AUTO BALANCE CONVERSION & Benefits & Privileges
Effective rate at 13% p.a.
Auto balance conversation of outstanding credit card balances at an Effective Interest Rate (EIR) of 13% p.a. for CIMB Bank credit cardholders and at the Payable Facility Charges (PFC) rate of 13% p.a. for CIMB Islamic credit cardholders. Subject to Terms and Conditions.
No processing fee and no cancellation fee for early settlement.
Auto-convert your unpaid credit card balances* every 12 months at a lower rate.
You can decide to opt out from future conversion.
Eligible credit cardholders will be automatically enrolled into the programme
Outstanding credit card balances* will be converted to 36 monthly instalments
Minimum convertible amount is RM1,000
Convertible amount = total statement amount* â€“ total payment made
How does Auto Balance Conversion work?
Upon enrolment for this programme, your outstanding credit card balance* will be assessed after the latest payment due date and converted into 36 monthly instalments upon meeting the eligibility criteria every 12 months.
CIMB Bank/CIMB Islamic will auto-enroll eligible customers. Upon enrolment, the outstanding statement balance* will be converted after payment due date +5 calendar days.
Payable Facility Charges** : 13%
Monthly income: Less or equal to RM5,000 (note that this refers to the latest verified income per your credit card issuerâ€™s record)
Payment history: Payment ratio less or equal to 10% (average of 12 previous months)
Payment ratio = Total payment / total statement balance* (12 previous months)
Your card account is current and not delinquent
13% p.a. Effective Interest Rate (EIR)/ Payable Facility Charges (PFC)** is equivalent to 7.1% p.a. Flat Rate.
Effective Interest Rate (EIR) is the interest rate on a financial product with annual compounding.
This is only an illustration of the minimum payment due with and without Auto Balance Conversion with the following assumptions: