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Managing multiple credit card debts can be a daunting task. You can transfer all your outstanding credit debt into one card and enjoy low-interest rates with balance transfer credit cards.
|Bank Name||Duration (in months)||Interest Rate||Minimum Transfer Amount|
|BSN||3 to 36||0.30% per month to 0.375% per month||RM500|
|HSBC||6 to 12||0.42% per month to 1.99% p.a.||RM1,000|
|Maybank||6 to 36||0.50% per month to 0.75% per month||RM1,000|
|AEON||6||0% per month||RM1,000|
|Public Bank||6 to 36||1.5% per month to 7% per month||RM500|
|RHB||12 to 18||7.30% p.a. to 10.22% p.a. (Effective Interest Rate) 4% to 10.99% (One Time Interest Rate)||RM1,000|
|AFFINBANK||6 to 36||2% to 7% (One-time Upfront Interest Rate)||RM1,000|
|OCBC||6 to 12||2% per month to 4% per month||RM1,000|
|Citibank||6 to 36||5.32% p.a. to 5.81% p.a.||RM1,000|
|UOB||6 to 18 (Reducing Balance Plan) & 6 to 12 (Fixed-Pay Plan)||7.77% p.a. to 7.99% p.a. (Reducing Balance Plan) & 6.6% p.a. to 6% p.a. (Fixed-Pay Plan)||RM1,000|
|AmBank||6 to 24||4.99% p.a. to 8.99% p.a.||RM1,000|
|CIMB||6 to 12||5.99% p.a. to 7.99% p.a.||RM1,000|
|Alliance Bank||12 to 24||6.99% p.a. to 7.99%||RM1,000|
|Hong Leong||6 to 12||4.99% p.a. to 6.99% p.a.||RM1,000|
|Standard Chartered||12 to 36||5.99% p.a.||RM1,000|
|Bank Rakyat||No pre-requisite period||0.25% per month or 3% p.a. for first 3 months and 13.5% p.a. from the fourth month onwards||RM1,000|
A Balance Transfer Credit Card lets you transfer the debt accumulated on one credit card to another card. These cards levy low-interest rates on your existing debt, thereby making it easier for you to clear your credit balance quickly. The interest rate charged on the amount varies from bank to bank with some banks offering 0% interest rate, albeit for a specific time span ranging from 6 to 12 months.
The following are the benefits of this programme:
CIMB Bank 0% Balance Transfer: Transfer all your credit cards’ debts to CIMB Bank credit card and enjoy 0% interest rate for 6 months. The offer is valid till 31 March 2018.
You can transfer your balance from one card to another in the following manner:
Balance transfer credit cards can be extremely useful if you are struggling to pay off multiple credit card debts. However, choosing a balance transfer card can be a bit tricky if you are unaware of the nitty-gritties of the Terms and Conditions associated with it. Here’s what you need in order to choose the best balance transfer plan:
Before you choose to transfer your debts, here are certain things that you need to look into:
Q. Is it possible to apply for a card just for balance transfer?
A. Yes, it is possible. However, it is recommended not to make this a practice. Some banks do not take it in a good way if they find out an individual is applying for credit cards solely to transfer money.
Q. What are the basic things I should know while applying for a balance transfer card?
A. You should make sure that:
Q. Can I make purchases with a Balance Transfer Credit Card?
A. Yes, you can. However, remember that every new purchase will be charged regular interest rate.
Q. Is it possible to transfer outstanding balance from more than one credit card?
A. Yes, if you have sufficient credit limit to transfer the amount, you can.
Q. How do I transfer the balance from one credit card to another?
A. There are various ways by which you can transfer the amount. Some banks offer balance transfer solutions over the phone, while some banks will ask you to fill a separate form.
Q. Do I need a minimum amount to transfer?
A. Yes, most banks have put a requirement on the minimum amount that needs to be transferred. This amount varies from bank to bank.
Q. What happens in case of early repayment? Do I have any additional charges to pay?
A. In case of an early settlement, the bank might levy a fee of RM100. A bank might also ask you to pay all the monthly interest that you have maintained till the conclusion of the programme. Read all the bank’s Terms and Conditions carefully to understand the fees levied during early settlement.
Q. Does every bank charge a penalty for early settlement of balance transfer plans?
A. A penalty is not always charged for early settlement. Some banks like OCBC do not charge any fee for early settlement. However, there are a few banks that might charge you a penalty as per their discretion.