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Best Balance Transfer Credit Cards of 2019

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.

Best Credit Cards for Balance Transfer

BBazaar's Best Balance Transfer Credit Cards

Updated on 11th January 2019

Credit Card Minimum Transfer Amount
HSBC Premier World Mastercard

Amount: RM1,000.

Interest Rate:From 0% interest for 6 months

Maybank 2 Platinum Cards

Amount: RM1,000.

Interest Rate: From 0% interest rate for 6 months

RHB MyEG-RHB Credit Card

Amount: RM1,000.

Interest Rate:From 7.30%p.a. to 10.22%p.a. (effective rate)

Standard Chartered JustOne Platinum Credit Card

Amount: RM1,000.

Interest Rate:5.99% p.a.

AFFINBANK Mastercard Classic Credit Card

Amount: RM1,000.

Interest Rate: Upfront interest ranging from 2% to 7%.

Alliance Platinum Mastercard Credit Card

Amount: RM1,000.

Interest Rate: 0% p.a. for new applicants.For others, 6.99% p.a. to 7.99% p.a.

CIMB Visa SIGNATURE Credit Card

Amount: RM1,000

Interest Rate: 5.99% p.a.-7.99% p.a.

BSN Classic Credit Card

Amount:RM500.

Interest Rate:From 0% for the first 6 months of a 12-month tenure.

Best Malaysian banks’ balance transfer (BT) schemes 2019

Updated on 11th January 2019

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

From 0% interest for 6 months

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

6 or 12 months.

(Tenure)

From 0% interest rate for 6 months

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

6,9,12,24, or 36 months

(Tenure)

From 7.30%p.a. to 10.22%p.a. (effective rate)

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

12,18, or 24 months.

(Tenure)

5.99% p.a.

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

12,18,24, or 36 months.

(Tenure)

Upfront interest ranging from 2% to 7%.

(Interest Rate)

RM1000

(Minimum Balance Transfer Amount)

6, 12, 18, 24, or 36 months.

(Tenure)

0% p.a. for new applicants.For others, 6.99% p.a. to 7.99% p.a.

(Interest Rate)

RM1,000

(Minimum Balance Transfer Amount)

6, 12, 18, or 24 months.

(Tenure)

5.99% p.a.-7.99% p.a.

(Interest Rate)

RM1000

(Minimum Balance Transfer Amount)

6 or 12 months.

(Tenure)

From 0% for the first 6 months of a 12-month tenure.

(Interest Rate)

RM500

(Minimum Balance Transfer Amount)

3, 6, 9, 12, 24, or 36 months.

(Tenure)

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HSBC Premier World Mastercard

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

From 0% interest for 6 months

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

6 or 12 months.

(Tenure)

You can earn reward points on your overseas travel and shopping transactions with the card. Enjoy other benefits, including a balance transfer plan with the card.

Key Benefits

  • Get 10x Reward Points when booking hotel rooms overseas and dining outside.
  • Enjoy 8x Reward Points on your spends at the Mid Valley Megamall and the Gardens Mall.
  • Get 5x Reward Points on airline ticket purchases, room and dining expenses at local hotels, and all other spends at local participating malls,.
  • Enjoy 1x Reward Points on all other spends.
Additional Points Description
How to Use it
  • Use the HSBC Premier World Mastercard for your shopping and flight transactions, both in Malaysia and overseas.
  • Get reward points on your transactions, based on the category of your purchase.
  • Accumulate your credit card debts under the balance transfer programme and pay them off for as low as 0% interest.
Good about it
  • High reward points on a number of transactions.
  • Enjoy complimentary lounge access to selected Plaza Premium Lounges.
  • Get unlimited Wi-Fi connectivity through complimentary access to over 1 million hotspots of Boingo, located worldwide.
Keep in Mind
  • The 0% balance transfer plan is valid until 31 December 2018.
  • This card is specifically for HSBC Premier account holders.
  • You need a minimum relationship balance of RM200,000 with HSBC to get this card.

Who should get it

  • Those who shop frequently overseas and at malls.
  • Frequent flyers.

Maybank 2 Platinum Cards

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

From 0% interest rate for 6 months

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

6,9,12,24, or 36 months

(Tenure)
The cards offer balance transfer facilities at low interest rates. Earn reward points on your transactions, and enjoy the benefits offered by both Mastercard/Visa and American Express networks.

