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    Compare & Apply Best Balance Transfer Credit Card in Malaysia

    With a Balance Transfer (BT) Programme, you can enjoy great savings at low interest rates. 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.

    What is Balance Transfer?

    A Balance Transfer programme allows you to enjoy low interest rates by providing you the flexibility to transfer the outstanding balance from one bank’s credit card to another bank’s card. This will help lessen the burden of paying off credit card interests charges considerably.  Usually, the BT programme has different plans for you to choose as per your needs. Most banks use BT plans in order to compete with other banks and attract more customers.

    Looking to Apply for New Credit Card in Malaysia? Start Comparing Credit Cards by Click Here

    Compare Balance Transfer Plans in Malaysia

    Bank Name Tenure (in months) Interest Rate Minimum Transfer Amount
    AEON Balance Transfer 6 0% RM1000
    Affin Bank Balance Transfer 6,12,18,24,36 2% to 7% (One-time Upfront Interest Rate) RM1000
    Alliance Bank Balance Transfer 12,18,24 6.99% - 7.99% p.a. RM1000
    AmBank Balance Transfer 6,12,24 4.99% - 8.99% p.a. RM1000
    Bank Rakyat Balance Transfer 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 NA
    BSN Balance Transfer 3,6,9,12,24,36 0.30% per month to 0.375% per month RM500
    CIMB Balance Transfer 6,12 5.99% p.a.- 7.99% p.a. RM1,000
    Citibank Balance Transfer 6,9,12,18,24,30,36 5.32% - 5.81% p.a. (EIR - 9.9%p.a.) RM1,000
    Hong Leong Balance Transfer

    Lifetime (No fixed repayment period)

    6 or 12 months

    Lifetime (4.99%p.a.)

    6 or 12 months(6.99%p.a.)

    RM1,000
    HSBC Balance Transfer 6,12 0.42% per month to 1.99% p.a. RM1000
    Maybank Balance Transfer 6,9,12,24,36 0% - 0.75% p.m. RM1000
    OCBC Balance Transfer 6,12 2% - 4% RM1000
    Public Bank Balance Transfer 6,12,24,36 0% - 7% RM500
    Standard Chartered Balance Transfer 12,18,24,36 5.99% p.a. RM1000
    RHB Balance Transfer Up to 24 months

    4.00% - 10.99%(One time charge)

    7.30% - 10.22% p.a.(Effective Rate)

    RM1000
    UOB Balance Transfer

    Reducing Plan(12 Months)

    Fixed Pay Plan(6,12 Months)

    Reducing Plan(4% Upfront Interest)

    Fixed Pay Plan(3.3% for 6 Months & 6.0% for 12 Months)

    RM1000

    Features and Benefits

    • You can enjoy more control over your monthly repayments: Given that you can choose the duration of your plan, you can have better control over your monthly repayments.
    • You can consolidate all your accounts into one: If you own multiple cards, you can consolidate all your accounts into a single account under the balance transfer programme. Thus, you need not remember various repayment due dates or different clauses of your cards. This way, your transactions will be simpler.
    • You can manage your debt better: Given that this programme allows you to choose your plans as well as the favourable interest rates, you can assess your credit.
    • You can save more: You have the opportunity to save more as you need not pay any processing fee or handling charges. Moreover, no penalty is usually charged on early exit, which makes it easier to save.
    Balance Transfer Plans Malaysia

    How Do You Apply for the BT Plan?

    • Download the application form from the bank’s website and fill it out with all mandatory details.
    • Attach a copy of your latest credit card account statement of the bank from which you want to transfer your outstanding balance.
    • Submit the same along with the application form to the bank branch. You can also fax or email these documents.

    Types of Balance Transfer Programmes

    Fixed balance transfer: In fixed BT, there is a tenure and the equated monthly instalment needs to be repaid over the agreed period. It limits the customer from having any flexibility when it comes to making payments outside the repayment schedule.

    Flexible balance transfer: Unlike the fixed BT, a flexible BT allows you to pre-pay the amount in part or in full depending on the cash flow. This reduces the interest to be paid over a longer tenure. While the interest rate can be higher in flexible BT as compared to a fixed BT, you can save on the overall interest to be paid if repay what you owe over a shorter tenure.

    The fixed BT scheme is advisable for salaried personnel who have a fixed monthly income. The flexible BT scheme, on the other hand, is best-suited for those who have variable income like business owners.

    How to Find the Best Balance Transfer Credit Card?

    Balance transfer credit cards can be extremely useful if you are struggling to pay off 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:

    • Transferred amount Terms and Conditions: Some banks put a minimum transferred amount bracket, while some banks ask the debtor to clear off the transferred debt within a specific period of time. It’s important to understand the Terms and Conditions associated with these cards so that you can choose one that suits you best.
    • Interest Rates: Always choose a card offering the lowest interest rate. You can even find 0% interest balance transfer cards in Malaysia. However, such cards come with a specific time, often limited to 6 to 12 months, where you don’t have to pay any interest.
    • Overall benefits of the card: It’s always important to know other attributes of the credit card. Ensure that you enjoy the basic privileges, including cashback, reward points, waiver of annual fees, rebates, and other benefits with your new credit card.

