• 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 BT credit cards provide 0% interest rate.

    Best Malaysian banks’ balance transfer (BT) schemes 2018

    Updated on 1st July 2018

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

    Fixed interest rate of 5.99% p.a.

    RM1,000

    12, 18, 24, or 36 months

    From 6.82% p.a. up to 7.30% p.a.

    RM1,000

    6 or 12 months

    4.88% p.a. (flat rate basis)

    RM1,000

    12, 24, or 36 months

    Up to 8.99% p.a.

    RM1,000

    12 months

    From 6.99% p.a. to 7.99% p.a.

    RM1,000

    12, 18, or 24 months

    From 3% p.a. to 13.5% p.a.

    N/A

    No pre-requisite period

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

    RM1,000

    6 or 12 months; lifetime repayment option also available

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

    RM500

    6, 12, 24, or 36 months

    Best Credit Cards for Balance Transfer

    Standard Chartered JustOne Platinum Mastercard

    The card offers you high amount of cashback on transactions made for online shopping, petrol purchases, and auto bill payments. It also offers a flexible balance transfer programme namely, Balance Transfer Plus.

    Key Benefits

    • Enjoy a cashback of 15% on auto-bill payment, online shopping, and petrol purchases.
    • Get 0.2% cashback on all other retail purchases.
    • Enjoy exclusive discounts and offers from participating merchants.
    Additional Points Description
    How to Use it
    • Use the card to consolidate your dues on other credit cards to one card.
    • Use the card to get extra cash with the Cheque-On-Call feature.
    • Take up the BT Plus plan to manage your finances in a better way.
    Good about it
    • No need to provide any documents to apply for a balance transfer plan.
    • Competitive interest rate of 5.99% p.a. throughout the repayment period.
    Keep in Mind
    • You need to have an annual income of RM24,000 p.a. to get this card.
    • Transactions related to government services will not earn you cashback.

    Who should get it

    • Those who shop online.
    • Those who spend regularly on petrol.

    OCBC Cashflo Mastercard Credit Card

    OCBC Cashflo Mastercard offers cash rebate on retail spend done in Malaysia and overseas. The card does not require you to make any minimum spend to offer the cash rebate.

    Key Benefits

    • Transfer an amount equivalent to 80% of the available credit limit.
    • Earn 0.5% cash rebate on all retail spend.
    • Enjoy personalised concierge services round-the-clock.
    Additional Points Description
    How to Use it
    • Get cash rebates when you pay with your OCBC Cashflo Card at retail outlets.
    • Cash rebates are offered for both local and international retail spend.
    Good about it
    • Get rewarded for all the categories you spend on.
    • No capping on the cash rebates you can earn.
    • The annual fee is waived for the first 3 years.
    Keep in Mind
    • The annual fee waiver is applicable only if you are using an OCBC credit card for the first time.
    • The annual fee of RM188 is applicable from the fourth year.

    Who should get it

    Those who spend on retail transactions in Malaysia and overseas.

    AmBank Visa Signature Credit Card

    The card offers balance transfer plan at an interest rate of 4.88% p.a. with tenure period of 12, 24, or 36 months. It also offers reward points for the transactions made on it.

    Key Benefits

    • Enjoy 3x AmBonus Points on your overseas expenditures.
    • Get 5 complimentary visits to Plaza Premium Lounge in more than 26 major airports across the globe.
    • Obtain a complimentary Hilton Premium Club Membership Card.
    Additional Points Description
    How to Use it
    • Use this card to pay for your airline ticket and travel expenses.
    • Redeem the earned reward points on the card for air miles.
    Good about it
    • Discount on green fees at participating golf courses.
    • Interest-free period of 20 days.
    • Online application of balance transfer plan via the bank’s official website.
    Keep in Mind
    • Effective interest rate of 8.89% p.a. to 9.10% p.a. is based on the tenure of the balance transfer plan.
    • The maximum permissible amount for the BT programme depends on your available credit limit.

    Who should get it

    • Those who travel overseas regularly.

    Citi Prestige Mastercard World Elite

    Citibank offers Citi Prestige Credit Card with a number of privileges and deals. The card gives you access to personalised services, complimentary nights, movie premieres, and shopping previews.

    Key Benefits

    • Get 1 Citi Rewards point on every RM1 spent in Malaysia.
    • Get 2 Citi Rewards points on every RM1 spent overseas.
    • Enjoy the benefit of complimentary travel accident benefit of up to USD1 million.
    Additional Points Description
    How to Use it
    • Use the reward points to pay your bills at a retail outlet.
    • Redeem the reward points for gifts and vouchers from the catalogue.
    • Use the reward points to pay the outstanding balance on your card.
    Good about it
    • The reward points are unlimited and do not expire.
    • Get relationship bonus points based on the number of years you have spent with Citibank.
    • The card does not have cash advance fee, late payment fee or over-limit fee.
    Keep in Mind
    • The annual fee on the principal card is RM1,000.

    Who should get it

    • Those who spend overseas.
    • Those who make retail transactions in Malaysia.
    • Those who travel abroad often.

