Asked on 01 Jun 2018
How about work part time while studying to minimise the loan repayment and interest. Been working since I'm 15. Paid in full for my first diploma. Next will be my degree.
As mentioned by the others
depends on your school’s acceptance of using credit card installments.
you can try to “increase” your credit limit by otlver paying your credit card for short terms
As Gabriel has mentioned, if your school has a installment plan then please go with the school. Otherwise, I'd suggest you take out a study loan (I highly recommend RHB - they had better interest rates vs the other banks) Link here but please do your own homework as there are always promotions etc.
Never use your credit card for school fees if possible. First, for installment plans it's up to the bank's discretion to approve or not. Meaning banks could reject and they don't need to provide you a reason why it is rejected - it is just rejected. Then you'll be slapped with the hefty interests. Two, your credit limit will be limited during these period of time until you clear the sum and if you can't, your credit score will be severely affected as well. Double whammy.
You can prefund the credit card (transfer money from bank account despite having no balance) - that will allow pay through something higher than normal credit limit.
Conceptually this allows you to pay any amount.
I have once seen a bank have a rule that says rewards in 1 monthly cycle limited to the credit limit which defeats the purpose.
Not sure why you'd want to pay using your credit card. Credit card interests are MUCH higher than if you were to take loans!
If your school allows for an installment plan, then you can consider it.
But please check before going for installment plans.
Check for extra fees/charges.
Total up the monthly payment, check that the total installments = the full bill. Sometimes you pay more for installments.
Do note your credit limit is also going to be reduced if you use an installment plan.
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