OCBC credit cards come with a facility of balance transfer that allows you to transfer the outstanding balance from other bank credit cards onto your OCBC credit card. This helps you increase your savings and handle your finances effectively. The facility comes with a relatively lower interest rate and gives you freedom to choose a repayment tenure that suits your needs.
The following is an illustration table containing the interest rates of with the balance transfer facility and how it works:
|Repayment tenure||Interest rate||Balance transfer amount||Interest @18.00% p.a.||Balance transfer interest amount||Savings|
|6 months||1.88% p.a.||RM3,000||RM157.50||RM56.40||RM101.10|
|6 months||1.88% p.a.||RM5,000||RM262.50||RM94.00||RM168.50|
|6 months||1.88% p.a.||RM10,000||RM525.00||RM188.40||RM337.00|
|12 months||3.88% p.a.||RM3,000||RM292.50||RM116.40||RM176.10|
|12 months||3.88% p.a.||RM5,000||RM487.50||RM194.00||RM293.50|
|12 months||3.88% p.a.||RM10,000||RM975.00||RM388.00||RM587.00|
New cardmembers can opt for a balance transfer facility on their card at as low as 0.00% p.a. The offer is valid till 31 March 2018 for a minimum of RM1,000.
The following are the benefits associated with the balance transfer facility:
Q. What if I miss paying the monthly instalment associated with the facility?
A. You will be charged a late payment penalty of 1% of the outstanding amount or a minimum of RM10 (whichever is higher). This amount is capped at RM100.
Q. What is the minimum amount that I can transfer via this scheme?
A. The minimum amount transferable via this facility is RM1,000.
Q. If I decide to settle the entire amount before the tenure ends, will I be charged with any early settlement fee?
A. No, the facility doesn’t have any early settlement fee.
Q. How will I know the status of my application and how much amount is approved?
A. You will get a notification about the status of your application via an SMS.
Q. Where can I get the application form of balance transfer?
A. You can get the form at any OCBC branch or download the form from https://www.ocbc.com.my/personal-banking/Cards/download/balancetransferform.pdf.
Q. Where can I get further details about this facility?
A. You can get further details: