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Best Balance Transfer Credit Cards of 2018

A balance transfer facility allows you to consolidate the outstanding balances from different credit cards into one credit card. You can save on the interest/profit rate when you consolidate the balances. Some credit cards also provide 0% interest rate as a promotional offer or that’s applicable only for a certain repayment period.

Types of Credit Cards Offering Balance Transfer Plans

Best Credit Cards for Balance Transfer

Best Malaysian banks’ balance transfer (BT) schemes 2018

Updated on 5th November 2018

Card Name
Balance Transfer Interest Rate
Minimum Balance Transfer Amount
Tenure
Know More

From 0% to 6.99% p.a.

(Interest Rate)

RM1,000

(Minimum Balance Transfer Amount)

6 or 12 months

(Tenure)

From 0% p.a. to 9% p.a.

(Interest Rate)

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

RM1,000 for all other plans

(Minimum Balance Transfer Amount)

6, 9, 12, 24, and 36 months

(Tenure)

From 0% p.a. to 7.99% p.a.

(Interest Rate)

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

RM1,000 for all other plans.

(Minimum Balance Transfer Amount)

12, 18, or 24 months.

(Tenure)

From 0% p.m. to 0.375% p.m.

(Interest Rate)

RM500 for the 3 months plan

RM2,000 for the 36 months plan

RM1,000 for all other plans

(Minimum Balance Transfer Amount)

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

(Tenure)

From 4.99% p.a. to 6.99% p.a.

(Interest Rate)

RM1,000

(Minimum Balance Transfer Amount)

6 or 12 months; lifetime repayment option available

(Tenure)

From 1.5% p.a. to 7% p.a.

(Interest Rate)

RM500

(Minimum Balance Transfer Amount)

6, 12, 24, or 36 months

(Tenure)

0% p.a.

(Interest Rate)

RM1,000

(Minimum Balance Transfer Amount)

6 months

(Tenure)

From 0% p.a. to 4.88% p.a.

(Interest Rate)

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

RM1,000 for the 4.88 p.a. plan

(Minimum Balance Transfer Amount)

12, 24, or 36 months

(Tenure)

HSBC Visa Signature Credit Card

Get rewarded when you spend on retail or online purchases in Malaysia or abroad. The various benefits you can get from the card are given below.

Key Benefits

  • Enjoy up to 8x reward points when you spend overseas.
  • Get up to 5x reward points on online spend.
  • Collect up to 5x reward points on every ringgit spent at selected local malls.
Additional Points Description
How to Use it
  • Redeem the reward points for vouchers and gifts available on the HSBC Rewards Catalogue.
  • Redeem the accumulated reward points for Air Miles.
Good about it
  • Get discounts at above 6,500 shopping outlets with the SmartPrivileges programme.
Keep in Mind
  • Get complimentary Plaza Premium Lounge access.
  • Reward points are not offered when you spend with the card for petrol purchase.

Who should get it

  • Those who spend on retail purchases overseas.
  • Those who shop at local malls.
  • Those who make online purchases.

Maybank Visa Platinum Credit Card

This card lets you earn rewards when you carry out local and overseas retail transactions. You can also earn extra TreatsPoints during your birthday month.

Key Benefits

  • Earn 1 TreatsPoint for every RM1 spent locally.
  • Earn 2 TreatsPoints for every RM1 spent overseas.
  • You get a superior line of credit as per your requirements.
Additional Points Description
How to Use it
  • Use your card to carry out local and overseas retail transactions and earn TreatsPoints.
  • Redeem the TreatsPoints you have accumulated on a range of lifestyle items, gift vouchers, and with frequent flyer programmes of participating airlines.
Good about it
  • You get 2x TreatsPoints for all expenditures carried out during your birthday month.
Keep in Mind
  • Only individuals who earn RM60,000 and above can apply for this card.
  • You won't earn TreatsPoints for government-related transactions.

Who should get it

  • Those who shop regularly.

Alliance Bank Classic Card

The Classic Card comes with a specified credit limit and the retail transactions you make with the card includes a finance charge in certain cases.

Key Benefits

  • Get a repayment tenure from 12 months to 24 months on balance transfer.
  • Earn 1 Timeless Bonus Points (TBP) on every RM1 you spend on retail purchases in Malaysia and overseas.
Additional Points Description
How to Use it
  • Redeem 1000 Enrich Miles with 6000 TBP.
  • Redeem 1000 AirAsia BIG Points with 3000 TBP.
Good about it
  • New balance transfer applicants can enjoy the facility for 0% interest for a tenure of 6 months with a minimum transfer amount of RM3,000.
  • Enjoy exclusive privileges at select merchant partner outlets.
  • The card is accepted worldwide.
Keep in Mind
  • Spend a minimum of RM5,000 or a minimum of 12 swipes within the last 12 months to get a waiver on the annual fee.
  • TBP is not awarded for spending on petrol and government-related transactions.

Who should get it

  • Those who spend on retail transactions in Malaysia.
  • Those who spend on retail purchases overseas.

