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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 8th February 2019

Credit Card Minimum Transfer Amount
HSBC Visa Signature Credit Card

Amount: RM1,000.

Interest Rate:From 0% p.a.

Maybank Visa Platinum Credit Card

Amount: RM1,000.

Interest Rate: From 0% interest rate for 6 months

UOB ONE Credit Card

Amount: RM1,000 (for both Reducing Balance and Fixed-Pay balance transfer plans).

Interest Rate:3% to 6% upfront interest under the Reducing Balance transfer plan of up to 18 months.

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.

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Best Malaysian banks’ balance transfer (BT) schemes 2019

Updated on 8th February 2019

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

From 0% p.a.

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

6 or 12 months.

(Tenure)

From 0% p.a. for 6 months to 8.88% p.a. for 36 months.

(Interest Rate)

RM1,000 (for 6- and 9-month plans).

RM2,000 (for 24- and 36-month plans).

(Minimum Balance Transfer Amount)

6, 9, 12, 34, and 36 months.

(Tenure)

3% to 6% upfront interest under the Reducing Balance transfer plan of up to 18 months.

3.3% p.a. to 6% p.a. under the Fixed-Pay balance transfer plan of up to 12 months.

(Interest Rate)

RM1,000 (for both Reducing Balance and Fixed-Pay balance transfer plans).

(Minimum Balance Transfer Amount)

Reducing Balance Transfer plan: 6, 12, and 18 months.

Fixed-Pay plan: 6 and 12 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)

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.

HSBC Visa Signature Credit Card

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

From 0% p.a.

(Interest Rate)

RM1,000.

(Minimum Balance Transfer Amount)

6 or 12 months.

(Tenure)

Enjoy rewards on all your retail and online purchases when you use the HSBC Visa Signature Credit Card. Also, get balance transfer rates as low as 0% per annum. Let’s take a look at some of the key benefits.

Key Benefits

  • Enjoy 8x Reward Points on your online expenses in foreign currencies and overseas spends.
  • Get 5x Reward Points on local online expenditures.
  • Earn 5x Reward Points on expenses at local participating malls.
  • Enjoy complimentary access to Plaza Premium Lounges.
  • Turn your credit limit to instant cash with the HSBC Cash Instalment Plan.
  • Enjoy access to premium privileges offered by Visa.
  • Report any card-related issues like loss and theft with the help of the round-the-clock loss reporting line.
Additional Points Description
How to Use It
  • Use the card for all your local and international expenses.
  • Get reward points on shopping and other transactions.
  • Exchange the reward points for items, vouchers, and air miles from the bank’s redemption catalogue.
Good About It  
  • Get cash whenever you want with the HSBC Cash Advance Facility.
  • Keep your transactions safe with privacy protection offered by the card.
  • Convert your retail transactions into convenient monthly instalments with the HSBC Balance Conversion Plan.
Keep in Mind
  • The Reward Points granted for online transactions and shopping malls is limited to 15,000 points per category.

Who Should Get it

  • Those who shop overseas frequently.
  • Those who shop regularly at malls in Kuala Lumpur.
  • Those who make frequent online purchases.

Maybank Visa Platinum Credit Card

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

From 0% p.a. for 6 months to 8.88% p.a. for 36 months.

(Interest Rate)

RM1,000 (for 6- and 9-month plans).

RM2,000 (for 24- and 36-month plans).

(Minimum Balance Transfer Amount)

6, 9, 12, 34, and 36 months.

(Tenure)

Make easy payments for your local and overseas transactions with the Maybank Visa Platinum Credit Card. Get extra reward points when you use the card during your birthday month.

Key Benefits

  • Get 1x TreatsPoint for every RM1 spent on local purchases.
  • Earn 2x TreatsPoints on all expenditures made during your birthday month.
  • Travel safe with an insurance cover of up to RM700,000 when you pay for your flight tickets with the card.
  • Pay an upfront fee of 1.88% p.a. and enjoy 0% interest on balance transfer for 6 months.
  • Pay an upfront fee of 3% p.a. of the approved amount and get interest-free balance transfer for 12 months.
Additional Points Description
How to Use It
  • Use the card for all your local and overseas spends.
  • Earn reward points with each transaction.
  • Pay for all your transactions in your birthday month and earn double the reward points.
  • Redeem the reward points for items, vouchers, and air miles from the bank’s rewards catalogue.
Good About It
  • Earn 2 TreatsPoints for every RM1 spent on overseas transactions.
  • Get 1x TreatsPoints on a wide variety of transactions- educational institutions, utilities, insurance providers, petrol, and 0% EzyPay
Keep in Mind
  • There are no TreatsPoints for transactions made with government agencies.
  • You need a minimum annual income of RM60,000 to apply for the card.
  • The balance transfer plan is open to the principal cardholder.
  • Balance can be transferred from up to three banks.

Who Should Get it

  • Those who shop frequently.
  • Those who want to save money on short and medium-term balance transfer transactions.

