Bro, glad to know you have savings of RM10K in 3 months
Major service RM3K, what car you drive? Maybe you should change car
As for you reasoning of wanting to go with installment, here is something for you to think about:
Case 1
Cash in Hand (RM10K) less CC Outstanding Balance (debt/liability RM3K). Therefore Net Worth = RM7K today.
But because the interest rates in savings account and FD is less than
effective interest rate (always determine this as most CC plans charge interest upfront or maybe a fee) imposed by credit cards, everyday you becoming poorer.
Click here to my article on
The Best Savings Accounts in MalaysiaClick here to my
Fixed Deposit Page to see highest FD Interest Rate.So unless your credit card imposed
effective interest rate of less than the interest rate from your savings, you are getting poorer by the day. In other words, go for 0% interest installment plan to make sure you getting positive interest.
Case 2
Cash in Hand = RM10K and pay of the car service RM3K (Debt/Liability = RM0). Therefore Net Worth = RM7K today (same as above). However this time, you are earning positive interest from your net worth and as such you are getting richer by the day.
Actually, in both cases above, you would have more than RM7K by the time you settle the credit card bill once your monthly income comes into play. Tip - read my Intro to CC 101 (after the Prelude mentioned above) on when to go for your car service and get up to 45 days 0% interest free "loan".
No MBB? What a waste.
Get OCBC Titanium MasterCard
For your RM240 petrol, RM200 groceries, RM350 Dining, RM50 Telco = RM840 x 5% = RM42
For your RM300 Insurance and others RM260[/b] = RM560 x 1% = RM5.60
RMTotal just below RM50 OCBC Monthly cash Back Cap.
But if add the RM2K for ticket one go, then will overshoot the RM50 cap
Should get another card for Petrol Maybe like UOB One Card where you can earn cash back of 5% but cap at RM20/month or RM200 petrol. Can also consider
Citibank Cash Back Platinum which also offers 5% cash back for petrol.
And if you apply the
Standard Chartered Bank Business Credit Card now, you can get 5% cash back for Petrol for limited time BUT more importantly you get FREE Cash from SCB (apply online to get more).
Like I said, what a waste you not willing to consider Maybankard 2 Cards.
And check out my article
Dining Promotions with My Credit Cards to see any credit card can benefit you.