top balance transfer programmes in malaysia compared

8/10/2019 Top Balance Transfer Programmes in Malaysia Compared

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Top Balance Transfer Programmes in MalaysiaCompared

Are you like a certain Becky Bloomwood, itching to swipe your credit card every

single chance you get? Shifting existing credit card debts to a low interest credit

card via a balance transfer programme can save you RM100s, when done right.

What is aBalance Transfer Programme?

To put it simply, a balance transfer is a programme offered by a bank which allows

cardholders of other banks to transfer their outstanding balance from their credit

cards to another at a lower interest rate. See, banks arent that bad after all theyll

save you from drowning in a sea of your own debt!

For example,

Patricia has a RM1000 outstanding balance on her credit card from Bank A, with an

interest rate of 15% p.a. She plans to pay the minimum 5% or RM50 every month.

by :

Published: 28th Mar, 2

Updated: 28th Mar, 2

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The next day, she decides to transfer that amount to a new credit card from bank B

at a lower interest rate of 0% for 6 months via the balance transfer programme. 6

months later, she has paid off all her debts and made a saving of about RM158.

5 Balance Transfer Must-Knows

jp citi 4 transfer

A balance transfer may seem like the ultimate saving grace for anyone having

troubles paying down their debts, but there are a few things to look out for that are

not explicitly advertised by the banks that everyone should consider before

applying for one. They might save you from a sea of debt, but once youre on their

ship, things might get rowdy.

1. No running away from fees

Not to be confused with the usual interest charges, these payments are often

referred to as up-front interest fees, usually 3% to 4% of the total transferred debt.

Basically, it is a fee for transferring your outstanding balance to your brand new

credit card.

With that said, even though a bank might be advertising a balance transfer with 0%

interest for a certain period, you might still have to pay a one off transfer fee,

which can costs up to RM100s if youre transferring a significant sum. It is

important to note that not all banks require you to pay this fee.

Also, like any old loan, some banks can and will slap you with a fee of up to RM100

when you decide to settle your balance transfer earlier than expected. It might be

a good idea to start reading your terms and conditions.

2. Know your 0% Interest Rate Plans

Should you be jumping at the opportunity to transfer your debts with a 0% balance

transfer plan? The answer would be a resounding yes! But, you will have to commit

to pay your dues within the given period, which can be anywhere from 6 to 12

months.

Failing to do so will result in the credit cards interest rate to jump back to the bank

s standard rates ( 15% to 18% for most Malaysian banks). So far, we have not seen

any long term balance transfers (24 to 36 months) that offer a 0% plan. But we can

keep our fingers crossed for one!

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3. Monthly repayment types

Type 1: Easy pay ment

It doesnt matter how much you pay per month, as long as you will have finished

paying for your transferred balance by the end of your balance transfer tenure.

More commonly, the bank will request that you pay at least RM50 or 5% of the

outstanding balance in order to not get penalized.

Type 2: Fixed payment

Once youve decided on the amount that youd like to transfer, the bank will then

calculate how much you will be paying each month. You will have to follow a strict

monthly repayment schedule until the end of your tenure.

What happens when you do not pay on time? Well, the bank might revoke the

promotional rates, and you will once again be paying 15% to 18%. On top of that,

the bank will also be able to charge a late penalty fee of 1% of the balance transfer

amount a double whammy youd surely want to avoid.

4. Always practice restraint

This is a big one If possible, restrain from using your balance transfer credit cardto make any additional purchases on top of your balance transfer amount in hopes

of taking advantage of the 0% interest rate. Why? This is because some banks

specify that promotional rates will only apply to your transfer balance, while your

retail purchases are charged according to the banks prevailing interest rates (15%

to 18%)

For example, Bank Islam will settle off your balance transfer debt first, leaving you

with the retail spending balance incurring up to 18% p.a.

5. Transfer from more than one bank

Some of you may not know this, but you can consolidate your debts from more than

one credit card from different banks into your balance transfer credit card. For

example, the Maybank Balance Transfer programmeallows you to transfer balance

from up to three banks at one time.

So, if youre a credit card hoarder, paying separate credit card bills every month

can be a recipe for a really big headache. A balance transfer will give you more

breathing room, allowing you to catch up with your payments and lighten your load

significantly.

A comparison of the top 6-month Balance Transfer

Programmes in Malaysia

Balance

Transfer

Plans

Hong Leong

Balance Transfer

RHB Balance

Transfer Plan

X

HSBC

Balance

Transfer

AffinBank Balance

Transfer Installment

Plan

Tenure 6 months

Upfront Interest

(% p.a.)

N/A N/A 3 4

Interest Rate (% 0 0 0 0

ome

ance

hnology

avel

ome

pping

perty

rum
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. .

Payment Type Easy Easy Easy Fixed

Minimum

Transfer

Amount (RM)

3,000 1,000 3,000 5,000

Maximum

Transfer

Amount

RM30,000 or up to 60%

of available credit limit

80% of available

credit l imit

95% of

available

credit l imit

90% of available credit limit

Minimum

Monthly

Payment

5% or RM50 5% or RM50 5% or RM50 depends on transfer

amount

Early

Termination Fee

(RM)

70 N/A N/A 100

A comparison of the top 12-month Balance Transfer


Balance

Transfer

Plans

Maybank Balance

Transfer

Programme

Public Bank Balance

Transfer XIV

Bank Islam

Balance

Transfer

BSN Balance

Transfer

Programme

Tenure 12 months

Upfront

Interest (% p.a.)

3 N/A N/A N/A

Interest Rate (%

p.a.)

0 0 1 0

Payment Type Fixed Fixed Easy Fixed

Minimum

Transfer

Amount (RM)

1,000 3,000 1,000 1,000

Maximum

Transfer

Amount

RM50,000 80% of available credit

limit

depends on

available credit

limit

80% of available

credit l imit

Minimum

Monthly

Payment

depends on transfer

amount

depends on transfer

amount

5% or RM50 depends on

transfer amount

Early

Termination

Fee (RM)

N/A RM100 or 2% of transfer

amount (whichever is

higher)

N/A N/A

A comparison of the top long term Balance Transfer


Balance

Transfer

Plans

Public Bank Balance

Transfer XIV

BSN Balance

Transfer

Programme

Maybank Balance

Transfer

Programme

Standard

Chartered

Balance Transfer

Tenure 24 months 36 months

Upfront

Interest (%

p.a.)

N/A N/A N/A N/A

Interest Rate

(% p.a.)

5 4.5 4.95 5.99

Payment Type Fixed Fixed Fixed Fixed


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Minimum

Transfer

Amount (RM)

2,000 2,000 2,000 1,000

Maximum

Transfer

Amount

80% of available credit

limit

80% of available

credit l imit

depends on credit

check

no maximum

Minimum

Monthly

Payment

depends on transfer

amount

depends on

transfer amount

depends on transfer

amount

depends on transfer

amount

Early

Termination

Fee (RM)

RM100 or 2% of transfer

amount (whichever is

higher)

N/A prevailing finance

charge

N/A

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top balance transfer programmes in malaysia compared

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