A balance transfer programme is an easy way to save on interest while transferring your credit card balance/debt from one card to another. Maybank offers five different plans in its balance transfer programme that allows you to choose a plan that suits your needs. Convenient repayment tenures, extra cash facility, etc. are some of the prime features of the programme.
Let’s have a look at the Maybank Balance Transfer programme in details:
|Balance Transfer Plan and Tenure||Interest Rates Offered by Maybank||Minimum Transferable Amount|
|6-month Plan||0.50% per month||RM1,000|
|9-month Plan||0.75% per month||RM1,000|
|12-month Plan||0% per month||RM1,000|
|24-month Plan||0.375% per month||RM2,000|
|36-month Plan||0.413 per month||RM2,000|
Through bank’s website: To apply for the balance transfer programme, you need to login to your Maybank account through your official ID and fill up the application form. You can then email the form to [email protected] to complete the application procedure.
Visit to a branch: You can also print an application form from the bank’s official website and fill it up with all mandatory details. The completed form can then be submitted at your nearest Maybank branch.
Via telephone: You can reach out to the bank representatives on the Maybank hotline at 1300 88 6688. The representatives will guide you through the complete application procedure for the chosen balance transfer plan.
Q. Is there a 20-day interest-free period applicable for Maybank Balance Transfer plans?
A. Yes, you can obtain a 20-day interest-free period with the programme but this is applicable only if you have settled your previous outstanding balance amount in the previous balance statement.
Q. Are there any late payment charges involved?
A. Yes, you will have to pay the higher between 1% on your outstanding balance and a minimum of RM10, as late payment charges. The late payment charges are capped at RM100.
Q. What is the maximum amount that I can transfer through this programme?
A. The amount transfer limit for the 12-month plan is capped at RM50,000 per transaction. However, for the 6, 9, 24 and 36-month plans, the maximum transferable amount depends upon your available balance.
Q. What happens when I do not pay my monthly instalment amount in full?
A. You shall have to pay a normal finance charge of 18% on your remaining balance instalment amount on its due date until you pay off the instalments fully.
Q. I am a supplementary credit cardholder of Maybank. Can I apply for a balance transfer plan?
A. No, all balance transfer plans are available only for the principal credit cardholders of the bank.