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    AmBank Balance Transfer

    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.

    Features and Benefits

    AmBank Balance Transfer programme has the following features and benefits.

    • Minimum amount for balance transfer can be as low as RM1,000.
    • Maximum amount for balance transfer can be as high as RM30,000 or as per the credit limit available.
    • Applications for balance transfer can be approved within 2 days.

    Plans/Interest Rates & Fees

    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.
    Illustration of Plans

    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.

    How do I apply?

    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:

    • Log in to AmOnline website.
    • select “Apply”, and then click on “Apply Balance Transfer”.
    • Select the AmBank credit card for which balance transfer is to be done.
    • Select the bank name and enter the card number from which balance transfer is to be done.
    • Choose the amount that is to be transferred and edit the figure in the amount field.
    • Verify the card, and choose “Continue” to proceed to the next step.
    • Select the monthly instalment tenure.
    • Accept the Terms and Conditions and apply.
    • A confirmation email and SMS shall be sent to you and balance transfer service will be activated.

    Terms & Conditions

    • The programme is applicable for AmBank principal cardholders only with an available credit limit.
    • Credit cards issued in Malaysia can only be considered under the balance transfer programme.
    • A minimum amount of RM1,000 can be applied for balance transfer from cards of other companies, financial institutions, or as per the Quick Cash request.
    • In case of inability to fulfil the instalment amount at the end of the month, the remaining amount shall be treated as a retail transaction. Normal interest rates shall be applicable after providing a notice of 21 days to the customer.
    • Cancellation of any card under the balance transfer programme shall cost RM100.
    • A notice of 21 days would be given by the bank for the change in any terms and conditions under the bank.
    • AmBank will not take any responsibility for any additional fees that may be charged by other credit card companies.

    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.

    Frequently Asked Question’s

    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.

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