Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Credit Card BYTES FROM OUR KITCHEN

    OCBC Balance Transfer

    Credit facilities have always come to our rescue whenever an unaccounted for expenditure crops up or one needs to plan out how an unavoidable but necessary expense needs to be split up so that the financial burden is eased in a smart way. When speaking of managing expenses, spending on credit cards is also one. No matter how a credit card helped initially in meeting expenses, its dues have to be paid. Different banks have various schemes and interest rates ruling their credit cards and based on situations, doing a transfer of the pending dues of one bank to another might land the individual with preferential rates of interest. A balance transfer is the process of transferring a portion (or whole) of the amount one owes from one credit facility to another, owned by the same person, thereby eliminating hassles related to paperwork and formalities. OCBC credit service offers this special feature on its OCBC credit cards, enabling card members to transfer balance at ease. All the rates and features of the facility are solely dependent on the discretion of the bank and one should confirm of the latest changes pertaining to the facility from OCBC itself.

    Features and Benefits OCBC Balance Transfer Plan

    Some of the features and benefits of OCBC card balance facility are mentioned below.

    • Repayment period – Repayment periods can be either 6 months or 12 months for cardholders using this facility
    • No processing fee – No processing fee is associated with OCBC Balance transfer facility
    • Low interest – Cardholders who utilise this feature need to pay interest at nominal rates of 2% per annum and 4% per annum for repayment tenures of 6 months and 12 months respectively
    • Minimum amount – The minimum transfer amount under the card balance facility is RM 1000
    • Tenure – Two active tenures of half a year (6 months) and a year (12 months) are allowed
    • Simple – An offline way through fax and an online way, through an existing online banking account make the application process very easy
    • High transfer cap – Up to 90% of the total available credit line can be transferred
    • High saving – One can save more compared to the products offered by other banks
    • Fixed repayments – Repayment amounts are constant for the length of the tenure, allowing easy tracking of credit payments
    Transfer Amount (RM) Tenure of Payment (in months) Interest rates charged by other banks (18% per annum) OCBC interest charged (per annum 2% for 6 months, 4% for 12 months) Savings (RM)
    3000 6 157.50 60.00 97.50
    5000 6 262.50 100.00 162.50
    10000 6 525.00 200.00 325.00
    3000 12 292.50 120.00 172.50
    5000 12 487.50 200.00 287.50
    10000 12 975.00 400.00 575.00

    Table highlighting the benefits of using OCBC balance transfer

    Balance Transfer Process as per OCBC

    OCBC’s card balance transfer facility is one of the easiest to implement and utilise. Individuals can opt for two available methods with OCBC –

    Offline method -

    • Application form – One can download the requisite application form from OCBC’s site and fill in basic information like name, card number, contact details, details related to the account into which the balance should be transferred, etc.
    • The same form can be faxed to OCBC through a dedicated number for this facility
    • A transfer process will be initiated once all the details are verified. The balance of a cardholder will be debited by OCBC

    Online method – This is a practically easier method to adopt that can be used by existing customers of OCBC who have access to online banking. Since customer details are already present with OCBC through KYC documents, there is no need for a detailed application to be filled up. Through the online banking channels, just details of the other card like the card number and balance transfer amount need to be submitted. Processing of balance transfer is much faster through this method.

    OCBC Balance Transfer FAQ’s

    1. Who is eligible for an OCBC Credit balance transfer?

    2. This facility can be used only by principal cardholders who have a credit card supplied by Malaysian Financial Institutions. Secondary cardholders cannot utilise this facility.

    3. Which currency can be used under this facility?

    4. The entire process can be completed only in Ringgit Malaysia. All amounts are billed in RM.

    5. How is the monthly instalment calculated under the transfer program?

    6. Each monthly instalment is calculated by using a simple formula. The total amount transferred plus the interest on this amount is divided by the total instalment period (in months) to give the monthly instalment.

    7. What is the minimum payment a cardholder should make after using this facility?

    8. A cardholder is expected to pay a minimum amount equivalent to 5% of the monthly instalment due every month or RM 50.

    9. What is the maximum amount one can transfer using this facility?

    10. The maximum amount one can transfer is restricted to 90% of the credit limit available to a cardholder on his/her OCBC credit card.

    Other Bank Balance Transfer Plans

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