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.
Some of the features and benefits of OCBC card balance facility are mentioned below.
|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)|
Table highlighting the benefits of using OCBC balance transfer
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 -
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.
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.
The entire process can be completed only in Ringgit Malaysia. All amounts are billed in RM.
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.
A cardholder is expected to pay a minimum amount equivalent to 5% of the monthly instalment due every month or RM 50.
The maximum amount one can transfer is restricted to 90% of the credit limit available to a cardholder on his/her OCBC credit card.