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

This post has been edited by iamkid: Aug 17 2011, 03:49 AM

May be you can read in this thread, http://forum.lowyat.net/topic/1108859

balance transfer is much worth it...

sometime citibank will offer u 3 mth 0.25% p.m only..
most of the bank is running 6 mth 0.5% p.m

Do balance transfer.More worth it.Interest lower compared to personal loan.Now Maybank offers lowest interest rate.

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?

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.??

All depends on your purposes and possibilities

No admin fee or processing fee for Maybank.U just need to pay the interest only.

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...

this promo only available for new cimb cc holder less than 3month...

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?

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.

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?

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.

Ic.. What is the problem caused her to fail? Then what is her alternative?

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.

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.

Ic.. Why dont she try to apply other bank BT? although it is higher but it is definitely lower than CC interest right?

Standchart & RHB is balance transfer.But their rates is higher compared to Maybank.So she thought of merging 2creditcards into this Maybank so she no need to travel 2banks everymonth just to pay off the debts.

if i do balance transfer, let say 24 months plan, do i have to pay equally for 24 months or is it at least 5%?

U need to pay equally.U may pay 5% but the balance they will charge normal credit card interest.Which is 18% per annum.

wanna ask...

so i cant use my credit during this time?..

still can use...let say u do balance transfer 8k but the card limit is 10k, so u still have 2k balance to use

so which is the best bank to do BT now?

any comparison chart?

click on my signature below, wrote it few months back. Lowest BT rate for now is from Public Bank. CIMB 0% BT 6 months is for new card members for World MC.

This post has been edited by Gen-X: Aug 23 2009, 03:37 AM

I checked out the other day and i found MBB is the lowest.U may check with them again..

Thanks guys!

Hi,

I am currently a CIMB Direct Access Mastercard holder with outstanding of about 11k. Is it possible to do a Balance Transfer with the entire outstanding from this credit card to a new Petronas CIMB Mastercard? Yes I know it is the same bank, but it is convenient for me.

My problem is the compounding interest finance charges of about RM150 every month, think it is such a waste to pay for this every single month. I also would like to achieve a bit of financial independence of this debt by March next year.

Try Public Bank with one time admin charges. The BT amount will be repaid in equal repayment over the choosen period.

http://www.pbebank.com/en/en_content/personal/cards/bt8.html

I don't think you can get 2 credit cards from the same bank.

If you are able to settle 11k by March next year, then you are not paying RM150 every month.
The interest will be less than that figure but the problem is are you able to settle it in that period?
If yes then you could try with Public Bank balance transfer which charge you 1.5% for 6 months installments.
RM165 interest for 6 months.

thanks for the advice

good info u got there bro. thx

CIMB credit card now offers 6-month zero interest balance transfer. i just applied

hi guys,

i manage to do a balance transfer,and i have found out PB has a plan comeout with one time interest charge upfront
with 2.5% 12 month

do it mean that..No interest will be chargeable on everymonth?
if i took up this plan?
if i pay for the Fix amount.

(correct me if i am wrong)

beside any other bank plan lower then this interest rate?

CIMB offers 6-month 0% balance transfer

u can get 2 credit cards or more from 1 bank but most the bank will share the limit, regardless how many cards u owned.

True but I noticed that Citibank suddenly change my credit limit for both cards. I don't know how they manage it but it's kind of shocking.

I know what is in your head now. Yippee more spending opportunities?

citibank always increase their customer's credit limit annually if their customers made prompt payments during the past twelve months

Alliance Bank is offering new Balance Transfer plan. 6% p.a. for EVER!

The only condition is minimum amount to transfer is RM10k.


I only signup HSBC 6% p.a. for 12 months recently... still a long way to go

are you an Alliance Bank Agent? What so great with BT 6% forever? No one wants to be in debt forever lah.

Let me tell you, Alliance Bank Customer Service is below average. Try calling them after 10pm and see if they are of any help.

Anyway, current offers for BT that are better than Alliance are:

1) HLB 0.5% monthly for 6 months, no penalty for early settlement and interest charges on outstanding balance only. Money transfer to your bank savings or current account. If you guys want personal loan for short period, this is a good offer.
2) PBB 1.5% for 6 months and 2.5% for 12 months.
3) HLB Essential card 1% interest for 6 months.
4) The best in the market, CIMB/Direct Access 0% interest for 6 months with no upfront handling fees or whatever.

