Through balance transfer facility, you can consolidate your outstanding credit balances accrued on other bank credit cards onto one card that offers you lower interest rates. You can also get a consolidated statement for all your debts in one common credit card account.
Best Malaysian banks’ balance transfer (BT) schemes 2018:
Updated on 09th March 2018
|Bank Name||Interest Rate (balance transfer interest)||Minimum amount transferable||Tenure|
|0.42% per month to 1.99% p.a.||RM1,000||6 months to 12 months|
|5.32% p.a. to 5.81% p.a. (Instalment Plan)||RM1,000||6 months to 36 months|
|7.77% p.a. to 7.99% p.a. (Reducing Balance Plan) and 3.3% p.a. to 6% p.a. (Fixed-Pay Plan)||RM1,000 (for 6 to 12 months) RM2,000 (for 24 and 36 months)||6 to 18 (Reducing Balance Plan) and 6 to 12 (Fixed-Pay Plan)|
|0.50% per month to 0.75% per month||RM1,000||6 months to 36 months|
|One-time upfront interest for: 6 months: 0% to 1.5% 12 months: 3% 24 months: 5% 36 months: 7%||RM500 (for 6-month plan) RM1,000 (for 12-month plan) RM3,000 (for 24-month plan) RM6,000 (for 36-month plan)||6 months to 36 months|
|5.99% p.a. to 7.99% p.a.||RM1,000||6 months to 12 months|
HSBC Credit Card Balance Transfer Plan
- The bank offers 3 different balance transfer plans.
- If you choose Plan A, you will have to pay an upfront interest of 3% and you will get a 6 months instalment plan.
- Plan B offers 0.58% per month whereas, Plan C charges an interest rate of 0.42% per month.
- For new credit card sign-ups, you can obtain an interest rate of 1.99% p.a. for 6 months on your balance transfer amount.
Citibank Credit Card Balance Transfer Plan
- Offers flat interest rate of 5.33% p.a. to 5.81% p.a.
- Effective interest rate (EIR) is 9.9% p.a.
- Maximum transferable amount is RM10,000.
UOB Credit Card Balance Transfer Plan
- Provides two plans: Reducing Balance Plan and Fixed-Pay Plan.
- You can choose to pay a fixed sum every month or you can decide on your own payment amount for each month provided you make the minimum payment amount of 5% of the instalment amount or RM50, whichever is higher.
Maybank Credit Card Balance Transfer Plan
- You can select any suitable scheme from 5 different plans based on flexible tenures offered.
- You can transfer debts from up to 3 other banks at a time.
- One time upfront fee of 3% is applicable for BT plan for tenures of 6, 9, and 12 months.
Public Bank Credit Card Balance Transfer Plan
- You can choose from 4 different tenures.
- In a promotional offer, a 6-month balance transfer plan can be obtained at 0% one-time upfront interest rate with a minimum transferable amount of RM2,000.
- The promotional offer is valid till 30 June, 2018.
CIMB Credit Card Balance Transfer Plan
- You can choose from 2 different plans.
- Plan A offers an interest rate of 0.5% per month for 6 months.
- Plan B offers an interest rate of 0.67% per month for 12 months.
- These are promotional rates available till 30 June 2018.
- There is no lock-in period and you will not be charged any early settlement penalty.