Struggling With Credit Card Debts? Here Are The Best Balance Transfer Plans In Malaysia
Even during regular days, credit card balance transfer programmes are a good strategy to fall back on if you’re swamped with credit card debts that you can’t repay on time. At interest charges of up to 18% p.a., outstanding balances for credit cards can quickly go out of control.
Balance transfer plans as an alternative
On 25 March 2020, Bank Negara Malaysia (BNM) announced a few monetary measures to provide some relief for those facing financial constraints due to the current economic climate.
While the 13% p.a. interest rate for BNM’s auto balance conversion is lower than the usual 15% to 18% p.a. usually charged on your unpaid credit balances, most balance transfer plans can offer you a much better rate. Like, much better – it is not uncommon for balance transfer packages in the market to entice newcomers with 0%-interest periods and promotional interest rates.
Best balance transfer promotions in Malaysia
Affin Bank
Campaign period: 15 Feb to 31 Dec 2020
|
Interest Rate |
Minimum Transfer | Maximum Transfer | Tenure |
Eligibility |
| – 0% (upfront interest, RM5,000)
– 3% (upfront interest, RM3,000) |
– RM5,000
(0% interest)
– RM3,000 (3% interest) |
80% of available approved credit limit | 12 months | All principal cardmembers |
Alliance Bank
Campaign period: 15 May 2020 to 15 Sept 2020
|
Interest Rate |
Minimum Transfer | Maximum Transfer | Tenure |
Eligibility |
| 2.99% p.a. | RM1,000 | 40% of total available credit limit | 6 months | New and existing principal credit cardholders. |
AmBank
(Balance Transfer & QuickCash Promotion)
Campaign period: 2 Mar 2020 to 28 Feb 2021
|
Interest Rate |
Minimum Transfer | Maximum Transfer | Tenure |
Eligibility |
| 4.88% p.a. | RM1,000 | RM50,000 or subject to available credit limit | – 12 months
– 24 months – 36 months |
Existing AmBank principal credit cardholders who apply through AmOnline. |
Public Bank
Campaign period: 15 Apr to 31 Dec 2020
| Interest Rate | Minimum Transfer | Maximum Transfer | Tenure | Eligibility |
| 0% p.a. | RM1,000
|
80% of available approved credit limit | 6 months
|
Only for new-to-bank principal credit card /-i card member (card approved from 1 March 2020 onwards) |
Public Bank
Campaign period: 1 Jul to 31 Dec 2020
| Interest Rate | Minimum Transfer | Maximum Transfer | Tenure | Eligibility |
| 6 months
– 1.5% upfront interest (offline and online application) 12 months – 3.5% upfront interest (offline application) – 3% upfront interest (online application) 24 months – 6% upfront interest (offline application) – 5.5% upfront interest (online application) 36 months – 7% upfront interest (offline and online application) 48 months – 9.5% upfront interest (offline and online application) |
6 months
– RM1,000 12 months – RM2,000 24 months – RM3,000 36 months – RM6,000 48 months – RM8,000
|
80% of available approved credit limit | – 6 months
– 12 months – 24 months – 36 months – 48 months
|
For principal credit card/credit card-i members |
RHB Bank
Campaign period: 1 Jul to 31 Dec 2020
| Interest Rate | Minimum Transfer | Maximum Transfer | Tenure | Eligibility |
| 0.00% p.a. | RM1,000 | RM15,000 or 80% of available approved credit limit | – 12 months | All principal credit card/-i card members |
Non-promotional balance transfer programmes by banks in Malaysia
Aside from the promotions provided by the banks above, here is also a list of some of the better balance transfer plans that are currently available in the market:
| Bank | Interest Rate | Minimum Transfer | Maximum Transfer | Tenure |
| Alliance Bank
|
– 2.99% p.a. (6 months)
– 9.88% p.a. (12, 18, 24, 36, and 48 months) |
RM1,000 | N/A | – 6 months
– 12 to 48 months |
| CIMB
|
Plan A
– 5.99% p.a. Plan B – 7.99% p.a.
|
RM1,000 | Subject to available credit limit and the bank’s discretion | Plan A
– 6 months Plan B – 12 months |
| Citibank
|
8.99% p.a. | RM1,000 | Subject to available credit limit and the bank’s discretion | 12 months |
| Hong Leong Bank
(One-Time Fee Balance Transfer) For both new and existing HLB credit cardholders) |
6 months
– 3% (one-time fee for 6 months, offline rate) – 0% (online rates) 12 months – 5% (one-time fee for 12 months, offline rate) – 0% (online rates) |
RM1,000 | 90% of available approved credit limit | – 6 months
– 12 months |
| Hong Leong Bank
For existing HLB credit cardholders only
|
6 months
– 7.99% p.a. (offline rate) – 6.99% p.a. (online rate) 12 months – 8.99% p.a. (offline rate) – 6.99% p.a. (online rate) |
RM1,000 | Subject to available credit limit and the bank’s discretion | – 6 months
– 12 months |
| Hong Leong Bank
(Lifetime Balance Transfer Programme/Balance Transfer Birthday Offer)
|
4.99% p.a. (online and offline rate)
|
RM1,000 | Subject to available credit limit and the bank’s discretion | No fixed repayment period |
| HSBC
|
Plan A
– 3% (upfront interest) – 0% (6 months) Plan B – 0.58% per month Plan C – 0.42% per month New sign up for HSBC credit card – 1.99% per month |
RM1,000
(for all plans) |
95% of available approved credit limit | Plan A
– 6 months Plan B – 12 months Plan C – 6 months New sign up for HSBC credit card – 6 months |
| Maybank
(Balance Transfer/Balance Transfer-i Plan)
|
6 months
– 1.88% (upfront interest) + 0% p.a. (via Maybank2u only) 9 months – 9% p.a. 12 months – 3% (upfront interest) + 0% p.a. (if maximum transfer is RM50,000) – 12% p.a. (if maximum transfer is 90% of available credit limit) 24 months – 4.5% p.a. 36 months – 4.95% p.a. |
6 months
– RM1,000 9 months – RM1,000 12 months – RM1,000 24 months – RM1,000 36 months – RM2,000
|
6 months
– RM50,000 9 months – 90% of available credit limit 12 months – RM50,000 – 90% of available credit limit 24 months – 90% of available credit limit 36 months – 90% of available credit limit
|
– 6 months
– 9 months – 12 months – 24 months – 36 months
|
| OCBC
|
– 2.88% (upfront interest for 6 months)
– 4.88% (upfront interest for 12 months)
|
RM1,000 | 80% of available approved credit limit | – 6 months
– 12 months |
| Standard Chartered
|
5.99% p.a. | RM1,000 | N/A | – 12 months
– 18 months – 24 months – 36 months
|
| UOB
|
Plan 25
– 3% (upfront interest) Plan 26 – 4% (upfront interest) Plan 27 – 5% (upfront interest) |
RM1,000 | Subject to available credit limit and the bank’s discretion | Plan 25
– 6 months Plan 26 – 12 months Plan 27 – 18 months
|
| UOB | Plan i6
– 3.3% p.a. Plan i12b – 6% p.a.
|
RM1,000 | Subject to available credit limit and the bank’s discretion | Plan i6
– 6 months Plan i12b – 12 months
|
***
As you tap into the benefits of balance transfer programmes to help you repay your credit card debts, make sure to always exercise some financial responsibility.