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You can move your credit card balances from multiple institutions into Standard Chartered Bank. The scheme gives some time for you to relax and pay the outstanding balance with longer repayment period at lower interest rates.
The bank offers balance transfer feature at 5.99% p.a. The below table shows details of the feature:
|Repayment Tenure/ Transfer Amount||RM1,000||RM5,000||RM10,000||RM15,000||RM20,000|
The benefits offered by Standard Chartered Balance Transfer are:
Once you are sure of the amount and the repayment duration that suits your needs, you can visit the webpage for Balance Transfer on the bank’s official website and click the ‘Apply’ button.
The terms and conditions applicable on balance transfer are:
Q. How is monthly repayment amount calculated?
A. The monthly repayment amount is calculated using the formula given below:
[Balance Transfer Plus amount + (Balance Transfer Plus amount x interest rate per annum x repayment tenure in years)] / repayment tenure in months.
Q. Will my credit limit increase when I take supplementary cards?
A. No. Your existing credit limit will be shared with the supplementary cards.
Q. What is the allowed minimum amount for a balance transfer?
A. The minimum amount allowed for a balance transfer is RM1,000 per application.
Q. Do I get a debit card with the PLC account?
A. No. You will not get any debit card with your PLC account.
Q. Does the bank determine the instalment amount? Would it vary month-on-month?
A. The bank determines the monthly instalment which includes two components: principal amount and interest. The bank sets the monthly instalment payable in such a way that the instalments are equal throughout the repayment tenure.