A balance transfer, in essence, is the process of transferring a portion of the amount one owes from one credit card to another, owned by the same person, thereby eliminating hassles related to paperwork and formalities. AEON credit service offers this special feature on its AEON credit card, enabling card members to transfer balance at ease.
Some of the features and benefits of AEON card balance facility are mentioned below.
|Transfer Amount (RM)||Interest rates charged by other banks (18% per annum)||AEON interest charged (6 months - 0%)||Savings (RM)|
Table highlighting the benefits of using AEON balance transfer
AEON’s card balance transfer facility is simple to understand and use, with individuals who wish to utilise this feature expected to follow a certain basic steps.
This facility can be used only by principal cardholders who have a credit card supplied by Malaysian Financial Institutions. Secondary cardholders cannot utilise this facility.
The entire process can be completed only in Ringgit Malaysia. All amounts are billed in RM.
Each monthly instalment is calculated by using a simple formula. The total amount transferred plus the interest on this amount is divided by the total instalment period (in months) to give the monthly instalment.
A cardholder is expected to pay a minimum amount equivalent to 5% of the monthly instalment due every month.
The maximum amount one can transfer is restricted to 80% of the credit limit available to a cardholder.
Note: This facility is available at the discretion of the service provider and individuals are expected to check it with the relevant authorities.