17 August 2013

An Alternative Way to Pay Credit Card - Interbank Transfer

Generally, we may have one or two credit cards that issued by a bank without having its saving or current account. Consequently, most of us are going to do a similar "exercise" monthly - queuing in front of an ATM to pay our credit card bill. Since the number of credit card users is getting more, the time taken to complete this monthly routine task using similar method is also getting longer. An alternative method is needed to save our precious time.

Luckily, Bank Negara has asked our bankers to provide cheaper interbank service. In other words, we can complete our monthly obligation (clear credit card payment on time) via our current online banking system, with as low as RM0.10 only.

Since the duty of commercial banks is to earn money, it should not be surprised that one (or more) extra option is available for those who want to enjoy INSTANT transaction. Of course, a little bit higher cost is needed. For those want to save time and money simultaneously like me, GIRO Interbank Transfer should be the best option to complete our credit card payment.
To use interbank transfer that costs RM0.10, credit card payment must be made earlier. This is because it normally takes 1-2 WORKING days to complete it. For example, if your credit card due day is this Sunday, you should make your payment by Tuesday. Supposedly, the payment will be received by Thursday. In case of any error occurs, you still have one extra working day (Friday) to take necessary action to avoid late payment penalty.
For “emergency” case, you should use the INSTANT fund transfer option to avoid any late payment penalty and to maintain your credit status.


I think the cost of RM0.10 is very reasonable. First, we do not need to risk ourselves to carry abundant of cash from one bank to another. Second, we save the cost and time needed to travel to that particular bank to complete this routine task.

Security concerns

Indeed, most of us still worry about or suspect the security of online transaction. Especially, many cases have been reported in newspaper. Nonetheless, I believe most of the cases were due to careless. I am quite confident about our two-way authentication security system such as Transaction Authorisation Code (TAC) security system. This is because as long as the computer used is free of virus or any malware and your registered mobile is always with you, it is quite impossible for somebody to “steal” your money via internet.

Indeed, we cannot underestimate the ability of those high-tech thieves who may silently retrieve our password. Thus, we must always be alert and never reveal our TAC to anyone.

Do not respond to any email/sms/phone call requesting you to reveal your TAC
Security is always the first priority. Thus, the first step before enjoying the convenience provided from interbank transfer system is to ensure you have a malware-free computer, secure internet connection, and a very personal mobile phone.
That's all for today. More fascinating articles and sharing will be updated from time to time in Xaivier Blog. So, you are welcome to subscribe our feed, look at our sitemap or simply visit our Homepagefor latest sharing.

Written by: Xaivier Chia

NOTE: We have contributed this post to ringgitplus.com, and it has been published in https://ringgitplus.com/en/blog/Banking-basics/Giro-Interbank-An-alternative-way-to-make-Credit-Card-payment.html on August 14 2013 with our permission.

P/S: The above sharing is solely based on personal insight and information that believed to be reliable. Your valuable feedback are very welcome.


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