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AmBank provides a balance transfer programme with low interest rates and easy repayment options of up to a period of 36 months. You can use the balance transfer plan to consolidate your existing credit card debts into one card. This will help you pay off your credit card debts conveniently without having to shell out a lump sum on interests.
AmBank Balance Transfer programme has the following features and benefits.
AmBank Credit Card Balance Transfer Interest Rates Starts @ 4.88%. Check the below table(s) for Tenure, Minimum & Maximum Trasnfer Amount for the plans offered by AmBank and find the illustrative table for your reference calculation.
|Plan Name||Tenure||Interest Rate||Min Transfer Amount||Max Transfer Amount|
|B||12, 24, or 36 months.||4.88% p.a.||RM1,000||Up to available credit limit.|
In order to illustrate the method of calculation under balance transfer program, an amount of RM5,000 is assumed to be credited to the AmBank account from another credit card for balance transfer. The plans chosen for illustration are of a tenure of 24 and 36 months respectively. The example shall exhibit the differences in the interest paid under different plans.
|Tenure||Amount||Monthly Interest Rate Applicable||Monthly Interest Paid|
|24 months||RM5,000.||4.88% p.a.||RM20.33.|
|36 months||RM5,000.||4.88% p.a.||RM20.33.|
For the first plan, the monthly instalment to be paid by the primary cardholder is RM208.33. The interest per month would be RM20.33. Therefore, the total amount to be paid each month for a period of 24 months is RM228.66. At the end of the tenure period, the cardholder will pay RM5487.84, with RM487.84 as interest.
For the second plan, the monthly instalment to be paid by the primary cardholder is RM138.89. The interest to be paid per month is RM20.33. Therefore, the total amount to be paid each month is RM159.22. At the end of 36 months, the cardholder will pay RM5731.92, with RM 731.92 as interest.
There are no application forms which are required to be filled in order to apply for balance transfer. An AmBank cardholder can apply through AmOnline internet banking. The process to be followed for registering for balance transfer is as follows:
Balance transfer programmes are designed to take the financial burden off your shoulder. In Malaysia, there are quite a few balance transfer plans that are worth signing up for. But, there are certain pitfall too, only if you fail to make payments in time.
You can use the AmBank BT plan for any of the AmBank credit cards. Make sure to read the aforementioned fine print carefully before signing up for the plan.
Q. Is there any charges which as applicable in the case of early settlements?
A. Yes. An amount of RM100 shall be charged in the case of settlement before the instalment tenure. This would also include cancellation of any card under the balance transfer programme.
Q. What are the ways in which I can provide instructions to the bank to settle outstanding balances for other banks under balance transfer?
A. A signature on the application form or a verbal consent obtained by phone call shall be considered as valid instructions to settle and pay the outstanding balance with other banks/financial institutions on behalf of the cardholder.
Q. What are the ways in which credit is settled with other banks by AmBank?
A. Payment to other card companies/ financial institutions shall be made by cashier’s order or banker’s draft . Payment can also be made through direct credit to the bank/ financial institution, or through interbank GIRO transfer.
Q. Is there any other condition which I should be aware of before I apply for balance transfer under AmBank?
A. AmBank has the absolute discretion to transfer the whole or part of the amount to other banks/financial institutions. The decision shall be informed to the cardholder in that case before the transfer.
Q. How soon can I get the balance transfer application approved?
A. If the application is made before 2 p.m. on a working day, the balance transfer application will be approved on the same day itself. However, the maximum time limit for approving the balance transfer application is 2 days.