    Things You Should Consider Before Opting for Balance Transfer

    Advantages of a Balance Transfer Plan

    • Benefit from a low interest rate: In all probability, your existing credit card balance will carry a high interest rate. Transferring this balance to a credit card with a lower interest rate will allow you to pay off your dues quicker. As most balance transfer plans come with 0% interest rates for the first 6 months (as a promotional offer), you will have enough time to reduce your credit card balance.
    • Move your balance to a more suitable credit card: Reading the fine print is very important. If you feel that your current credit card has some unacceptable terms and conditions like exorbitant fees or no grace period, then you can consider moving your balance to a more suitable card.
    • Consolidate your credit card debt: You can transfer outstanding balances from multiple credit cards to a single card. This leaves you with fewer payments to deal with every month.

    Disadvantages of a Balance Transfer Plan

    • You may end up paying a high interest rate if you don’t make payments on time: Once the promotion expires, the interest rate on the card increases again. Hence, ensure that you make the payment before the promotion expires.
    • A balance transfer programme can prove to be costly sometimes: Conduct proper research regarding the fees and charges before taking the plunge. Know about the annual fees, processing fees, transfer fees, etc. Many Malaysian banks like BSN do not charge any processing fee for a balance transfer.
    • You can be at risk of more debt: Transferring your balance to another card allows you to have more credit. In this case, you must ensure that you curtail your expenses and do not go on a spending spree. Remember, the whole idea of a balance transfer is to help you save more while reducing your overall debt.

    Keep In Mind

    Before applying for a balance transfer plan, keep the following facts in mind:

    • Most Malaysian banks allow only the principal cardholder to apply for a balance transfer plan. However, BSN Bank allows supplementary cardholders to apply for this programme as well, provided they seek permission from the principal cardholder. Both must sign the application form.
    • Try to pay off as much debt as you can within the promotion tenure. If you pay only the minimum amount that’s due, it will take you a longer time to settle the outstanding balance. It is advisable to assess your repayment capacity before applying for the balance transfer. After the promotional tenure expires, you will be charged the usual 18% p.a. interest rate.
    • The minimum transfer amount varies from one bank to another. It Starts from RM500(Depends on Bank Plans)
    • Many banks charge a one time upfront fee. For example, Maybank charges a 3% upfront fee from the approved amount for each application and bills it to the credit card statement on the posting date.

    Frequently Asked Question’s

    Q. Can a supplementary cardholder apply for a BT programme?

    A. Some banks like the BSN bank allow a supplementary cardholder to apply for a BT programme. However, you will first have to seek permission from the primary cardholder. Both the primary and supplementary cardholders must sign the application form. On the other hand, Maybank and RHB Bank do not allow supplementary cardholders to apply for BT plans. Hence, it is advisable to check the individual bank’s website to know your eligibility. You can then take your decision accordingly.

    Q. Is there any exit fee for early settlement?

    A. Most banks do not charge any exit fee for early settlement of the BT programme. You can check the bank’s website to know more about such additional charges.

    Q. Is there any way to know the current status of my application?

    A. Yes. You will get a notification about the outcome of the application status for the BT programme. If it is approved, then payment to other banks will take place usually within 10 business days, starting from the approval date.

    Q. What is my monthly repayment quantum available?

    A. Your monthly repayment quantum depends on the bank’s policies. Generally, it ranges from 6 months to 36 months (6, 12, 18, 24, 30, 36 equal monthly instalments).

    Q. How long does it take for the balance transfer plan to activate?

    A. Generally, it takes around 10 to 15 working days for the BT plan to activate and pay off the outstanding dues.

    If used wisely, a BT credit card scheme can help you save on interest charges. It can be a huge benefit for you if you are burdened by credit card debt. But, you must always ensure that you understand the exact cost and other details while being ready to pay your debt within the stipulated time period.

    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:

  • Your balance transfer card has enough credit limit to transfer the amount.

  • You have gathered all the information regarding the interest rates offered by the bank.

  • You have checked all other attributes of the card i.e., cashback, reward points, and other privileges.

    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.

    BBazaar's Best Balance Transfer Credit Cards of 2018

    Updated on 4th September 2018

    Check out BBazaar’s recommendation for best balance transfer credit cards in Malaysia. These credit cards are picked based on the popularity, benefits and privileges offered by card issuers.

    Card Name Balance Transfer Interest Rate Minimum Balance Transfer Amount Tenure
    HSBC Visa Signature Credit Card From 0% p.a. to 8.99% p.a.           RM1,000. 6 or 12 months.
    AmBank Visa Infinite Credit Card From 0% p.a. to 4.88% p.a.

    RM4,000 for the 0% p.a. plan.

    RM1,000 for the 4.88 p.a. plan.

    12, 24, or 36 months.
    Alliance Classic Card From 0% p.a. to 7.99% p.a.

    RM3,000 for the 0% p.a. plan.

    RM1,000 for all other plans.

    12, 18, or 24 months.
    Hong Leong Essential Credit Card From 4.99% p.a. to 6.99% p.a. RM1,000. 6 or 12 months; lifetime repayment option available.
    Maybank Visa Platinum Credit Card From 0% p.a. to 9% p.a.

    RM2,000 for the 4.95% p.a. and the 4.50% p.a. plans.

    RM1,000 for all other plans.

    6, 9, 12, 24, and 36 months.
    UOB Visa Infinite Card From 3% p.a. to 6% p.a. RM1,000. 6, 12, or 18 months.
    AEON Big Visa Gold Card 0% p.a. RM1,000. 6 months.
    BSN Platinum Mastercard From 0% p.m. to 0.375% p.m.

    RM500 for the 3 months plan.

    RM2,000 for the 36 months plan.

    RM1,000 for all other plans.

    3, 6, 9, 12, 24, and 36 months.
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