    Alliance Bank Gold Card

    The Alliance Gold card offers Timeless Bonus Points (TBPs) on retail domestic and overseas purchases. The usual BT plan is for 12, 18, and 24 months however, currently the bank also offers a 6-month 0% p.a. BT plan for the new applicants.

    Key Benefits

    • Earn 2x TBPs for every RM1 spent on overseas retail purchases.
    • Enjoy 2x TBPs for every RM1 spent on utility payments.
    • Earn 1x TBPs for every RM1 spent on domestic retail transactions.
    Additional Points Description
    How to Use it
    • Use this card to consolidate your outstanding dues of other credit cards from different banks onto one card.
    • Use this card for air miles redemption.
    Good about it
    • Worldwide recognition and acceptance.
    • Cash advance facility of up to 100% of your credit limit.
    Keep in Mind
    • TBP is not awarded for transactions related to petrol and government bodies.
    • Each RM10,000 transferred will earn you 500 Timeless Bonus Points (TBPs).

    Who should get it

  • Those who regularly shop locally and overseas.
  • Bank Rakyat Credit Card-i Platinum

    The credit card offers Rakyat Rewards for the amount you spend and has no select spend categories. The card offers a benevolence of RM1,000.

    Key Benefits

    • Every RM100 you spend will fetch you 10 Rakyat Rewards.
    • Get free takaful coverage.
    • Enjoy zero markup rate on overseas spend.
    • The card is accepted for Zakat payments.
    Additional Points Description
    How to Use it
    • Convert the Rakyat Rewards you earn into cash i.e., redeem RM0.10 with 10 points.
    Good about it
    • The annual fee is waived for the first year.
    • Get discounts under the MOTO Programme.
    • Enjoy the privileges offered by Mastercard.
    Keep in Mind
    • The annual fee is waived from the second year if one or more transactions are made in the previous year.

    Who should get it

    • Those who spend on any retail transactions.
    • Those who make spend overseas.

    Hong Leong WISE Card

    This credit card offers 10% cashback on your chosen categories throughout the year. It also offers exclusive balance transfer programmes for its new and existing customers.

    Key Benefits

    • Enjoy cashback of 10% on your preferred category
    • Switch categories any time you want.
    • Earn cashback on local as well as overseas transactions.
    Additional Points Description
    How to Use it
    • Use this card to make purchases with the participating merchants to earn cashback.
    • Make purchases of at least RM2,000 in a calendar month to qualify for the 10% cashback.
    Good about it
    • Choice of your preferred category to earn cashback.
    • Cashback on overseas purchases.
    • Annual income requirement of RM24,000.
    Keep in Mind
    • You need to pay RM10.60 each time you switch the cashback categories.
    • You are allowed to transfer the balances from a maximum of 3 other credit cards.

    Who should get it

    • Those who want to earn cashback as per their lifestyle preferences.
    • Those who want to maximise their savings.

    Public Bank Visa Signature Credit Card

    The Public Bank Visa Signature Credit Card is a cashback card that offers both cashback and VIP Points based on the spend category.

    Key Benefits

    • Get balance transfer facility for an amount as low as RM500.
    • Choose the repayment tenure based on the transfer amount.
    • Get 6% cashback when you spend on grocery, dining, and online transactions.
  • Earn 1 VIP Point on spending every RM1 on all other retail purchases.
  • Additional Points Description
    How to Use it
    • VIP Points are redeemable for vouchers, Air Miles, and other gifts as listed in the Preferred Redemption Catalogue.
    Good about it
    • Enjoy 2 complimentary visits to Plaza Premium Lounges located in Malaysia.
    • Get a complimentary travel insurance up to RM500,000.
    Keep in Mind
    • The cashback is capped at RM38 per month.
    • The protection of travel insurance is available only if you charge the complete airfare to your card.

    Who should get it

    • Those who dine out regularly.
    • Those who spend on grocery and online shopping.
    • Those who travel abroad frequently.

    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.

    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
    Standard Chartered JustOne Platinum Mastercard

    Amount: RM1,000

    Interest Rate:Fixed interest rate of 5.99% p.a.

    OCBC Cashflo Mastercard Credit Card

    Amount: RM1,000

    Interest Rate: From 6.82% p.a. up to 7.30% p.a.

    AmBank Visa Signature Credit Card

    Amount: RM1,000

    Interest Rate:4.88% p.a. (flat rate basis)

    Citi Prestige Mastercard World Elite

    Amount: RM1,000

    Interest Rate:Up to 8.99% p.a.

    Alliance Bank Gold Card

    Amount: RM1,000

    Interest Rate:From 6.99% p.a. to 7.99% p.a.

    Bank Rakyat Credit Card-i Platinum

    Amount: No Minimum

    Interest Rate: From 3% p.a. to 13.5% p.a.

    Hong Leong WISE Card

    Amount: RM1,000

    Interest Rate:From 4.99% p.a. to 6.99% p.a.

    Public Bank Visa Signature Credit Card

    Amount: RM500

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

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