Hong Leong Banks offers you a way to consolidate the outstanding balance of all your credit cards with the Balance Transfer facility. You can get the privilege of low-interest rates for a period of up to one year.
The bank has prescribed two sets of interest rates; one for existing cardholders and the other for new cardholders who have never owned a Hong Leong credit card before.
|Customer Type||Interest Rate (% p.a.)||Repayment Tenure|
|New HLB Credit Card Sign-up||4.99||Lifetime|
|Existing HLB Credit Cardholder||6.99||6 or 12 months|
The terms and conditions applicable to the bank’s Balance Transfer programme are:
Q. Is the interest rate of 6.99% p.a. valid for all credit cards offered by Hong Leong Bank?
A. No. The interest rate of 6.99% p.a. is valid on all credit cards offered by Hong Leong Bank, except for Hong Leong AMEX Platinum Cardholders.
Q. Can I consolidate credit card debts from more than one bank?
A. You can consolidate the balance from not more than three financial institutions (banks/credit card companies).
Q. Is there a minimum amount for initiating Balance Transfer?
A. Yes. The bank has specified that the minimum Balance Transfer amount is RM1,000.
Q. What happens if I fail to pay my monthly instalment by the due date?
A. If you fail to make the minimum payment, then a late fee of 1% of the total outstanding balance or RM10, whichever is higher, will be charged.
Q. What happens if I fail to repay the outstanding balance by the end of repayment tenure agreed upon?
A. If you fail to pay your monthly instalment by the end of the repayment tenure, an interest rate of 18% p.a. will be levied on your outstanding balance until full repayment is done. The initial rate of 6.99% p.a. will be eliminated.