Do Balance Transfers

Did you know that if you had a Rm20,000 credit card balance and faithfully paid only the minimum 5% of balance owing (subject to a minimum of Rm50.00 per month when the 5% figure goes below Rm50 a month), it would take you 106 months to settle the debt? You would also have ended up paying about Rm8,170 in interests!

However, should you do a Balance Transfer (with a 0.25% interest charged per month), to another competing bank and settle the debt over a maximum period of 18 months, you would only have to pay a fixed monthly installment of Rm1,137.70 and incur an interest of only about Rm478.40.