Maybank offers an attractive balance transfer rates under the Maybank Credit Card Balance Transfer programme. It helps you save more with its low interest rates, and also has the convenience of banking through different payment channels made available by Maybank.
|Plan Name||Tenure||Interest Rate||Interest Rate Calculation for Conventional||Min Transfer Amount (RM)||Max Transfer Amount (RM)|
|C||9 months||9% p.a. or 0.75% p.m.||Interest rate calculated based on reducing balance||1,000||Maximum 90% of available credit limit|
|D||12 months||12% p.a. or 1% p.m.||Interest rate calculated based on reducing balance||1,000||Maximum 90% of available credit limit|
|E||24 months||4.5% p.a. or 0.375% p.m.||Interest rate calculated based on straight line method||2,000||Maximum 90% of available credit limit|
|F||36 months||4.95% p.a or 0.413% p.m||Interest rate calculated based on straight line method||2,000||Maximum 90% of available credit limit|
|G||12 months||0% p.a. or 0% p.m.||Interest rate calculated based on straight line method||1,000||50,000|
|H||36 months||8.88% p.a. or 0.74% p.m||Interest rate calculated based on straight line method||1,000||Maximum 90% of available credit limit|
|I||6 months||0% p.a. or 0% p.m.||Interest rate calculated based on straight line method||1,000||Maximum 90% of available credit limit|
Illustration of Plans*
Let us assume that RM3,000 is transferred to your Maybank account from another credit card. The plans chosen for illustration are Plans D and G, which are both 12 month plans.
|Plan Name||Tenure||Amount||Upfront Fees and Charge Rate||Monthly Interest Rate Applicable||Upfront Fees Calculation||Monthly Interest Paid|
|D||12 months||RM3,000||NA||12% p.a. or 1% p.m.||RM0||1% of RM3,000= RM30|
|G||12 months||RM3,000||3% of the approved amount||0% p.a. or 0% p.m.||3% of RM3,000= RM90||RM0|
For Plan D, the monthly instalment to be paid is RM250, and the monthly interest which is to be paid is RM30. The total amount to be paid each month is RM280. At the end of 12 months, the total amount which shall be repaid would be RM3,360.
For Plan G, the monthly instalment to be paid is RM250. The upfront fee, as calculated, shall be RM90, and it will be a one-time payment only. At the end of 12 months, the total amount which shall be repaid is RM3,090.
*The above calculation is for illustration purposes only. The actual rates of calculation may vary with the bank.
There are several ways to apply for the Maybank Balance Transfer Programme. It is only open for principal cardholders of Maybank credit cards.
By mail/ branch drop-off
Maybank Card Centre,
7th Floor, Menara Maybank,
100 Jalan Tun Perak,
50050 Kuala Lumpur
There are certain obligations which you have to keep in mind when applying for the maybank balance transfer plan, as given below. This is crucial to maintain the advantage low interest rates under balance transfer
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. What are the repercussions if the minimum payments are not paid at the end of the month?
A. In case you are unable to pay the monthly amount in full, a normal finance charge of 18% would be charged on the remaining balance. The interest rate will be calculated on the due date until the amount is paid in full.
Q. Are TreatsPoints applicable for my payments under the balance transfer programme?
A. There will be no TreatsPoints which shall be applicable for the consolidation of credit from other banks under the balance transfer programme.
Q. How do I pay the one-time upfront charge on the card?
A. The one-time upfront charge shall only be applicable for plans G and I, as per the table provided above. The charge shall be added to the credit card bill statement on the date of posting after the amount is approved.
Q. Can I make my payments through cheques? If yes, how long does it take to reflect the payment to the balance in other banks?
A. Yes, you can make payments by cheques under the balance transfer programme. In such a case, it will take up to 10 working days from the date of approval to reflect on the credit card balance in other banks.
Q. How can I get updates on the payments made under this programme?
A. Maybank shall be sending notifications in writing regarding the approval and payments under the balance transfer programme if the application has not been made online. For online applications, notices shall be sent under for Approved in Principle, and if application I approved/declined.
Q. My credit card account has been terminated. How should I pay off the remaining balance under the BT programme?
A. The amount should be paid off immediately under the BT rates as per the chosen plan. If unable to do so, the balance shall be applicable to be paid under normal finance charges of 15% to 18%, similar to the cash withdrawal rates and retail transactions.