Does any bank offer 0% monthly interest for BT?
Admin or one off charges are fine...
Thinking to transfer my 30k balance out from Direct Access.

maybank/amex CC now offer 0% but for 3 months only

mbf said they offer 12 months 0%. dunno good move or not?

how to apply for CIMB balance transfer? cannot find the link in website

thanks

This post has been edited by saiga: Dec 22 2009, 01:16 AM

you got to find out the T&C fir MBF's BT.

for CIMB and DA link below:
http://www.cimbbank.com.my/index.php?tpt=c...on_list&do=card
http://www.directaccess.com.my/index.php?tpt=cimb_da

thanks so much bro . already print the form

about mbf seem need to spent at least rm300 per month using the card if not will be charged RM20 permonth

I want to ask too about MBF balance transfer as I want to cut my Eonbank one. I'm existing MBF card users, my Eonbank outstanding is now 2k. If I transfer to my MBF, what happen if I can settle it all before the 12 months ends? Do I get any penalty?

Can I transfer the outstanding balance from another card (HLeong Bank) different card holder to my credit card (Alliance Bank). Both names are different. Can it be done?

This post has been edited by Star: Jan 26 2010, 04:07 PM

I want to do HLB bt pls contact me

i want to do balance transfer from my maybank cc and cimb cc...total in maybank cc is rm 5300 and my cimb card is rm 7200...total is rm 12500..i want suggestion which bank can i apply balance transfer????

see if this can be done

BT your MBB amount to CIMB 6 months 0% and
BT your CIMB amount to MBB 3 months 0%

Figure out yourself by reading MBF balance transfer T&C.
It is not as easy as you think, you will have to maintain at least RM300 usage EVERY MONTH.


No, normally you can't do that (if you do read Alliance Bank balance transfer T&C then you will know, it is stated CLEARLY).

This post has been edited by roy918: Mar 14 2010, 11:52 PM

OMG ... that's so cumbersome but it's a good strategy as long as you remembered what you have done to avoid interest are being charged later for any late/missed repayment.

For all those that want to perform balance transfer:

1. You need to know how much can u pay for each month
2. Based on the payment capability, choose the best Balance Transfer option that fits to you. No point taking 6 months 0% or 3 months 0% if u're unable to pay the monthly installment.

Below are some survey that I've done. The interest rate shown is for whole duration
1. EON (48 months) - 13.99%
2. AFFIN (36 months) - 3.5%
3. MBB (24 months) - 9%
4. EON (24 months) - 6.99%
5. AFFIN (24 months) - 3%
6. Public (24 months) - 5%
7. UOB (18 months) - 7.5%
8. AFFIN (18 months) - 2.5%
9. HSBC (12 months) - 3%
10. EON (12 months) - 3.99%
11. AFFIN (12 months) - 2%
12. RHB (12 months) - 1.5%
13. CIMB (6 months) - 0%
14. MBB (3 months) - 0%

For those unable to go for 0%, the best option is
RHB (12 months) 1.5%
AFFIN (18 months, 24 months, 36 months)

Hope this helps everybody!

wendymelon,
So if i was looking for a 12 months installment, my best option would be rhb right? Is the interest charge upfront?

Queenie, you're absolutely correct. In terms of when the interest charge is being charged, it differs for different banks.

For RHB interest charge, first 3 months is 0%, then next 9 months 0.167% per month (total up to 1.5% for whole BT duration)

the alliance if u all transfer balance to alliance bank for 4 months...there will be no charging.......somemore will give u rm10 KFC voucher...i just try it this few weeks before.....

cimb 0% balance transfer promotion has extended to sept or oct 2010
mbb is having 3mths 0% balance transfer as well

pbb has the one time off charge at as low as 1.5% interest min 6mths only.

But CIMB and CIMD DA website said that the BT promo ends by 30 Apr 2010.

i received the latest cimb brochure that mentioned it has extended.

maybe let me dig out the brochure from my house first and try to upload here ya. teehee...

hi everybody,

i have a few questions...

1. how long will it take to process for balance transfer? 1 day? 1 week?

2. card 1 outstanding balance = rm5k
card 2 oustanding balance = 0
credit limit on both card = rm10k

can i BT from card 1 to card 2 for rm10k so i can get cash rm5k?

thanks in advance..

1. For CIMB DA, it's usually few days within 1 week.

2. You can BT the outstanding amount from card 1 to card 2 provided that both cards are not issued from the same bank. To get RM 5k cash, I cannot get what you meant.

it means that i want to BT based on my credit limit...not outstanding balance...hope u understand...

by the way...thanks for the answer...

