MBF Card     for BT

Hi all,

I wanna ask question.

1 got 2 credits card. 1 citibank, 1 cimb. Both got outstanding amount around RM 4k. 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.

my situation was quite similar with this, but mine was from UOB and Maybank. It is better for me to transfer from Maybank to UOB, or the vice versa?

yes, but might be limited to invitation? anyone can confirm?

you mean your bsn card is approved but not yet received/activated and you applied for bt and yet they approved and transferred the amount to your account?

Bro,

Mind sharing how do they calculate the interest rate? I refer to their webpage and I still doesn't have a clue 

no, it's not normal. by right at least you have to activate your cc first.

hopefully they don't accidentally put it as personal loan 

Hi bro,

Thanks for your time first of all. Let's say I'm interested in plan D, where the tenure is 12 months, and the interest rate is "0% for the first 6 months and subsequent months at 0.30%".

Let's assume the amount I BT is RM 10,000. How much total in interest I will be paying if I repay to BSN using the following 2 payment patterns?

A. Every month RM 850 for first eleven months and the remaining on the 12th month
B. Every month RM 1500 for first six months, RM 150 from 7th month to 11th month and the remaining on 12th month
I'm asking the above because from the Saving Table they provided in their website, it seems like they charge you interest based on the initial amount of BT(in example above it's RM 10,000), regardless of your outstanding balance from 6th month onwards(Since plan D stated that "0% for the first 6 months and subsequent months at 0.30%").

The following link is the Saving Table from their website.

http://www.mybsn.com.my/content.xhtml?contentId=285