Key Benefits

  • Enjoy a lifetime waiver on the annual fees for the credit cards.
  • Get 5% on your weekend spends with the Maybank 2 American Express card.
  • Enjoy 5x TreatsPoints on your spends with the Maybank 2 American Express card.
Additional Points Description
How to Use it
  • Use the cards for all your local and international expenses.
  • Get TreatsPoints on your transactions.
  • Earn cashback on your weekend spends.
  • Consolidated your credit card dues under the balance transfer programme, and pay off your debts for interest rates as low as 0%.
Good about it
  • Enjoy travel insurance coverage of RM700,000 when you book your flight tickets on the Maybank 2 Platinum Card.
  • Get 1x TreatsPoints on a number of transactions with these cards.
Keep in Mind
  • There is no cashback on government payments, JomPAY, and FPX transactions.
  • There is a cap of RM50 on the weekend cashback offer.

Who should get it

  • Those who use their card while travelling, both locally and internationally.

RHB MyEG-RHB Credit Card

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

From 7.30%p.a. to 10.22%p.a. (effective rate)

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

12,18, or 24 months.

(Tenure)

Enjoy reward points while paying your utility bills, insurance payments, and road tax renewal payments. Get low rates when you use the RHB Smart Move Balance Transfer programme.

Key Benefits

  • Get 5x RHB Reward Points on your MyEG service payments.
  • Redeem your reward points with the Smart Rewards programmes, and get attractive items and vouchers.
  • Pay easily through instalments under the Smart Instalment programme.
  • No annual fees on the supplementary card.
Additional Points Description
How to Use it
  • Make payments for your utilities and other transactions with the card.
  • Get reward points on your transactions.
  • Redeem the RHB Reward Points for items and vouchers from the bank catalogue.
  • Bring together all your other credit card dues, and pay them off at low interest rates.
Good about it
  • Enjoy 1x RHB Reward Points for all other transactions.
  • Make auto-payments with the Smart Pay service, and pay bills for Telekom, Digi, Astro, Maxis, and other bills.
  • Withdraw cash from your credit card through attractive rates and repayment periods of up to 36 months.
Keep in Mind
  • For the balance transfer payments, there is a one-time charge applicable.

Who should get it

  • Those who are looking for good instalment plans for their payments.

Standard Chartered JustOne Platinum Credit Card

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

5.99% p.a.

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

12,18,24, or 36 months.

(Tenure)
Enjoy cashback on a host of transactions with the Standard Chartered JustOne Platinum Credit Card. You can also benefit from a number of privileges and exclusive offers with selected partners through this card.

Key Benefits

  • Get reward points on auto bill payments, petrol, online purchases, and other spends.
  • Enjoy zero annual fees on the card.
  • Make secure payments with the PIN and 3D Secure payment methods.
Additional Points Description
How to Use it
  • Use the credit card to pay for utility bill and other payments.
  • Earn reward points on all your transactions.
  • Pay off outstanding balances for as low as 5.99% p.a. under the balance transfer programme.
Good about it
  • Enjoy 0.2% cashback on all other credit card expenses.
  • Make easy payments with the Samsung Pay mobile wallet option.
  • Get cash at low interest rates with the Cheque-on-Call Plus programme.
Keep in Mind
  • The annual fees on the card are waived only when you spend a minimum of RM20,000 per year.
  • The cashback earned has a cap for each category of payments. For example, on transactions worth RM1,200 in a month, the 5% cashback will have a cap of RM12.

Who should get it

  • Those who are looking for a balance transfer programme with flexible tenures.

AFFINBANK Mastercard Classic Credit Card

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

Upfront interest ranging from 2% to 7%.

(Interest Rate)

RM1000

(Minimum Balance Transfer Amount)

6, 12, 18, 24, or 36 months.

(Tenure)

The AFFINBANK Mastercard Classic Credit Card provides lower finance charges as compared to the standard finance charge of 15% p.a.-18% p.a. It also provides various payment plans, such as Easy Instalment Plan (EiPlan), Balance Transfer Instalment Plan (BTiP), Cash-on-Call Instalment Plan (CIP), and Easy Payment Plan (EPP).

