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.
|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|
1.38% for $10,000 and above
1.68% for $5,000 to $9,999
1.88% for $2,000 to $4,999
|STANDARD CHARTERED||2.50||0||5.34||6 Months||
2.5% for 6 months
5% for 12 months