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 Balance Transfer, What is it actually???

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SUSashcrimson
post Mar 3 2011, 11:45 AM

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say if i got two credit cards with balance totaled 5k and cash to settle it. is it better to do balance transfer? or settle them at once?
ronnie
post Mar 3 2011, 12:43 PM

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QUOTE(ashcrimson @ Mar 3 2011, 11:45 AM)
say if i got two credit cards with balance totaled 5k and cash to settle it. is it better to do balance transfer? or settle them at once?
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I use BT to earn tiny interest from FD (think of it like cash-back) with the cash I can use to pay my CC balance.
Again, it's up to you...
Which BT program are you specifically plan to use ?
feralee
post Mar 3 2011, 03:06 PM

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QUOTE(MilesAndMore @ Mar 3 2011, 01:26 AM)
Mine took 13 days ... From Citibank to Maybank.
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Do u receive call from Mbb saying yr BT approve?
I just submited the BT form today at Mbb branch. biggrin.gif


SUSashcrimson
post Mar 3 2011, 03:41 PM

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QUOTE(ronnie @ Mar 3 2011, 01:43 PM)
I use BT to earn tiny interest from FD (think of it like cash-back) with the cash I can use to pay my CC balance.
Again, it's up to you...
Which BT program are you specifically plan to use ?
*
not sure... still wondering if it's better to cut them right away or get a new card
MilesAndMore
post Mar 3 2011, 04:37 PM

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QUOTE(feralee @ Mar 3 2011, 03:06 PM)
Do u receive call from Mbb saying yr BT approve?
I just submited the BT form today at Mbb branch.  biggrin.gif
No. I did not. I found out when there was a IBG Giro payment made to my Citibank credit card.

l3iTi
post Mar 3 2011, 10:05 PM

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QUOTE(feralee @ Mar 3 2011, 03:06 PM)
Do u receive call from Mbb saying yr BT approve?
I just submited the BT form today at Mbb branch.  biggrin.gif
*
I apply via email on 21 Feb...
Then I follow up again on 1st March
Today get below feedback

QUOTE
Thank you for your email.

Upon checking, we pleased to inform that your application has been approved on 2/3/2011.

Should we be of any further assistance to you, do feel free to contact our Customer Service Executives at 1-300-88-6688 or 03-7844 3696 (overseas) and fax to 03-79538600 or e-mail to mbbcardservices@maybank.com.my.

Thank you.

Yours sincerely,
For Maybank

Sharminazrin Johari
Service Recovery
Service Fulfillment
Customer Engagement
Cards & Unsecured Lending

But I have yet to see any payment to my another credit card...It's gonna due on 6th March...
Dunno can make it on time or not doh.gif
princess_autumn87
post Mar 3 2011, 10:17 PM

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QUOTE(l3iTi @ Mar 3 2011, 10:05 PM)
I apply via email on 21 Feb...
Then I follow up again on 1st March
Today get below feedback
But I have yet to see any payment to my another credit card...It's gonna due on 6th March...
Dunno can make it on time or not  doh.gif
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let's say the due is 6/3 and the payment clears ard 7 or 8 which later only few days, u may call to cs to appeal for the reversal interest charge but they will charge late payment fee.

Of course it subject to individual bank policy.
ronnie
post Mar 5 2011, 10:26 AM

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How long did my Direct Access BT took ?
28-Feb : Faxed application form on Monday (28-Feb)
03-Mar : BT account approved and created in CIMBClicks
04-Mar : IBG BT amount to the CC

Only takes 5 working days rclxms.gif
SUSDavid83
post Mar 5 2011, 10:28 AM

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Never doubt of the fast processing for DA BT. rclxms.gif
shiroikun
post Mar 5 2011, 12:06 PM

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From what i read from MBB BT form, you need to provide the CC statement that u wanna transfer, izzit right? 1 month statement or 3 months?
chemistry
post Mar 5 2011, 12:42 PM

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QUOTE(shiroikun @ Mar 5 2011, 12:06 PM)
From what i read from MBB BT form, you need to provide the CC statement that u wanna transfer, izzit right? 1 month statement or 3 months?
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To be exact, you need to furnish the LATEST STATEMENT. One is enough.
fjoru103
post Mar 5 2011, 01:03 PM

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I have a pbb and hsbc card
Should i try bt among 2 to lower my burden a lil?
arsenal
post Mar 8 2011, 07:06 PM

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Citibank offer me 1.6% per annum for balance transfer...time to do it and put money in FD?
MilesAndMore
post Mar 8 2011, 08:43 PM

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QUOTE(arsenal @ Mar 8 2011, 07:06 PM)
Citibank offer me 1.6% per annum for balance transfer...time to do it and put money in FD?
Not good enough considering there are several banks offering 0% BT out there.
fahrur_07
post Mar 8 2011, 08:54 PM

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currently have BT from OCBC to CIMB card..
cimb very good.less than 1 week my application already approve
Gen-X
post Mar 8 2011, 09:30 PM

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QUOTE(arsenal @ Mar 8 2011, 07:06 PM)
Citibank offer me 1.6% per annum for balance transfer...time to do it and put money in FD?
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like Miles said, others offering 0% so why would you want to do BT with citi and get less effective interest earned from FD?

Clcik here to read BT 0% and make more from your FD smile.gif
dia_bo_lique
post Mar 8 2011, 11:47 PM

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is it true that once you have BT from card A to card B (for example), you then have to pay a fixed amount monthly until there's no more outstanding balance left to pay?
chemistry
post Mar 8 2011, 11:50 PM

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QUOTE(dia_bo_lique @ Mar 8 2011, 11:47 PM)
is it true that once you have BT from card A to card B (for example), you then have to pay a fixed amount monthly until there's no more outstanding balance left to pay?
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It depends on the bank.
To my knowledge, Maybank BT is installment type.
CIMB offers the best BT service in town. Trust me.
arsenal
post Mar 9 2011, 08:05 AM

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QUOTE(Gen-X @ Mar 8 2011, 09:30 PM)
like Miles said, others offering 0% so why would you want to do BT with citi and get less effective interest earned from FD?

Clcik here to read BT 0% and make more from your FD smile.gif
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Actually I am plannning to transfer from CIMB to Citibank..In short, I also utilise my CIMB 0% for 6 months and transfer to Citibank so that earn more interest...tongue.gif
Gen-X
post Mar 9 2011, 08:47 AM

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QUOTE(dia_bo_lique @ Mar 8 2011, 11:47 PM)
is it true that once you have BT from card A to card B (for example), you then have to pay a fixed amount monthly until there's no more outstanding balance left to pay?
*
read below link to see diff between CIMB and MBB BT

http://creditcardsmalaysia.blogspot.com/20...sfer-plans.html
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