UOB ONE Credit Card

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

3% to 6% upfront interest under the Reducing Balance transfer plan of up to 18 months.

3.3% p.a. to 6% p.a. under the Fixed-Pay balance transfer plan of up to 12 months.

(Interest Rate)

RM1,000 (for both Reducing Balance and Fixed-Pay balance transfer plans).

(Minimum Balance Transfer Amount)

Reducing Balance Transfer plan: 6, 12, and 18 months.

Fixed-Pay plan: 6 and 12 months.

(Tenure)

Enjoy cash rebates when you spend on selected categories. You will also get special cash rebates when you use the card on weekends. The card offers convenient and flexible balance transfer plans, suited to your needs.

Key Benefits

  • Pay 0% interest under the Reducing Balance Transfer Plan, with 3%, 4%, and 5% upfront interest for 6, 12, and 18 months respectively.
  • Choose a balance transfer plan with fixed instalments of 6 or 12 months under the Fixed-Pay Balance Transfer programme.
  • Get 1% cash rebate on petrol transactions on weekdays, and 5% rebate on weekends.
  • Enjoy up to 8% cash rebates on movie tickets, telecom bills, and groceries.
  • Save unlimited 0.2% rebates on all other transactions.
  • Convert overseas transactions into 0% monthly repayments.
Additional Points Description
How to Use It
  • Use the card to pay for your daily local and other expenses.
  • Get cash rebates based on the spend category.
  • Save on your outstanding bill payment.
Good About It
  • Get discounts of up to 15% when you dine at any of the 150 participating hotels and restaurants.
  • Earn SMART$ rebate when you shop at participating outlets, such as Teddy Tales, Parkroyal Kuala Lumpur, Passage Thru’ India, and others.
  • Check your balance and make transactions any time with the UOB Personal Internet Banking facility.
Keep in Mind
  • The minimum expense to be made for the 0% monthly repayment offer to be applicable is RM3,000.

Who Should Get it

  • Those looking for good discounts on daily transactions.
  • Those who want flexible balance transfer plans based on their needs.

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. One of the best options is the 0% interest-free plan.

If you choose a card that’s offering a 0% interest rate, you should know it’s applicable only for a certain period of time. If you opt for the scheme and don't completely repay the transferred balance, then the normal finance charges will be applicable till your tenure ends. Compare the available cards and select one that suits your requirements.

Review

From all the cards that have been listed here, the UOB ONE Credit Card is great in terms of its balance transfer facility. You can choose between different plans with tenures of up to 18 months. The plans also offer flexibility on how you repay the amount. The facility is well-suited to your needs.

There are two balance transfer plans that are available with UOB. The Reducing Balance Transfer programme offers you the opportunity to select how much you pay every month. There are no monthly interest payments with this plan, which means you can decide how much you want to repay every month. You can choose from three time periods for the balance transfer plans. Let’s look at the details of the different plans under the Reducing Balance Transfer programme.

Plan Name Interest Ratet Time Period
Plan 25 3% upfront interest 6 months
Plan 26 4% upfront interest 12 months
Plan 27 5% upfront interest 18 months

UOB has another balance transfer plan where you can pay a fixed amount every month. You can choose from different plan tenures. A fixed amount will help you plan and manage your finances better. Let’s look at the details of the plans.

Plan Name Fixed-Pay 6 Months (Plan i6) Fixed-Pay 12 Months (Plan i12)
Interest Rate 3.3% 6.0%
Time Period 6 months 12 months

Illustration

Let’s check how much interest you need to pay under the two balance transfer plans. Consider you have an outstanding balance of RM2,000 with another bank. You can choose among different balance transfer plans. Let’s see how much you pay for the different plans.

Reducing Balance Transfer

Amount Interest Rate Time Period Upfront interest amount
RM2,000 3% upfront interest 6 months RM60
4% upfront interest 12 months RM80
5% upfront interest 18 months RM100

For RM2,000, the upfront interest that you need to pay is RM60, RM80, and RM100 for the time periods of 6, 12, and 18 months respectively. In case you pay off the outstanding amount before the stipulated time period, there will be an early settlement fee of RM100.

Fixed-Pay Balance Transfer

Amount Interest Rate Time Period Monthly interest to be paid Total amount to be paid every month
RM2,000 3.3% p.a. 6 months RM11 RM333.33+RM11= RM344.33.
6.0% p.a. 12 months RM10 RM166.66RM10= RM176.66.

Under the Fixed-Pay balance transfer plans, you need to pay RM344.33 for 6 months, and RM176.66 for 12 months. This includes the interest amount you need to pay for the amount.

If you want to pay a fixed amount every month, you can choose from the 6-month or 12-month Fixed-Pay Balance Transfer plan. However, you can also choose from the different zero interest plans under the Reducing Balance Transfer plans.

With these flexible plans, you can choose among the different balance transfer plans available with UOB.

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