I doubt that could be possible.

Even tough it's possible, you won't be able to get the extra amount in term of cash.

which bank have the highest transfer balance? Since my dad max out 20k with his credit card and wants to stop using it without paying the high interest rate.

walau all i know is dont do BT with HSBC.....every month i need to calculate how much i need to pay because dunno which smart alec in hsbc build such stupid system that states the whole BT amt + retail txn as my final amt instead of telling me much exactly i have to pay every mth. For some reason its charging me interest eventho i am paying the supposed amt everymonth. Everymonth i have to call hsbc to waive off the interest because of this.

This month i nearly got a heart attack. A Customer Service from HSBC told me that from June 1st, watever i pay to HSBC will be used to cover my WHOLE BT Amount 1st which is lets say i BT over 20k, all monthly payments made will be deducting ONLY the BT amt. So until i finish paying my BT, my retail transaction will not be deducted and will be charged the normal interest rate which is 17%! i was like shouting at her....ARE U SURE? THen tell me y i do a BT with HSBC for? its like DAYLIGHT robbery lor. She didnt even listen to me and keep toking n toking n toking that its HSBC new rule.
geez....nearly got a heart attack. goodness.....tell me this is not true. Later i call twice again and got confirmation that watever monies i pay to hsbc, will clear my Divided BT amt 1st, then my retail. Not wait until i clear the whole BT 1st. HSBC should really checkup on their customer service manz....telling ppl the wrong info. I nearly cut my card there n there. But i am planning to cut oredi la after i kautim my BT....so dem hectic HSBC making me calculate the amt to pay every month!

It depends on your card limit. It's pretty subjective.

I have posted before that HLB have a "BT" program that allows its members to transfer cash into any local bank savings or current account.

HLB "Balance Transfer" if not mistaken allows you to use up to 70% of your credit limit and you do not need to summit any documents as long as you have adequate credit avaliable. Just call HLB and they can transfer the money into you account. The interest rate is 0.5% per month for 6 months and after that standard rates apply.

Frankly speaking, HLB balance transfer program is like a loan, it is so convenient that you do not need to submit any documents, only set back is make sure you can pay back within 6 months else after that the interest charged will be high. It is good if one needs fund for short term period.

EON bank also used to have a program that is similar Call for Cash.

Maybank also has similar programme called CashTreats but the interest is pretty at 8.88% (even tough lower than usual financial charge for credit cards).

Hello ppl..
I got a question.. Im thinkin of doing balance transfer,
Bank Islam currently offering 0.5% / month / 6% per year.
My question is how long they'll be charging me tht 6% ??izzit 6 months ? 1 year ? or more ??
or will the interest will be back to 17.5% after some period ??
need some clarification here plz...

I believe it's only valid for 12mths(1 year)..in the 13month, it will be back to default interest..

Do read the Terms and Conditions properly BEFORE you apply for anything. It has been stated clearly in T&C item 14.

okay, besides than pbb, cimb, mbb offer 0% bt without handling charges, anyone has any idea which bank offering the same as abovementioned banks????

in my understanding, dat interest only apply to your BT only for the whole period of BT repayment according the contract. if ur contract says, BT rm2000 for 6 months, it means only dat rm2000 will get dat interest. dont mix BT with other new transaction. its different account. if u swipe for another transaction, it will be charge normal interest which i believe 17.5% p.a. some bank will provide different statement, so u can track ur payment whether it is BT or another transaction.

I have the same situation like you. For the past 2 months have to call to their CS and request to waive the interest.

I also have the same issue with UOB BT, lastly I shoot one email to BNM to look at this issue..

Just an advice, next time when doing BT, make sure you choose bank that will create a separate account for BT..if join in one card, you'll end up like us...any retail purchase will not be deducted as long the BT is still outstanding (thus u kene finance charge on the Retail, as Retail purchase consider outstanding like foreverrrrrrr)

Most people BT due to high debt in CC. In conclusion, don't use too much if one cannot afford to pay. Then theres no need for BT. Right?

I not that kind of ppl who spend high debt in CC... just prefer keep cash as much as possible only

If just pay a little bit of interest, but can pay by monthly or increase your personal cash flow, why not

A little secretz... most of the banks have the hierarchy of knocking off the BT amount 1st. i.e. highest percentage of knock off would go to the BT amount first, then cash, follow last by the normal retail.

eg: maybe 50%, 30%, 20%. Am not sure about the actual percentage chunk.