Key Benefits

  • Low finance charges starting at 12% p.a. when you make minimum monthly payments within the due date.
  • Earn 1 AFFIN Rewards Point for every RM1 spent on retail purchases.
  • Get a complimentary flight and travel personal accident insurance coverage of up to RM250,000.
Additional Points Description
How to Use it
  • Use the AFFINBANK Mastercard Classic Credit Card to pay for all your retail transactions.
  • Earn AFFIN Rewards Points based on your spending.
  • Redeem the reward points for the items of your choice from the redemption catalogue.
  • Transfer the outstanding balance from other cards to the AFFINBANK Mastercard Classic Credit Card at reasonable upfront interest rates.
Good About it
  • The annual fee of the card is waived.
  • The one-time upfront interest rate for the balance transfer facility starts at 2%.
Keep in Mind
  • Your annual income must be a minimum of RM24,000.

Who Should Get it

  • Those who spend regularly on retail transactions with their card.
  • Those looking to consolidate their credit card debts.

Alliance Platinum Mastercard Credit Card

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

0% p.a. for new applicants.For others, 6.99% p.a. to 7.99% p.a.

(Interest Rate)

RM1,000

(Minimum Balance Transfer Amount)

6, 12, 18, or 24 months.

(Tenure)

The card provides Timeless Bonus Points (TBP) that do not expire. You can make use of the Instalment Payment Plan that comes with a 0% profit rate when you purchase at the participating merchant outlets.

Key Benefits

  • Earn 3x Timeless Bonus Points for every RM1 spent on retail transactions overseas.
  • Earn 2x Timeless Bonus Points for every RM1 spent on petrol, utility bills, and grocery.
  • Earn 1x TBP for every RM1 spent on all other local transactions.
  • Get a balance transfer facility at 0% interest rate for a minimum transfer amount of RM3,000 if you are a new applicant.
Additional Points Description
How to Use it
  • Swipe your Alliance Platinum Mastercard Credit Card to pay for all your transactions.
  • Earn Timeless Bonus Points based on the spend category.
  • Use the accumulated TBP to redeem air miles and other items of your choice.
  • The redemption rate for air miles is given below:
    • 6000 TBP = 1000 Enrich Miles.
  • Consolidate all your cards’ balance and transfer them to Alliance Platinum Mastercard Credit Card at a rate starting from 0% for new applicants.
  • Others can get a profit rate of 6.99% p.a. to 7.99% p.a. on balance transfer.
Good About it
  • Enjoy unlimited complimentary access to KLIA Plaza Premium Lounge if you are a PB or AP member.
  • Get cash advance of up to 100% of the credit limit.
Keep in Mind
  • Spend a minimum of RM5,000 or swipe 12 times in a year to get annual fee waived.
  • TBP calculations do not include the money spent at a government agency.

Who Should Get it

  • Those who want to save more on their overseas transactions.
  • Those who are looking to transfer their outstanding card debts to a single card with low interest rate (BT facility).

CIMB Visa SIGNATURE Credit Card

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

5.99% p.a.-7.99% p.a.

(Interest Rate)

RM1000

(Minimum Balance Transfer Amount)

6 or 12 months.

(Tenure)

Enjoy exclusive privileges and deals on shopping and dining when you pay with the CIMB Visa SIGNATURE Credit Card. You can also get a one-way airport premium ride between Klang Valley and KLIA/KLIA 2 at an offer price. You can share the benefits of the card with your family via supplementary cards.

Key Benefits

  • Earn 2x Bonus Points for every RM1 spent overseas.
  • Earn 1x Bonus Points for every RM1 spent locally.
  • Get an extended repayment period of up to 12 months with the balance transfer facility.
Additional Points Description
How to Use it
  • Use the CIMB Visa SIGNATURE Credit Card to pay for your transactions.
  • Earn Bonus Points based on local and overseas spends.
  • Redeem merchandise from the rewards catalogue with the accumulated Bonus Points.
  • Use the balance transfer facility to consolidate your debts at a finance charge ranging from 5.99% p.a. up to 7.99% p.a.
Good About it
  • Get an automatic travel insurance coverage of up to RM1 million.
  • Enjoy up to 2 times complimentary access to Plaza Premium Lounge during the first year.
  • Get all your travel-related queries resolved by the dedicated CIMB Premier Travel Desk.
Keep in Mind
  • The airport premium ride deal is a limited period offer.
  • The Plaza Premium Lounge access is available to principal cardholders only and is non-transferable.

Who Should Get it

  • Those who want to save more on their retail transactions.
  • Those who want to close their outstanding card debts at a low interest.

