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Any banks allow payment of car loan instalment by credit cards?

Cumzilla

By Cumzilla,
in General Car Discussion

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Cumzilla

Cumzilla

4th Gear

just received a letter from DBS telling me that their 'promotional' feature for recurring payment of my car loan instalment has ended and was asked to pay by giro, internet banking or cheque from next month onwards, wtf [mad] , didnt even know it is for a limited period only and now my loan is still more than half way to go. Anyone know which other banks offer payment of the car loan thru credit card?

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Octopus

Octopus

3rd Gear

For my case they returned my application with the letter saying the same thing.... No choice, use internet banking and pay the installment using credit card.

 

Can I still earn credit card points using internet banking to pay installment? confused.gif

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Nohnemwan

Nohnemwan

1st Gear

Let me try to understand you.

 

You want to look for another bank because your existing HP arrangement to pay with your credit card has now ended?

 

Is this just to service the HP instalment, and not change the HP provider?

 

If this is the case, then just go to the ATM and withdraw cash using your credit card and then bank in the money into your HP account. Since you are so desperate to use your credit card to service the loan.

 

Most normal people will arrange for GIRO to pay the instalments, but since you have a special reason (ie money no enough) to use your credit card, then be prepared to pay the price.

 

Literally.

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Cumzilla

Cumzilla

4th Gear
  • Author
(edited)

dun get u, how to get points already when u can no longer use credit card, with internet banking if i am not wrong, think need to set a new bill with regards to the car loan thru the internet banking platform and then made payment every month to that bill account...

Edited by Cumzilla
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Marquee

Marquee

Clutched

Withdraw cash from CC will attract 24% pa interest immediately; and if I am correct, cash withdrwal does not allow one to accumulate points.

 

TS probably wants to pay his installment via CC and earn the points at the same time.

 

I would do the same too if there is such lobang.

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Cumzilla

Cumzilla

4th Gear
  • Author

why u analyse until so deep? [sweatdrop] i just want to gain points lah, since its a significant amount we pay every month, why not gain some points over it.

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Nohnemwan

Nohnemwan

1st Gear

If that is really the case (for the points as you claim and not because you money no enough), then you have been suckered. They got you to sign up, didn't they?

 

The whole idea of a "promotion" is just that - a short term tactic not a long term strategy. What bank is so stupid to give away points on a regularly recurring payment that stretches 5 years or more? That would be providing a free service to you and on top of that having to award you points. The whole idea of points is to induce you to spend, hopefully beyond your means to the point that you rollover your debt - that's where they make real money at 24% p.a.

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Slowmo

Slowmo

Clutched
just received a letter from DBS telling me that their 'promotional' feature for recurring payment of my car loan instalment has ended and was asked to pay by giro, internet banking or cheque from next month onwards, wtf [mad] , didnt even know it is for a limited period only and now my loan is still more than half way to go. Anyone know which other banks offer payment of the car loan thru credit card?

 

1) you didn't seem to ask properly before you commited to buying a car

 

2) granted that there is an xyz bank that offers payment of car loan using their credit card, how are *you* going to 'transfer' with the current arrangement with DBS? [;)]

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Cheekg98

Cheekg98

1st Gear
just received a letter from DBS telling me that their 'promotional' feature for recurring payment of my car loan instalment has ended and was asked to pay by giro, internet banking or cheque from next month onwards, wtf mad.gif , didnt even know it is for a limited period only and now my loan is still more than half way to go. Anyone know which other banks offer payment of the car loan thru credit card?

you shd cut your DBS credit cards now ... laugh.giflaugh.giflaugh.gif

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Cumzilla

Cumzilla

4th Gear
  • Author

bro if i know it was a promotion in the first place, i would still sign up, who wouldnt? it was my first car, maybe i was, as can see from the bit of sarcasm in your reply, naive and the bank is not so stupid to give away points in this circumstances, but anyone with no history of loan payment, should be forgiven to think that way

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Cumzilla

Cumzilla

4th Gear
  • Author

1)already intended to pay by giro, and by chance came acoss the offer from DBS Esso card and so just applied lor, was thinking this was one of the many ways for the loan repayment.

 

2)why should i change if they continue the offer?

 

alamak a simple query, everyone seem to make it so complicated...

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Slowmo

Slowmo

Clutched

1) Well, you didn't read the fine print. Thats my point. [;)]

 

2) well because its a loan first and foremost. If you were to transfer to another bank , it should be deemed as a full repayment of the first loan and taking a new terms with the 2nd bank. I'm not a banker, but I believe this is the usual treatment for personal loans.

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Nohnemwan

Nohnemwan

1st Gear
Withdraw cash from CC will attract 24% pa interest immediately; and if I am correct, cash withdrwal does not allow one to accumulate points.

 

TS probably wants to pay his installment via CC and earn the points at the same time.

 

I would do the same too if there is such lobang.

 

 

Only if the card is free.

 

You are a sucker if you pay for the card, if you try to console yourself that you can earn points to offset the subscription cost of the card by using it to pay for the car instalment. As proven here they can suka suka terminate this promotional arangement.

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Chris80

Chris80

Neutral Newbie
(edited)

Why so unfriendly???

The subscription can be waived one la. Just call them and make some noise can liao.

Edited by Chris80
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Sony

Sony

1st Gear

eh.. which champion still pay for credit subscription at present days? you mean you still pay?

 

and if there's such offer for payment via credit card initially, why not take it up? I wonder if you read and understand the TS's intention of this thread anot?

 

he's just asking a very innocent question of whether there's other credit card that will do recurring loan repayment. If there's non, then reply as such. But you just think of the worse and try to put him down.

 

I fail to comprehend the way you dissect information.

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