6 months installment plan, RHB Business Credit Cards can participate in the plans with interest charges. 

For those of you wanting to convert your transactions to this UPFRONT interest plans, please be reminded that the effective interest is much higher. I advised that you read my comments below on RHB Easy Cash before you proceed to convert to these said plans.

(Article by My Credit Cards: http://creditcardsmalaysia.blogspot.com/ If you are reading this article elsewhere, beware that  site is a fake as they are copying my contents without my permission! )

0% 9 Months Installment Plan for Education and Hospital Bills

This is a current promotion where you can convert hospital and  education bills to 0% 9 months installment. This plan expires on 31 March 2012. Pretty good and excellent for those having children entering college or university next year. RHB allows you to convert these kind of transaction which are above RM1,000 AND must be in a single receipt up to 80% of your credit limit. However you must note the approval is based on MCC Codes as follows:

8211 = Schools, Elementary and Secondary.
8220 = Colleges, Junior Colleges, Professional Schools and Universities.
8241 = Schools, Correspondence.
8244 = Schools, Business and Secretarial Professional.
8249 = Schools, Trade and Vocational Professional.
8299 = Schools and Educational Services, not Professional.
8062 = Hospitals.
8011 = Doctors


RHB Easy Cash

With the RHB Easy Cash Plan, you can request for CASH up to 80% of your credit limit to be deposited into your RHB Current or Savings Account. I have written an article on this RHB Easy Cash plan recently. Please click here to read my article on the actual interest charges before you go and apply for the RHB Easy Cash.


Once again for this plan. the interest is charged upfront and added to the Principal  Amount and the repayment then divided equally. As mentioned in my previous posts, upfront interest charges means effectively you'll end up paying to the banks a higher interest than that advertised.  If you were to go with RHB Easy Cash 24 months plan advertised at 8%, the effective interest rate is actually 18.16% which means you'll be paying more than your credit card interest rate! 


Online Transactions



If you do online transactions such as paying your bills or shop online with your RHB Credit or Debit Cards, you will be entitled to double rewards. For credit cards you will earn 2X points and for debit cards you will earn 1% cash back. Once again, RHB Business credit cards are excluded. This offer ends on 31 December 2011.


Platinum 3X Points for Overseas Spending

RHB Platinum Credit Cards entitled to 3X reward points for every RM1 spent overseas until 31 December 2011. This promo is automatic and do not need any registration. 


  

[Update 20 November 2011 - RHB is offering 0% Balance Transfer until 2012 and also 0% 12 months installment plan for Apple iPad2. Click here to read my article on RHB Balance Transfer Plan and Apple iPad2 installment plan ]



OTHER CREDIT CARDS PROMOTION 2011 - 2012

Maybank Credit Card Promorion 2011 -2012 - Click here to read my article.

AmBank Credit Card Promotion - Click here to read my article.

Citibank Credit Card Promotion - Click here.

CIMB Credit Card Promotion - Click here.

2 comments:

  1. do you have any idea what is the T&C for new card holder to enjoy the rm50 gst waiver? is it just make any single swap, any value within 45 days will entitled for the waiver?

    ReplyDelete
  2. Simon, I really got no idea on how RHB credit the RM50 into the account. I didn't even know I was entitled to RM50 the last time.

    ReplyDelete

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