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 Balance Transfer, What is it actually???

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TSiamkid
post Aug 8 2009, 03:38 PM, updated 15y ago

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I think i am very blur with this thing, what is it?

1)From my understanding, it is combining all the debts from different credit cards into one card. IS this correct?

2) Which is more worthy? : to have a balance transfer or a personal loan?



PLease help me. Thanks

QUOTE(evilcantona @ Aug 11 2009, 11:38 PM)
Balance transfer is tranfer ur outstanding from other bank...

Example:
Ambank Balance Transfer

-U have 4k outstanding from Citibank u transfer to ambank,
-After transfer to Ambank ur citibank is clear
-So now u hutang ambank but with a lower interest
-so u just pay to ambank rm4000 + interest 8.99pa in 2years/24mth with no admin fee or processing fee and u get handphone for rm4000 transfer..

if u 1 cash money just do quickcash  ambank will bank in $$ to ur sa or c account condition same as balance transfer

hope this help... icon_rolleyes.gif
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QUOTE(evilcantona @ Aug 16 2009, 09:53 PM)
the credit card still can use? still can use...let say u do balance transfer 8k but the card limit is 10k, so u still have 2k balance to use
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This post has been edited by iamkid: Aug 17 2011, 03:49 AM
eddievh
post Aug 8 2009, 05:51 PM

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May be you can read in this thread, http://forum.lowyat.net/topic/1108859
falcon867
post Aug 8 2009, 09:49 PM

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balance transfer is much worth it...
x132755
post Aug 11 2009, 03:16 PM

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sometime citibank will offer u 3 mth 0.25% p.m only..
most of the bank is running 6 mth 0.5% p.m
gstrapinuse
post Aug 11 2009, 04:21 PM

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Do balance transfer.More worth it.Interest lower compared to personal loan.Now Maybank offers lowest interest rate.
shanelai
post Aug 11 2009, 04:29 PM

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QUOTE(gstrapinuse @ Aug 11 2009, 04:21 PM)
Do balance transfer.More worth it.Interest lower compared to personal loan.Now Maybank offers lowest interest rate.
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Agree..... I search through most of the bank and found out that maybank actually offer the lowest rate which is 0.375% p.m. for 24months instalment.. Planning to apply for it

Anyone here has any other better choices?
roy918
post Aug 11 2009, 04:39 PM

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QUOTE(gstrapinuse @ Aug 11 2009, 04:21 PM)
Do balance transfer.More worth it.Interest lower compared to personal loan.Now Maybank offers lowest interest rate.
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CIMB offering 0% for 6months.

But the problem is does the TS has the ability to pay back in that period?
If yes, then balance transfer is better than personal loan. Else TS will be ended with more debt.
shanelai
post Aug 11 2009, 04:55 PM

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QUOTE(roy918 @ Aug 11 2009, 04:39 PM)
CIMB offering 0% for 6months.

But the problem is does the TS has the ability to pay back in that period?
If yes, then balance transfer is better than personal loan. Else TS will be ended with more debt.
*
Anyone here know what is the initial processing fee or "admin fee" for applying this balance transfer?

If unable to settle withink 6 months, what is the consequences and the following interest charges? still the same at 1.5% p.m.??
Karlos
post Aug 11 2009, 06:15 PM

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All depends on your purposes and possibilities
gstrapinuse
post Aug 11 2009, 08:07 PM

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QUOTE(shanelai @ Aug 11 2009, 04:55 PM)
Anyone here know what is the initial processing fee or "admin fee" for applying this balance transfer?

If unable to settle withink 6 months, what is the consequences and the following interest charges? still the same at 1.5% p.m.??
*
No admin fee or processing fee for Maybank.U just need to pay the interest only.
evilcantona
post Aug 11 2009, 11:38 PM

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Balance transfer is tranfer ur outstanding from other bank...

Example:
Ambank Balance Transfer

-U have 4k outstanding from Citibank u transfer to ambank,
-After transfer to Ambank ur citibank is clear
-So now u hutang ambank but with a lower interest
-so u just pay to ambank rm4000 + interest 8.99pa in 2years/24mth with no admin fee or processing fee and u get handphone for rm4000 transfer..

if u 1 cash money just do quickcash ambank will bank in $$ to ur sa or c account condition same as balance transfer

hope this help... icon_rolleyes.gif




jeff_v2
post Aug 12 2009, 12:42 AM

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QUOTE(roy918 @ Aug 11 2009, 04:39 PM)
CIMB offering 0% for 6months.

But the problem is does the TS has the ability to pay back in that period?
If yes, then balance transfer is better than personal loan. Else TS will be ended with more debt.
*
this promo only available for new cimb cc holder less than 3month...

shanelai
post Aug 12 2009, 08:58 AM

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QUOTE(gstrapinuse @ Aug 11 2009, 08:07 PM)
No admin fee or processing fee for Maybank.U just need to pay the interest only.
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Is the interest charged is one time off or base on your balance? Ie. For eg transfer RM10k for 24 months with 0.375% = RM900?
gstrapinuse
post Aug 12 2009, 10:14 AM

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QUOTE(shanelai @ Aug 12 2009, 08:58 AM)
Is the interest charged is one time off or base on your balance? Ie. For eg transfer RM10k for 24 months with 0.375% = RM900?
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If i am not mistaken, its RM900 for 24months. U divide into 24 months to pay monthly.It means u need to pay RM454.17 per month.
shanelai
post Aug 12 2009, 10:58 AM

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QUOTE(gstrapinuse @ Aug 12 2009, 10:14 AM)
If i am not mistaken, its RM900 for 24months. U divide into 24 months to pay monthly.It means u need to pay RM454.17 per month.
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oh..
meaning it is flat for 24 months then....
Thanks for the info. btw, how you know much info about this facilities offer by mbb? R u the staff or?
gstrapinuse
post Aug 12 2009, 11:01 AM

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QUOTE(shanelai @ Aug 12 2009, 10:58 AM)
oh..
meaning it is flat for 24 months then....
Thanks for the info. btw, how you know much info about this facilities offer by mbb? R u the staff or?
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The other day, i accompanied my friend to MBB and ask about this facilities.She applied for it but failed to get the balance transfer.
shanelai
post Aug 12 2009, 11:24 AM

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QUOTE(gstrapinuse @ Aug 12 2009, 11:01 AM)
The other day, i accompanied my friend to MBB and ask about this facilities.She applied for it but failed to get the balance transfer.
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Ic.. What is the problem caused her to fail? Then what is her alternative?
gstrapinuse
post Aug 12 2009, 03:30 PM

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QUOTE(shanelai @ Aug 12 2009, 11:24 AM)
Ic.. What is the problem caused her to fail? Then what is her alternative?
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They didnt tell y she didnt get the balance transfer.She got no choice, just continue with her current loan from StandChart & RHB with a higher interest rate.
ekestima
post Aug 12 2009, 03:37 PM

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Ya, it's like consolidating all ur debts. If u need long term then personal loan. Balance transfer max is 36 month only i think.
shanelai
post Aug 12 2009, 05:26 PM

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QUOTE(gstrapinuse @ Aug 12 2009, 03:30 PM)
They didnt tell y she didnt get the balance transfer.She got no choice, just continue with her current loan from StandChart & RHB with a higher interest rate.
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Ic.. Why dont she try to apply other bank BT? although it is higher but it is definitely lower than CC interest right?
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