Avoid Paying Dearly For Late Payments In Malaysia

Written by Iris Lee Illustration by Achmad Baraja

Taking up financing and credits are not necessarily a bad thing – only if you religiously and promptly pay off your balance every month. However, sometimes life gets in the way.

For example, you may be travelling overseas when the due date for your credit card or financing comes around. Sometimes, it may have just slipped your mind. It’s happened to all of us at least once.

However, the repercussion of late payment is bigger than paying interest or late penalty. Paying off your credit card or financing late could badly affect your credit report. Every time you miss a payment or late on a payment, it will be reflected on your Central Credit Reference Information System (CCRIS) report.

But simple forgetfulness rarely puts your credit report in the dumps — if you know what to do.

With the advent of technology, you could make payments anywhere in the world and still have it reflected immediately. You can make payment at any MEPS ATM or online using Instant Transfer to have your payments transferred immediately – and avert any late payment costs.

Find out how much money you could be saving on interest and late penalties by using Instant Transfer to pay your debts!