Overdraft


If you find that you can’t keep up with your credit card payments and that you have overstretched your overdraft facility, then it may be that the next step for you is a debt management plan. For those people who find it hard to make the monthly payments to creditors, it can be a really helpful tool.

The intermediary who helps you set up a debt management plan will talk to your creditors and arrange a monthly amount to go to each of your creditors that is manageable for you. Payments are worked out according to your income, but your debts are not written off, they still need to be paid.

A debt management company like Debt Free Direct can talk you through the different options, but a debt management plan is usually suitable for both tenants and homeowners. If your circumstances change, it can be possible to amend payments to suit any changes in income, etc.

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Citibank launched a new overdraft facility called Citibank Ready Credit (CRC). It is a personal overdraft facility without collaterals targeting at working professionals aged between 24 to 55 with an annual income of a minimum RM24,000.

The Citibank Ready Credit is a “pay-as-you-use” overdraft facility with credit line between RM5,000 and RM120,000. Depending on individual profile, the interest rate is between 12 per cent to 18 per cent a year. For comparison credit card interest rate is fixed at a maximum of 18 per cent a year.

With a personalised Visa debit automated teller machine card and cheque book, the product allows access to instant cash and no cash advance fee is imposed.

Below are the benefits of Citibank Ready Credit (CRC)

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