Friday, 05 September 2014 08:55

The Best Fund Transfers (Balance Transfers) Promotion from Singapore Credit Card

Written by 

As much as we tried to balance our earning and our expenses, there are times when we have important and urgent needs, or there could be some un-expected delay to our fixed income. It's time to use the feature of Fund Transfer (Balance Transfer) from the bank, providing you with cash loan with little or no interest.

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?

  1. Firstly you will need to apply Credit Card or any Credit Account (money-line, cash-line, ready credit) from the bank
  2. 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
  3. 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.
  4. 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.
  5. 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.
 
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
Read 2634 times Last modified on Monday, 09 February 2015 03:27

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

1 comment

  • Comment Link crostata alla nutella Friday, 08 May 2015 05:08 posted by crostata alla nutella

    Hey there! Do you use Twitter? I'd like to follow you if that
    would be ok. I'm absolutely enjoying your blog and look forward to new posts.

TOP