Important Notes: Fund Transfer (Balance Transfer) is also a bank loan, hence please use this feature with extra careful. Delay in repayment might cause you fall into high interest debt.
How does Balance Transfer (Fund Transfer) Work?
- Firstly you will need to apply Credit Card or any Credit Account (money-line, cash-line, ready credit) from the bank
- Once your Credit Card/Credit Account is approved, you will be given Credit Limit. Usually this Credit Limit is used to limit your spending on that Credit Card/ Credit Account
- With Balance Transfer (Fund Transfer), you request the bank to transfer cash (payment) to another Credit Card or Saving Account. The amount is limited to 90% or 95% of your Credit Limit.
- Depending on the promotion, there could be processing fee involved or low interest. In both cases, the loan period is usually 6 months or less.
- Every month you will need to pay the installment (usually 3% of total loan, for 0% interest scheme). Before the loan period ends you will have to repay the full amount.
Please read Recent Updates on Balance Transfer Promotion
Here are the list of various banks Fund Transfer (Balance Transfer) with their processing fee and interest:
| BANK | PROCESSING FEE (%) | INTEREST (p.a%) | EIR (p.a%) | LOAN PERIOD | REMARKS |
| ANZ | 0 | 0 | 0 | 6 Months | Only for applicants who don't have any ANZ Credit Card yet |
| HSBC | 0 | 0.8 | 0.8 | 6 Months | Only available within 3 months, after opening your first HSBC Credit Card |
| MAYBANK | 1.38 | 0 | 2.96 | 6 Months |
1.38% for $10,000 and above 1.68% for $5,000 to $9,999 1.88% for $2,000 to $4,999 |
| OCBC | 3 | 0 | 6.20 | 6 Months |
|
| STANDARD CHARTERED | 2.50 | 0 | 5.34 | 6 Months |
2.5% for 6 months 5% for 12 months |
Above comparison should give you better picture on which Fund Transfer (Balance Transfer) to select.
Information above, was verified on 05 Sep 2014