I could be wrong though, so if any others working in this line can clarify, it would be better.

MBB BT promo

Details: http://www.maybank2u.com.my/WebBank/BTBackpack.pdf

guys... thanks a lot for all kind feedback.. 1 more q pls, my cimb CC now is already 4.6K , i wanted to BT to other bank's CC.. any good CC/Bank with the lowest interest rates and got free gift? haha.. (free gift not necessary lah..kiddin)..

thanks again..

hi, i have a query here..
If my credit limit is RM8k, with RM0 out standing.
What is the maximum BT amount I can make? 100% of my credit limit or less than tat?

less than that, usually about 80-90% of your CL.

hi all,
please enlighten me the following :

1) which bank offers 0% interest BT ? how many months interest free ?

2) which bank has no handling fee ?

3) which bank give free gift for BT ? What gifts?

Thanks !

1, CIMB 6 months, MBB 3 months & OCBC (Titanium New card holder only) period can't remember.
2. CIMB, MBB and OCBC (for new card holders only)
3) AMBANK, but forget about it as the interest you pay is more the worth of the free gift.

This post has been edited by Gen-X: Sep 7 2010, 03:29 AM

about BT, what's the max amount i can transfer from 1 bank to another ? Can i BT something like 80K ? i got money to pay off but i want to take advantage of interest free. Will this affect my financial track record ?

This depends on the individual bank's policies. Generally, as long as you have the available limit, even RM800K should not be a problem

1) Direct Access (6 mths 0%, 12 months 1%), Public Bank (6 mths 0%, 12mths 1.5%)
2) both also ZERO handling fees
3) i went tropicana city mall applied the Public Bank CC, free a tabung uji.... Direct Access gives 2GB thumb drive....

good luck...

likkylooq,
FYI also.. for my 1st answer

but when u applied for the credit card we already incurr RM50 gov tax...not worth if u only do BT of RM2500 and below

Public Bank has RM 60 cash back... this is more than enough to cover ur 1st year RM 50 gov tax...
Direct Access I'm not sure..

I believe most of the banks are giving 'rebate' in order to offset the RM 50 GST....

cheers.

i saw OCBC brochure 0% interest for 6 months. let say i do 50K BT from Hong Leong to OCBC.
1) That means no interest for 6 months ?
2) Do i need to pay monthly installment to OCBC during these 6 months ?
3) can i make new purchase by using OCBC card during these 6 months ? If yes, will OCBC charge new interest ? Coz i haven't settled the BT yet.

Apology for asking such coz i m new to BT

1, Yes no interest for 6 months.
2, You only need to pay the minimum 5% outstanding balance monthly.
3. Yes you may use the card for transactions for balance credit not utilized and no interest will be imposed if you settle in full.

Generally, a separate BT account will be assigned to you.

in this case i can do 50K BT from my existing bank to OCBC for 6 months, then from OCBC to CIMB for another 6 mths, then from CIMB to Public Bank for 6 months again, and then from Public Bank to Maybank for 3 months. i only pay min payment every month. no interest charge and no handling fee. my 50K will be put in FD to earn interest. so good meh ?

Not sure you can do BT to BT account. Also note that BT 0% offer is not a permanent feature i.e. CIMB BT 0% ends 31/12/10. Also as mentioned, you still need to pay 5% every month.

Anyway, you try out and report here lah if can do BT for BT account.

This post has been edited by Gen-X: Sep 8 2010, 10:31 PM

BT no interest charge means if you pay full amount each month, then there is no interest charges to the outstanding balance.
eg: you do 60k BT for 6 months, so each month need to pay 10k. If you pay 10k per month, the interest for the balance (50k) is free

but you seems to think that you can only pay the min 5% right, and get no interest charge ? You can do that, but the balance 9500, the bank will charge you 17.5%. (RM138)

So to those who do BT but didn't pay full amount, you're actually paying more interest than the 1st bank interest ie: 13.5% (if your payment is good for past 12mths)

If there is anyone reading this and you've done Citibank BT, I laugh at you, ha ha. You got time and excel, try to count it out. It is not worth the hassle. If you happen to take Citibank BT but didn't pay full amount, then me and Citibank will laugh even harder as you're paying more than your initial cc interest (13.5%)

This post has been edited by inspiron: Sep 9 2010, 05:18 AM