CIMB Credit Card Balance Transfer programme helps you pay outstanding balances on other credit cards at a lower interest rate. It designates a portion of the credit card limit to pay off other credit card dues in easy instalments of up to 12 months.
|Plan Name||Tenure||Interest Rate||Min Transfer Amount||Max Transfer Amount|
|A||6 months||5.99% p.a. or 0.5% p.m.||RM1,000||80% of the available credit card limit|
|B||12 months||7.99% p.a. or 0.67% p.m.||RM1,000||80% of the available credit card limit|
Illustration of Plans*
In order to illustrate savings incurred under the CIMB Balance Transfer plan, we assume that RM3,000 is being forwarded to the CIMB credit card from another credit card. We make the comparison for Plans A and B, which are half-yearly and one year plans.
|Plan Name||Tenure||Amount||Monthly Interest Rate Applicable||Monthly Interest Paid|
|A||6 months||RM3,000||5.99% p.a. or 0.5% p.m.||0.5% of RM3,000= RM15|
|B||12 months||RM3,000||7.99% p.a. or 0.67% p.m.||0.67% of RM3,000= RM20.10|
For Plan A, you need to pay RM500 as the monthly instalment, and RM15 are the interest. The total amount to be paid at the end of the month is RM515. At the end of 6 months, the total amount which shall be repaid to the bank is RM3,090, with RM90 as interest.
For Plan B, you would need to pay RM250 as the monthly instalment, and RM20.10 as the interest. The total amount to be repaid is RM270.10. At the end of a year, the total amount to be repaid would be RM3241.20, with RM241.20 as interest.
*The above calculation is for illustration purposes only. The actual rates of calculation may vary with the bank.
You can complete the balance transfer application form and drop it off at the nearest CIMB branch located anywhere in Malaysia. You can also call the CIMB helpline and choose the programme.
Keep in mind the following points when you apply for the balance transfer plan. This will help you in maintaining the maximum benefits from the credit card while enjoying the low interest rates,
Compare balance transfer credit cards and apply accordingly. It will help you consolidate multiple credit card debts into one single card so that you can clear off the outstanding balances conveniently.
Q. Do I need to pay upfront charges when I apply for CIMB Credit Card Balance Transfer?
A. No. There are no upfront charges applicable when you transfer credit card dues for CIMB Balance Transfer.
Q. Will my account number change once I have opted for the balance transfer programme?
A. A new account number will be assigned for the balance transfer in which the outstanding dues from other banks will be transferred. However, the regular CIMB credit card account number shall be valid and be used for regular transactions.
Q. Would I be eligible for any reward points under the balance transfer programme?
A. No. There shall be no reward points which shall be applicable under the CIMB Balance Transfer Programme.
Q. Are there any late payment charges with the card?
A. In the case of late payments, 1% of the outstanding balance on the statement date, and shall be charged on the next day after the due date for each month. The late payment charges range from a minimum of RM10 to a maximum of RM100.