Hi all,

I wanna ask question.

1 got 2 credits card. 1 citibank, 1 cimb. Both got outstanding amount around RM 4k (total rm 8k). Now, I got around RM 5k cash to settle the amount in my credit card.
I want to terminate one CC and only use one CC.

My plans are

Plan A
Pay all outstanding amount in Citibank CC and the remaining cash to CIMB CC.
My total credit card outstanding amount is RM 3k (only in CIMB).
I will balance transfer RM 3k to my Citibank and terminate my CIMB cc.
Citibank balance transfer - Flat Interest Rate between 5.32% - 5.81% p.a. which is equivalent to Effective Interest Rate (EIR) of 9.9% p.a.
Actually, I am not sure about difference between flat interest rate and effective interest rate.

I have to pay RM 138.30

Plan B
Pay all outstanding amount in CIMB CC and the remaining cash to Citibank CC.
My total credit card outstanding amount is RM 3k (only in Citibank).
I will do balance conversion RM 3k to my Citibank and terminate my CIMB cc.
Citibank balance conversion - Flat Interest Rate between 9.84 - 9.99% p.a. for Effective Interest Rate (EIR) of 17.9% p.a.

I have to pay RM 108.31

The interest rate is higher in plan B but why do i need to pay $ lower than plan A?

The reason why i dont want to choose CIMB balance transfer is only max 12 month.

Which plan should i choose? Or u guys got other better plans?

Thank you for your help.

This post has been edited by Prince of Andalus: Jan 19 2016, 02:02 PM

That's why. I think something wrong with the citibank balance conversion calculator.

I can earn more money using my 5k? In stock market? I actually want to avoid cc interest rate 18% annually.

I quite noob actually in manipulating bank.

Edited:

Do u guys know balance transfer offer with good vouchers or rebate? Last time i heard imoney offer balance transfer with lazada voucher if im not mistaken.

This post has been edited by Prince of Andalus: Jan 19 2016, 02:01 PM