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.
Hong Leong Bank Balance Transfer Programme
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.
| New HLB Credit Card Sign-up |
4.99 |
Lifetime |
| Existing HLB Credit Cardholder |
6.99 |
6 or 12 months |
Benefits of Hong Leong Bank Balance Transfer
- You can transfer the outstanding balance from multiple credit cards.
- The interest rate levied by Hong Leong Bank on the Balance Transfer programme is much lower allowing you to save considerably.
- You can get longer tenures to repay the balance.
How to Complete Hong Leong Bank Balance Transfer
- You have to first decide on the amount you want to transfer to Hong Leong Bank.
- You also must make sure about the number of months you need to repay the outstanding balance being transferred.
- The next step is to call on the number 03-76268899 and talk to the representatives on your balance transfer proposal.
Terms & Conditions
The terms and conditions applicable to the bank’s Balance Transfer programme are:
- The bank reserves the right to approve or reject any Balance Transfer request.
- The bank sends a written consent to you if your application is approved along with a mention of the approved amount.
- You have to make at least the minimum payment due or RM50, whichever is higher.
- If you fail to keep up with the terms and conditions specified by the bank, the interest rate offered can be retracted.
- If you settle the outstanding balance before the tenure, you will be charged an early settlement fee of RM70.
- No reward points will be provided for the Balance Transfer programme.
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The bank may alter the terms and conditions applicable to this scheme at any point in time.
Hong Leong Bank Balance Transfer Promotion
The Balance Transfer scheme offered by Hong Leong Bank allows you to convert your outstanding balance on other bank’s credit card into a monthly instalment plan. This provides you with more time to pay your outstanding balance at a lower interest rate.
Hong Leong Bank Balance Transfer Promotion Mechanics
- Get 0% interest rate on Balance Transfer programme.
- The promotion is applicable to 12 months’ tenure.
Hong Leong Bank Balance Transfer Promotion Start & End Date
The campaign commenced on 26 March 2018 and is valid until 30 April 2018.
Hong Leong Bank Balance Transfer Promotion Terms & Conditions
- It is mandatory that you apply to transfer your outstanding balance via Hong Leong Connect Internet Banking or Connect App.
- The minimum transfer amount must be RM15,000.
- The campaign benefits are available only if you have registered for Hong Leong Connect.
- Upon expiry of the 12-month tenure or if monthly repayment is not done by the due date, the interest on the remaining balance will be calculated at 18% p.a. on a daily basis.
FAQs
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.
Q. Is the promotion applicable for supplementary cards?
A. No. The promotion is available only for primary cards.
Q. Can I consolidate more than one card’s outstanding balance?
A. Yes. You can consolidate the balances of multiple credit cards.
Q. Is there a restriction on transferring balances of multiple cards?
A. Yes. You can consolidate the balances of cards issued by a maximum of 3 other financial institutions/banks.
Q. What is the maximum amount allowed for BT?
A. You can transfer a maximum of RM49,900 per BT.
Q. How do I get to know if my application for BT has been approved?
A. The bank will inform you regarding the approval of your application via email and SMS.
