A Better Way to Minimize High Interest Rates in Your Credit Card

My friend and Pastor, Larry, shared with me some important facility that most credit card companies have but seldom advertise. Before I came to know this facility, I was paying the monthly "Minimum Payment" since I could not settle the balance in full. As a result, the interest on my balance kept on mounting. Paying the minimum payment was like paying only the interest on the principal amount and you really never eliminate the balance.

My credit card, BPI Card, has what they call "Express Balance Transfer". I can transfer the balance of my credit card to this facility and pay the balance on a term that will suite my ability to pay the new monthly amortization.
Here's an example of this Special Installment Plan (SIP): Assuming your balance is P20,000.00. Instead of paying the full amount, you can transfer this to the SIP and pay it in, say, 12 monthly payments.
To get the monthly amortization, there are 2 ways to compute:
That is a better way to minimize your interest charges on your credit card balances.
Why not see if your credit card has the same, if not better facility.