BSN Classic Credit Card

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

From 0% for the first 6 months of a 12-month tenure.

(Interest Rate)

RM500

(Minimum Balance Transfer Amount)

3, 6, 9, 12, 24, or 36 months.

(Tenure)

The BSN Classic Credit Card comes with a lower finance charge, especially for government servants and private sector employees. You can get a free BSN Zing PLUSMiles Card with Touch ‘n Go auto-reloadable facility. The retail purchases you make can be converted into a monthly repayment programme under the BSN Instalment-Pay Plan.

Key Benefits

  • Enjoy low finance charges starting at 11% p.a. for government servants and 13.5% p.a. for private sector employees upon minimum monthly payment by the due date.
  • Earn 2x Happy Points for overseas transactions and 1x Happy Points for local transactions.
  • Get the benefits of the BSN Balance Transfer Programme where the rates can be as low as 0.30% per month.
Additional Points Description
How to Use it
  • Swipe the BSN Classic Credit Card to pay for all your transactions.
  • Accumulate the Happy Points earned and redeem items from the redemption catalogue.
  • BSN provides 6 different plans under the balance transfer programme for you to choose from with a minimum transfer amount of RM500.
Good About it
  • Enjoy special privileges and discounts on shopping dining, and travel when you transact at selected merchant partners.
  • Get a travel accident and inconvenience insurance coverage of up to RM300,000.
  • Get an annual fee waiver for a lifetime on principal and supplementary cards.
Keep in Mind
  • The travel accident and inconvenience insurance coverage are provided only if you charge the entire airfare to your card.
  • Your annual income must be a minimum of RM24,000 to be eligible for the card.

Who Should Get it

  • Government and private sector employees looking to close their existing card debts by paying a low interest.

How to Choose the Best Balance Transfer Card

The best balance transfer credit card can be chosen based on the repayment tenure interest/profit rate offered by the scheme. It would be great if you can find a card that offers a 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. Compare the available cards and select the one that suits your requirements.

Review

When you look at the cards in the table from the perspective of the respective balance transfer programmes, the BSN Classic Credit Card stands out. You can enjoy the lowest rates on balance transfer ranging from 3.60% p.a. for 3-month tenure up to 4.30% p.a. for 36-month tenure.

You get the option of 0% interest rate for the first 6 months of a 12-month tenure. The remaining period includes a rate of 0.30% per month. Similarly, under the 24-month tenure, the first 12 months include a 0% interest and the other 12 months include a rate of 0.375% per month.

The highest profit rate applicable under the programme is 4.5% p.a., while the lowest being 3.6% p.a. Also, the minimum transfer amount is specified as RM500 for a 3-month tenure. Here is the detailed table on all the available plans:

Plan Name Minimum Transfer Amount Interest Rate (per month) Repayment Tenure
A RM500 0.30% 3 months
B RM1,000 0.30% 6 months
C RM1,000 0.30% 9 months
D RM1,000 0% for the first 6 months. 0.30% for the next 6 months 12 months
E RM1,000 0% for the first 12 months. 0.375% for the next 12 months 24 months
F RM2,000 0.375% 36 months

Illustration

Consider that you have an outstanding balance of RM1,500 on another bank’s credit card. You wish to transfer the balance to BSN Classic Credit Card under Plan E. Let us also consider the amount you would be paying with the usual finance charges.

Transfer Amount Repayment Tenure Interest Rate Interest Calculation (per month) Monthly Instalment Amount Total Amount Paid
RM1,500 The first 12 months of the 24-month tenure under Plan E 0% 0% RM1,500/(12 * 2 years) = RM62.5 RM750
Remaining 12 months of the 24-month tenure under Plan E 0.375% per month (0.00375*RM750) = RM2.81 RM62.5 + RM2.81 = RM65.31 RM783.72
RM1,500 24 months 15% p.a. (0.0125*RM1,500) = RM18.75 RM62.5 + RM18.75 = RM81.25 RM1,950

As per the above table, you will be paying a total of RM1,583.72 under the Plan E of the BSN Balance Transfer Programme. That means, an interest of RM83.72 for the whole of 24-month tenure. When it comes to paying finance charges to the same bank, you will end up paying a total of RM1,950 for an outstanding balance of RM1,500 over the 24-month period. In other words, you will have to pay an excess of RM450 as interest. This is why it is better to choose BSN Balance Transfer Programme.

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