Lowyat.NET -> Finance, Business and Investment House -> Credit Cards, Debit Cards, Prepaid Cards and Loyalty CardsBalance Transfer, What is it actually???
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 Mar 16 2011, 01:56 PM
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#1
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Junior Member
175 posts Joined: Jul 2010  
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I like to hear from your experience. How many days does a bank need to process credit card balance transfer application? I am thinking of doing balance transfer into my OCBC Titanium card from Citi card to enjoy the 0% interest for 6 months.
I want to make sure the balance transfer is completed before the payment due date of Citi card. |
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Mar 17 2011, 12:06 PM
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#2
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(der.msia @ Mar 16 2011, 08:40 PM) OCBC took 5 workings ways for me... IBG OCBC is super efficient. Just faxed the BT application form this morning. A few hours later, I can see the BT amount charged into my Titanium online statement. However, it is not reflected yet in my Citibank online statement.  I assumed there is no interest charged during the 6 months period although the BT amount is showing in the statement. Hope my assumption is right. |
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Mar 19 2011, 11:59 AM
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#3
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(der.msia @ Mar 17 2011, 09:16 PM) Too efficient and charged me interest when i received my 1st statement after BT. Anyway, i called CS bla bla bla, then they appologized to me and want me to call them back if my next statement still have interest charges... I was informed by the CS that the issue is due to system limitation. I have to call CS every month to reverse out the interest charges on the BT amount. It's a hassle.after all, i got a thought that they either using a dumb sys or dumb IT guy .... |
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Jun 1 2011, 02:26 PM
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#4
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(Gen-X @ Jun 1 2011, 12:36 PM) Maybank's 0% BT 12 months split to equal payments. MBB BT is not zero entry cost though there is no processing fee. See the T&C below. You will be charged the profit charge.click below link to read my previous article between Maybank vs CIMB Balance Transfer http://creditcardsmalaysia.blogspot.com/20...sfer-plans.html 3. Minimum transfer amount for the 6 months to 12 months plans is RM1,000 and for the 24 months to 36 months plans is RM2,000.The special Profit Charge will be valid from the date of posting (“Date of Posting”) for period of 6 months at 0.5%, 9 months at 0.75%, 12 months at 1%, 24 months at 0.375% and 36 months at 0.413%. At the expiry of the Special Profit Charge period for the 6 months to 12 months plans, a normal finance charge of 1.4583 % per month (or 17.5 % p.a) calculated on a daily basis will be imposed until the date of repayment in full. |
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Jun 2 2011, 08:51 AM
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#5
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(Gen-X @ Jun 1 2011, 04:20 PM) I guess MBB never updated their T&C, see back previous posts, Prior to the 0% 12 months BT Plan, MBB had a 1% 12 months plan, I too had reservations about the 0% 12 months plan and highlight it then. I did do a transfer like many here where I "transferred" my CIMB BT account which was about to end to MBB end of April and no charges were imposed. When did you do the BT? I remember MBB had a similar BT promotion that ended on 31 Apr. I think this is a new BT promotion where profit charge is imposed. Maybank2u website is down at the time of writing. I am unable to show you the link.Edit: Here's the link Maybankard Balance Transfer Programme This post has been edited by milentechie: Jun 2 2011, 09:59 AM |
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Jun 3 2011, 09:51 AM
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#6
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(ben83 @ Jun 3 2011, 09:04 AM) Probably they changed it again, which is a good news. Be aware of the profit charge. Refer to my previous posting. |
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Jun 6 2011, 11:09 AM
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#7
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(ronnie @ Jun 6 2011, 09:26 AM) According to the MBB CS, the profit charge comes into play if you do not pay the monthly BT amount completely. You are right about this. CS also confirmed that. Tks. |
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Jun 6 2011, 11:13 AM
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#8
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(vpong @ Jun 6 2011, 11:10 AM) Do you have the MBB application with zero interest? http://www.maybank2u.com.my/mbb_info/m2u/p...sonal/CRD-CardsI am the existing MBB card holder, not sure entitled for this or not. |
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Jun 6 2011, 11:52 AM
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#9
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(donpapachino @ Jun 6 2011, 11:23 AM) i think this has been in place since few years i have been doing BT with maybank. cant really fight CIMB 0%. I am a bit regretted BT to OCBC. Their banking system is lousy. I paid full every month but still get charge for the BT interest. Have to call up to reverse out the interest. I am planning to BT out from OCBC to MBB. Save the hassle of calling them.even OCBC 0% also, u need to pay ur retail in full, then the BT wont be charged with interest. |
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Jun 17 2011, 07:39 AM
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#10
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(chemistry @ Jun 17 2011, 01:34 AM) Just for information. Point #1 not applicable for OCBC BT. 1. Maybank does NOT accept BT application from another BT account. Strictly CARD ACCOUNTS only. 2. "How do you know it's a card or BT?" By looking at the account number the bank will know it is a BT or card. 3. Must I transfer 100% statement balance? No, you can transfer any lesser amount (min RM1,000). 4. Is there early settlement penalty? No, cardholders may make early settlement anytime without a fee.  |
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Jun 17 2011, 12:17 PM
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#11
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(fahrur_07 @ Jun 17 2011, 10:32 AM) does ocbc have 0% bt program? OCBC 0% BT promotion is over. What I meant is I can BT out from OCBC to another card. OCBC doesn't create a separate BT account when I BTed in. |
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Jun 22 2011, 05:48 PM
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#12
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(jack2 @ Jun 22 2011, 02:30 PM) Need to thanks Maybank their efficiency that my BT has been approved and payments were made to my several credit cards and cleared on Jun 21 (yesterday)! Thanks for the update. I am going to submit my BT application tomorrow.Just 3 working days! |
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Jul 1 2011, 05:25 PM
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#13
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Junior Member
175 posts Joined: Jul 2010
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QUOTE(milentechie @ Jun 22 2011, 05:48 PM) Thanks for the update. I am going to submit my BT application tomorrow. Just an update.Jun 23, Thu - Faxed in my BT application Jun 28, Tue - Paid CC via GIRO Took MB 3 working days to complete the balance transfer.   This post has been edited by milentechie: Jul 1 2011, 05:26 PM |
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