C-I-M-B Credit Cards does not charge interest on new purchases made after the statement cut-off even if only the minimum amount due was settled on the previous month's balance.
FAQs
How does No Interest on New Purchases work?Easy/Classic
Given:
| Credit Limit: | RM15,000 |
| Statement Date: | June 10 |
| Previous Balance: | RM10,000 |
| Due Date: | July 1 |
| New Purchase: | RM2,000 (June 12) |
| Minimum Amount Payment: | RM1,500 (July 1) |
| Interest Rate: | 2% |
C-I-M-B Credit Cards
NO INTEREST ON NEW PURCHASES
How to compute:
{(10,000 x 20 days)
+ [(10,000 1,500) x 10 days]}
30 days
ADB = RM9,500.00
20 days = Day after Statement Date to Day before Payment (June 11 June 30)
10 days = Payment Date to Statement Date (July 1 July 10)
ADB x Monthly Interest Rate
RM9,500.00 x 2%
Interest Charge = RM190
Note: New purchase amount of RM2,000 is not included in the ADB computation.
Gold/Platinum
Given:
| Credit Limit: | RM200,000 |
| Statement Date: | June 10 |
| Previous Balance: | RM100,000 |
| Due Date: | July 1 |
| New Purchase: | RM30,000 (June 12) |
| Minimum Amount Payment: | RM20,000 (July 1) |
| Interest Rate: | 2% |
C-I-M-B Credit Cards
NO INTEREST ON NEW PURCHASES
How to compute:
{(100,000 x 20 days)
+ [(100,000 20,000) x 10 days]}
30 days
ADB = RM93,333.33
20 days = Day after Statement Date to Day before Payment (June 11 June 30)
10 days = Payment Date to Statement Date (July 1 July 10)
ADB x Monthly Interest Rate
RM93,333.33 x 2%
Interest Charge = RM1,866.67
Note: New purchase amount of RM30,000.00 is not included in the ADB computation.