Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Credit Card BYTES FROM OUR KITCHEN

    AEON Balance Transfer

    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.

    Features and Benefits of AEON Balance Transfer

    Some of the features and benefits of AEON card balance facility are mentioned below.

    • Repayment period – A 6 month repayment period is provided to cardholders every time they use this facility.
    • No processing fee – There is no processing fee associated with AEON Balance transfer facility.
    • No interest – Cardholders who utilise this feature are exempt from paying interest for 6 months, i.e. 0% interest rate.
    • Minimum amount – The minimum transfer amount under the card balance facility is RM 1,000.
    • Tenure – This facility can be used by a cardholder once every 6 months.
    • Simple - Individuals who wish to use this feature need to fill up a simple form, making the entire process streamlined and efficient.
    • Quick transfer – The balance amount transfer will be completed within 15 business days of the request being initiated.
    • High saving – This feature enables you to save money compared to the products offered by other banks.
    • Outstanding balance transfer – One can transfer the total outstanding amount using this facility. The principal amount, interest accrued, fees and charges are all included in the transfer.
    Transfer Amount (RM) Interest rates charged by other banks (18% per annum) AEON interest charged (6 months - 0%) Savings (RM)
    1,000 81.91 0 81.91
    2,000 164.66 0 164.66
    3,000 246.99 0 246.99
    4,000 329.32 0 329.32
    5,000 411.65 0 411.65
    6,000 493.98 0 493.98
    7,000 576.31 0 576.31
    8,000 658.64 0 658.64
    9,000 740.97 0 740.97
    10,000 823.3 0 823.3
    12,000 987.95 0 987.95
    15,000 1234.94 0 1234.94

    Table highlighting the benefits of using AEON balance transfer

    How to transfer the balance from AEON Credit Cards

    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.

    • Application form – The first step towards initiating a balance transfer is filling the requisite application form. One is expected to fill in their basic information like name, card number, contact details, details related to the account into which the balance should be transferred, etc.
    • A transfer process will be initiated once all the details are verified. The balance of a cardholder will be debited by AEON.
    • The transfer will be completed within 15 days of receiving the application.

    AEON Balance Transfer FAQ’s

    1. who is eligible for an AEON Credit balance transfer?

    2. 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.

    3. Which currency can be used under this facility?

    4. The entire process can be completed only in Ringgit Malaysia. All amounts are billed in RM.

    5. How is the monthly instalment calculated under the transfer program?

    6. 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.

    7. What is the minimum payment a cardholder should make after using this facility?

    8. A cardholder is expected to pay a minimum amount equivalent to 5% of the monthly instalment due every month.

    9. What is the maximum amount one can transfer using this facility?

    10. 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.

    Other Bank Balance Transfer Plans

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