• Auto Balance Conversion

With Auto Balance Conversion, you can now pay off your outstanding credit card balances faster at a lower rate by converting your outstanding amount into manageable fixed monthly payments. You will also reduce the overall interest payment on your credit card debt compared to just paying the minimum 5% required every month.

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 will auto-enrol eligible customers
• Upon enrolment, the outstanding statement balance will be converted after payment due date + 5 calendar days. 

 

Note:
13% p.a. Effective Interest Rate (EIR) 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:
1) Minimum payment due is 5% of statement balance. Customer makes minimum payment of 5% monthly.
2) There is no new retail spend or cash advance following the conversion.
3) The outstanding balance consists of retail spend only and revolves at 17% p.a.
4) The monthly instalment amount from Auto Balance Conversion is RM505 and 100% of instalment amount is demanded.

• Nationality: Malaysian
• Monthly income: Less or equal to RM5,000 (note that this refers to the latest verified income per your credit card issuer’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.

Note: You will not qualify for future automatic conversion if your annual income reaches RM60,000 and above. You will, however, continue to pay down the remaining instalments from the earlier converted balance unless you cancel the instalment plan or opt for early settlement of outstanding balance. Please update CIMB Bank on any changes to your income level.

How to opt-out or cancel Auto Balance Conversion

You may opt out from this programme by contacting CIMB Bank. Once we have received your instruction, we will:
• Not convert your credit card balance to an instalment plan.
• Not charge any penalty fee if cancelled.
• Not charge any penalty fee for early settlement of outstanding balance.
• Upon conversion of your credit card balance, you are allowed to cancel within 30 days from the date of conversion without any
penalty. This cooling-off period only applies to 1st time conversion.

For more information, please click below: