The Best Balance Transfer Plans in Malaysia
Are you being overwhelmed by your credit card debt and high interest charges? Learn how you can save money by consolidating all of your credit cards with a lower interest balance transfer plan and clear off your debts!
BSN Balance Transfer
This balance transfer program offers maximum flexibility as you can choose from 6 plans to suit your financial needs. The tenure ranges from 3 to 36 months, along with flexible repayment period. You’ll also get to enjoy the convenience of consolidating all of your other credit card accounts into one statement.
Aside from that, there are no processing or upfront fees involved for you to apply for the BSN Balance Transfer Program, which is a major plus. But do note that you have to be an existing or new principal cardholder of BSN Credit Card-i with a minimum monthly income of RM2,000.
The maximum transfer amount is 80% of the available credit limit and the minimum transfer amount depends on the tenure you choose. More details of the balance transfer options offered by BSN are below:
Maybank Balance Transfer
Here’s another balance transfer program for you to consider. This program offers 5 balance transfer plans to choose from, ranging from 6 to 36 months tenure period. The interest rate ranges between 0 – 0.413%. But in order to take advantage of the 0% interest rate, you’ll have to opt for the 12 months tenure period option with a minimum transfer of RM1,000. However, do take note that you will still have to pay a one-time upfront fee of 3% with the 12 months tenure balance transfer plan.
This balance transfer plan is available for both conventional and Islamic Maybank credit card holders with a minimum monthly income RM2,500. Under this balance transfer program, you will have to pay a minimum of 5% from your monthly credit card statement and the monthly balance transfer instalment in full before the statement due date. If you fail to do so, you will be charged 18% on the remaining balance. In order to be eligible for this plan you need to be either a Maybank conventional or Islamic credit card holder.
Standard Chartered Balance Transfer Plus
There are no upfront fees to be paid for all Standard Chartered balance transfer plans, regardless of the tenure period. However, there is a 5.99% per annum fixed interest rate for all of the balance transfer plans. Other than that, the application is hassle-free as the bank claims that you need not provide any documents. To give you an idea of how the balance transfer program from Standard Chartered works, refer to the chart below:
Hong Leong Balance Transfer
This is currently the best balance transfer program available in Malaysia because it offers a plan with no fixed repayment period at an interest rate of 4.99% per annum. But before you get all excited, do note that this plan is only open to new Hong Leong cardholders. Therefore, if you’re an existing Hong Leong cardholder you will have the balance transfer plan option with an interest rate of 6.99% per annum.
Both balance transfer plans have a minimum transfer amount of RM1,000. However, seeing as you can get better interest rate from the other balance transfer plans mentioned earlier, the Hong Leong Balance Transfer would only be a good option if you are eligible for the no fixed repayment period plan.
On a last note, think about your repayment ability before you sign up for any balance transfer plan. Keep in mind that if you miss any monthly payments for your balance transfer, you will then be charged an interest rate of 18% per annum. Instead of saving money and paying off your credit card debts faster, you will be further bogged down with even more debt, so be careful!