A credit card is an integral component of our day to day life today, occupying an important position in the way we interact and deal with situations. While owning a credit card is simple, owning a number of credit cards could complicate things, in terms of maintenance and account information. The balance transfer facility offered by Public Bank eases the way you use your card, enabling you to transfer balance from one credit card to another, eliminating hassles related to documentation, thereby simplifying the entire process of owning and using a card.
Features and Benefits of Public Bank Balance Transfer
Some of the salient features and benefits of this facility are mentioned below.
- Processing fee – There is no processing fee associated with a Public Bank balance transfer.
- Flexibility – An individual can choose from multiple plans related to the balance transfer, with each plan designed to cater to different requirements.
- Multiple scheme duration – Individuals can opt for credit scheme durations ranging between 6, 12 and 24 months. Repayment can be done in either of these periods, i.e. the amount can be repaid in either 6, 12 or 24 EMIs.
- Simple process – Individuals who wish to choose this facility are required to fill in a simple application form, streamlining and simplifying the entire process.
- Amount – The minimum amount one can transfer under this facility is RM 1,000.
- Higher savings – This scheme enables one to save more compared to other banks, thanks to the absence of processing fees.
- Multi bank transfer – An individual can opt for a balance transfer from more than one bank.
- Low management fee – There is a low management fee associated with this balance transfer, with the fee ranging between 1% and 5%. In certain cases this fee is waived completely.
|Duration of credit scheme
||Transfer Amount (minimum)
||Management fee/one-time upfront interest
||RM 1,000 – RM 4,999.99
||RM 5,000 and more
Table highlighting the management fee for different tenures and amounts
How to transfer the balance from Public Bank
Individuals who wish to utilise this facility are expected to follow a few simple steps, as outlined below.
- Fill an application form providing their details like card number, telephone number, name, transfer details (bank and card to which an amount should be transferred) and the amount.
- Once the application is received by the bank, it will initiate transfer proceedings.
- The amount will be transferred within a specific date, subject to an individual having sufficient credit.
Public Bank Balance Transfer FAQ’s
What is the maximum amount one can transfer using this facility?
The maximum amount one can transfer using this facility depends on the credit limit allotted to him/her. One can transfer an amount up to 80% of his/her credit limit through a Public Bank balance transfer.
Can one opt for an early settlement under this transfer facility?
Yes, one can opt for an early settlement, although a penalty of RM 100 will be imposed if an individual clears the dues before the scheme expires.
What happens if an individual fails to make payments for the monthly instalment?
In the event of delayed payments, an interest equivalent to 1% of the total outstanding amount will be charged.
Does one earn any loyalty points on using this transfer facility?
No, there are no loyalty points or bonus features applicable under this scheme.
Note: This facility is available at the discretion of the service provider and individuals are expected to check it with the relevant authorities.
Other Bank Balance Transfer Plans