BSN Platinum Mastercard

Save more on your local and overseas retail expenses with the BSN Platinum Mastercard. You get Happy Points on dining, local golf, local travel, and local and overseas expenses. The card comes with low finance charges.

Key Benefits

  • Earn 2x Happy Points when you spend on local dining, local travel, local golf, and overseas.
  • Get 1x Happy Points on all other local retail expenses.
  • Save more with the lifetime annual fee waiver for both principal and supplementary cards.
Additional Points Description
How to Use it
  • Swipe your card for your local dining, travel, golf, and other retail transactions.
  • Use your card for expenses when you’re travelling overseas.
  • Redeem your accumulated Happy Points for Enrich Miles.
Good about it
  • You get a complimentary BSN Zing PLUSMiles Card.
  • You can get access to an array of privileges at hotels, restaurants, retailers, and more.
  • You can get your queries answered anytime you want with the 24-hour concierge services.
Keep in Mind
  • To earn the 2x Happy Points, you will have to swipe at partner outlets.
  • The Happy Points you earn are only valid for a period of 3 years.

Who should get it

  • Those who use their card to pay for the dining, golf, or travelling expenses.

Hong Leong Essential Credit Card

With the Hong Leong Essential Credit Card, you can get unlimited cashback on your retail and insurance transactions. You can also opt for cash advances that offer low interest rates.

Key Benefits

  • Get 0.6% cashback on all your insurance transactions.
  • Earn up to 1% cashback on your retail expenses.
  • Enjoy an annual fee waiver on your card.
Additional Points Description
How to Use it
  • Pay for your insurance expenses with the Hong Leong Essential Credit Card and earn cashback.
  • Swipe this card for all your retail expenses to earn 1% cashback.
Good about it
  • The minimum annual income requirement is just RM24,000.
  • You can get instant cash at over 1.5 million VISA ATMs at a minimal fee of 2%.
Keep in Mind
  • The cashback for retail transactions is divided into two categories—Tier 1 and Tier 2. For Tier 1, you get 0.6% cashback for the first RM5,000 you spend. For Tier 2, you get 1% cashback for all the subsequent expenses.
  • Cashback is not awarded for any petrol transactions
  • Annual fee waiver is available with a minimum of 12 transactions or expenses amounting to RM8,000.

Who should get it

  • Those who pay their insurance premiums with their card.
  • Those who use their card for retail purchases.

Public Bank Visa Signature Credit Card

Turn your grocery, dining, and online expenses into rewards with the Public Bank Visa Signature Credit Card. You get cashback and reward points on a wide range of retail transactions and travel-related benefits as well.

Key Benefits

  • Get 6% cashback on your grocery, dining, and online transactions.
  • Earn 1 VIP Point for every RM1 you spend on other retail transactions.
  • Enjoy no annual fees for the first year and get an annual fee waiver for the subsequent years
Additional Points Description
How to Use it
  • Pay your grocery, dining, and online bills with the card and earn cashback.
  • Use this card for all your other retail expenses to earn VIP Points.
Good about it
  • Stay protected during your travels with the automatic travel insurance coverage up to RM500,00.
  • Convert your VIP Points into air miles for discounted tickets, seat upgrades, etc.
Keep in Mind
  • The cashback is capped at RM38 per month.
  • Pay the entire amount of your airline tickets with this card for the travel insurance.

Who should get it

AEON BiG Visa Gold Card

Get the best value on an array of transactions with the AEON BiG Visa Gold Card. You enjoy cashback and AEON BiG Member Points on various expenses.

Key Benefits

  • Earn 2 AEON BiG Member Points at any of the AEON BiG Stores.
  • Earn 4 AEON BiG Member Points on the 10th of every month at any of the AEON BiG Stores.
  • Earn 1 AEON BiG Member Point for every RM2 spent on local and overseas transactions.
  • Get 5% cashback at AEON BiG Stores when you use Visa payWave.
  • Get 5% cashback on the AEON BiG Thank you Member Day on the 28th of every month.
  • Get 5% cashback when for petrol transactions every Sunday.
  • Get 2% cashback for online and overseas transactions.
Additional Points Description
How to Use it
  • Pay for your local and overseas retail transactions with this card and earn cashback.
  • Use this card for petrol purchases every Sunday to earn maximum cashback.
  • Use this card for online shopping or overseas.
  • Shop at any AEON BiG Stores and earn AEON BiG Member Points.
  • Swipe your card for local and overseas transactions to earn AEON BiG Member Points.
  • Convert your AEON BiG Member Points into cashback for purchases made at any of the AEON BiG Stores in Malaysia.
Good about it
  • Enjoy 3x Plaza Premium Lounge access at international airports in Malaysia.
  • Get exclusive dining, shopping, and hotel discounts at participating partners.
  • You get both rewards and cashback when you use the card.
  • Get travel insurance coverage of up to RM200,00.
Keep in Mind
  • The annual fee is waived for the first year. For subsequent years, you need to make a minimum of 12 transactions to get a fee waiver.
  • Cashback at ÆON BiG Thank You Member Day on 28th of every month is capped at RM100 per month.
  • Cashback on petrol expenses every Sunday is capped at RM25 per month.
  • Cashback on online and overseas transactions is capped at RM25 per month.

