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:
- Minimum payment due is 5% of statement balance*. Customer makes minimum payment of 5% monthly.
- There is no new retail spend or cash advance following the conversion.
- The outstanding balance* consists of retail spend only and revolves at 17% p.a.
- The monthly instalment amount from Auto Balance Conversion is RM505 and 100% of instalment amount is demanded.
*For CIMB Islamic Credit Card, the outstanding amount/statement balance that will be converted into Auto Balance Conversion is outstanding principal amount only.
**The PFC rate will be subject to the cardholder’s payment history (in accordance to BNM Credit Card-i Guideline) and the monthly rebate that shall be granted by the Bank on the Yearly Facility Charges during Auto Balance Conversion period.
***For Credit Card-i, the Bank will grant a rebate where applicable for early settlement of the installment plan.