Or else u can request for final statement to be pay off the remaining balance of your installment item, no need wait for 12 months

the balance we say here is not the amount you see in the monthly statement, as you opt in 12 installment so the monthly statement just show the monthly payment, the balance we say here is the total of rest 11 monthly installment, i.e. outstanding balance. you must clear off the outstanding balance thereby you may request to cancel the card

Possibly have early settlement penalty

Possibility... $100 (Penalty)+ the Rest of Outstanding Balance

i m not sure if there is any early termination charge, i.e. penalty, you may check with the bank on this matter (pls share here after you check  ).

y hav to pay the penalty?
it is similar with mortgage loan. There is a lock in period, if u settle your loan in the lock in period, you may pay for early termination fee, guessing that same practice apply on credit card. but it is just guess, you better do check with bank.

Some bank charges it and some doesn't
Anyway, it's in the tnc when u sign up for installment, dun tell me u din read