Who should get it

  • Those who shop at AEON BiG Stores with their card.
  • Those who use their card petrol stations, restaurants, and online.

AmBank Visa Infinite Credit Card

AmBank Visa Infinite Credit Card is an invitation-only card. The bank invites the customer

Key Benefits

  • Earn 5x AmBonus Points on every RM1 spent abroad.
  • Get a complimentary travel insurance of up to RM2 million.
Additional Points Description
How to Use it
  • Redeem free flights of over 50 airline partners such as Singapore Airlines KrisFlyer, Enrich, and AirAsia BIG.
  • Redeem 5,000 AmBonus points for 1,000 Air Miles.
  • You can also redeem gifts from the redemption catalogue.
  • Spot redemption of the reward points is available at select merchant outlets.
Good about it
  • Enjoy complimentary green fees at exclusive golf clubs.
  • Get airport lounge access at more than 26 major airports of the world.
Keep in Mind
  • The AmBonus Points are not offered for spending on petrol.
  • The AmBonus Points are valid for 3 years only.

Who should get it

  • Those who travel abroad frequently.
  • Those who make purchases overseas.

How to Choose the Best Balance Transfer Card

The best balance transfer credit card can be chosen based on the interest/profit rate offered by the scheme. Check for the repayment tenure and the interest rate in the first place. It would be great if you can find a card that offers 0% interest rate.

Sometimes, the 0% interest rate would be applicable only for the first 6 months. If you opt for the scheme and if you do not completely repay the transferred balance, then the normal finance charges will be applicable to the remaining balance at the end of the tenure. So, it is ideal to try and find a card with the smallest interest rate possible and longest repayment tenure.

Review

Among all the balance transfer programmes available, the Maybank Balance Transfer Programme definitely has some key highlights. The interest rates for a balance transfer start at 0% and can go up to 9% per annum, depending on the tenure you choose for your repayment.

You can also borrow up to RM50,000 if you choose the 12-month balance transfer programme. And if you have outstanding dues, you can transfer them from up to 3 banks.

Illustration

To understand how the Maybank Balance Transfer Programme works, let’s check out the table below:

Tenure Minimum Balance Transfer Amount Maximum Balance Transfer Amount Interest Rate
6 months RM1,000 Depends on available credit limit 0% p.a.
9 months RM1,000 Depends on available credit limit 9% p.a.
12 months RM1,000 Capped at RM50,000 0% p.a.
24 months RM2,000 Depends on available credit limit 4.50% p.a.
36 months RM2,000 Depends on available credit limit 4.95% p.a.

Let’s say you opt for the 6-month or 12-month balance transfer programme. In this case, you will have to pay an upfront fee of 1.88% and 3% respectively on the approved amount. For the 6-month plan, you get a maximum of 90% of your available credit limit. Whereas, for the 12-month plan you can get up to RM50,000.

Now let’s understand how much you can save with a balance transfer plan. If you borrow RM1,000 for a 12-month period, you will be saving RM148.50 on interest fees. The normal finance charges stand at 18% per annum, amounting to RM148.50. You won’t have to pay with the 0% interest that comes with the plan.

If you miss your monthly repayments, you will be charged a normal finance charge of 18% on the remaining balance. It is advised to clear your dues in a timely fashion to avoid paying additional interest fees.

All the cards provided on the table are some of the best credit cards that offer balance transfer plans at excellent rates of interest. Compare the available cards and select the one that suits your requirements. You can also take a look at some of the best credit cards that offer rewards on shopping, travel, dining, and much more.

BBazaar's Best Balance Transfer Credit Cards of 2018

Use this guide to compare and choose the card that is best suited to you. Make sure you read all terms and conditions pertaining to the card before opting for one. Identify your preferred spending category and budget to pick a card that will meet your financial needs. This table below will explain the categories that each individual card is ideal for. Utilize this table when comparing cards to choose the best card for yourself.

Credit Card Minimum Transfer Amount
HSBC Visa Signature Credit Card

Amount: RM1,000

Interest Rate:From 0% to 6.99% p.a.

Maybank Visa Platinum Credit Card

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

RM1,000 for all other plans

Interest Rate: From 0% p.a. to 9% p.a.

Alliance Classic Card

Amount:

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

RM1,000 for all other plans.

Interest Rate:From 0% p.a. to 7.99% p.a.

BSN Platinum Mastercard

Amount: RM500 for the 3 months plan

RM2,000 for the 36 months plan

RM1,000 for all other plans

Interest Rate:From 0% p.m. to 0.375% p.m.

Hong Leong Essential Credit Card

Amount: RM1,000

Interest Rate: 6 or 12 months; lifetime repayment option available

Public Bank Visa Signature Credit Card

Amount: RM1,000.

Interest Rate: From 1.5% p.a. to 7% p.a.

AEON Big Visa Gold Card

Amount: RM1,000

Interest Rate:0% p.a.

AmBank Visa Infinite Credit Card

Amount:

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

RM1,000 for the 4.88 p.a. plan

Interest Rate:From 0% p.a. to 4.88% p.a.

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