Thanks to a fellow visitor of this blog Kurt who introduced to me DBS credit card funds transfer. Take note the offer is valid till 31 July 2008.
I did work out the effective rate per annum and to my surprise, it is only at 4.73%. I think that is the lowest rate I have ever seen so far?! As I am not really a credit card borrower, pardon me if I am wrong.
The rate seems to be very attractive for a 12-month repayment period; so I thought of sharing this piece of information. Below are an example of how the loan works and an illustration of how the effective annual rate is computed in Excel.
Loan = $5000
Repayment period = 12 months
Administration fee of 4% = $200

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