Sometimes, it can even … In the event the total outstanding including Balance Transfer instalment is not settled, on or before the due date of Union Bank Credit Card of a particular month, the unsettled portion of the instalment will be charged at the prevailing revolving interest rate applicable to the Union Bank Credit Card. Frequent mobile wallet users looking for balance transfer options will find a lot to like here. The longer the intro offer lasts, the more time you’ll have to pay down your transferred debt. The typical fee is 3 percent or 5 percent of the balance being transferred. Most credit cards charge a balance transfer fee of 3 percent of the amount transferred, but the Alliant Visa Platinum Credit Card charges just 2 percent or $5, whichever is greater. Applying for a new credit card involves a hard inquiry into your account and will shorten your average account age, and transferring multiple balances to one card will hurt your credit utilization ratio for that new card. The actual rate could be 0% – 5.99% depending on your creditworthiness. If you request your balance transfer online, your card issuer’s website will take you through a step-by-step process where you’ll select options and enter information on a series of screens. By temporarily avoiding interest on the debt you’ve transferred, you could save money on interest payments. However, most issuers will not let you transfer a balance from an existing account with that same issuer. Review for Alliant Visa® Platinum Rewards Credit Card coming soon. You should also note that this card’s 3 Year Introductory Offer at Prime Rate provides a longer window for paying off a balance, but the trade-off is that you would pay 3.25% variable APR rather than 0% APR during the introductory period. Thereafter, the APR may vary and as of 12/08/20 the undiscounted variable APR for Purchases and Balance Transfers is 13.99% – 23.99% … Depending on the issuer, you might be able to make the request by phone. Gain an edge by connecting with us via email. Balance transfer fee of 2% of the amount transferred, $5 minimum. A balance transfer credit card is a facility that involves transferring your current outstanding credit card debt to a new credit card which offers either a very low or even 0% interest rate. Read our full Citi Double Cash Card review. There are forms which various banks furnish to facilitate application of credit card balance transfer facility. It also has a unique feature that rounds up your rewards to the nearest 10 points, increasing the rewards value of even the smallest purchase. Customers can also make a payment of a minimum of 5% of the transferred amount each month and the facility can be availed by sending the bank an SMS indicating you wish to avail a balance transfer. 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. Get latest promotions and freebies from Public Bank Do a balance transfer with 0.0 p.a to your account for more cash in hand! Read our Wells Fargo Cash Wise Visa® card review. The interest now that you will pay will be decided by your new credit card. Credit card balance transfers are often touted as a low- (or no-) interest way to quickly pay down high-interest credit card debt. The second-best option would be a low-interest intro offer. Fee for balances transferred after the first 60 days is $10 or 3% of the amount of the transfer, whichever is greater. We don't spam or sell your details to annoying people. This is to ensure that credit holders do not keep hopping from one credit issuer to another in order to avail lower rates of interest. As you shop around for balance transfer credit cards, you might find that not all cards provide an introductory offer of 12-20 months at zero interest. Other account pricing and terms apply, Access your FICO® Score for free within Online Banking or your Mobile Banking app, As low as 0% introductory rate for 12 months on purchases and balance transfers (After the introductory period, a low standard variable rate applies ranging from 10.24%–22.24%. With no rewards program or sign-up bonus, this card is essentially a balance transfer machine. The Citi Double Cash Card offers an inventive cash back rewards program on top of a generous 18-month 0% introductory balance transfer offer (13.99% – 23.99% variable APR after the intro period ends). A balance transfer card can help you pay off debt by transferring your existing balance to a new credit card with a 0% intro APR period. You will receive a call shortly from our customer support. For example, Chase customers can transfer credit card balances only, but Bank of America and Citi both allow credit card balances, auto loans, personal loans, home equity and student loans to be transferred. This card’s introductory balance transfer offer (18 months at 0% APR on qualifying transfers, then 16.49% – 24.49% variable based on creditworthiness) is among the longest available from our partners. Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate. * See the online application for details about terms and conditions for these offers. One option is to shop around for a credit card that doesn’t charge a balance transfer fee. If you’re committed to paying off a transferred balance in a year or less, this card might be worth a look. Deal? Read our full BankAmericard credit card review. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. The zero balance transfer fee offer is good for the first 60 days after your account opening. The Eligible Cardholder shall pay the minimum payment of 5% of the outstanding balance which is part of the Minimum … This options helps cardholders get out of circular debt cycles that keep growing worse due to compounding rates of interest. Every month of temporary relief from interest represents potential savings. After this, standard credit card interest rates apply which require higher payments to be made. To find the one that’s best for you and your unique financial situation, consider the following tips: Most credit cards, including cards for balance transfers, list a recommended credit score to apply. Read our full Citi Diamond Preferred Card review. You might experience a temporary dip in your credit score after you complete a balance transfer. However, thrifty consumers with excellent credit could use the balance transfer offer and the round-up feature to their advantage. The following information needs to be furnished while applying for credit card balance transfer. Enjoy a low introductory APR on purchases and balance transfers. For the supplement card the annual fees is RM 150.00. The choice category earns 3 percent cash back on one of the following categories such as travel, gas, dining, online shopping, drug stores or home improvement/furnishings and 2 percent on grocery store/wholesale club purchases each quarter (on the first $2,500 in combined choice category/grocery store/wholesale club purchases). This number appears incorrect / invalid. You’ll earn 1 percent cash back on every purchase and another 1 percent (2 percent total) when you pay for those purchases. The standard variable APR for Citi Flex Plan is 13.99% - 23.99% based on your creditworthiness. The card earns 2x ThankYou Points at supermarkets and gas stations on up to $6,000 in combined purchases each year and 1x ThankYou Points on all other purchases. It’s essentially a matter of moving debt from one credit account to another. Enter your number below. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Even Kotak Mahindra bank offers balance transfer facilities. Rest needs to be paid by the you out of your own pocket. Thus, it is crucial to pay off your credit to the new credit card issuer within the stipulated time in order to avoid hefty interest rates. However, the trade-off is that you would pay 3.25% variable APR during the introductory period (and 11.24% – 21.24% variable after) rather than 0% APR. Just like SBI the balance transfer facility can be utilised by either calling the bank, sending them an SMS or even by simply sending them an SMS. The facility provided by Standard Chartered Bank allows customers to transfer balances of up to Rs. The intro balance transfer offer itself is 12 months at 0% – 5.99% based on your creditworthiness with 10.24% – 22.24% variable APR afterward. There will be RM 10.00 for late payment fee per card. ), Plus, earn 5,000 bonus points with qualifying spend, Earn two reward points for every dollar spent, Works with Google Pay™, Apple Pay™ and Samsung Pay™, $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening, Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases, 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. Balance Transfer: RM100.00 Flexi Payment Plan: RM100.00 (Not applicable for PB World Mastercard Credit Card) Flexi Payment Plan: RM50.00 (For PB World Mastercard Credit Card) 14: Credit Card Service Tax: RM25 per annum on the Principal Card; and RM25 per annum on each Supplementary Card The averages for prime and subprime credit are $5,895 and $2,731, respectively. The facility for balance transfers of credit cards offered by SBI again follows the same general principle and can be initiated by either logging into the credit card account or sending the bank a specific SMS or even just calling up their customer care facilities. These are all factors that make up your credit score. Credit card balance transfer is a very popular and convenient feature of credit cards. The fee for each qualifying balance transfer after 120 days is up to 5%. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Please re-enter your phone number. Availing credit card balance transfer reduces your credit limit in the same proportion. Citi Flex Plan offers are made available at Citi's discretion. Transfer tenures range from 6 months with no one-time upfront fee, 12 months with 2% one-time upfront fee on transferred amount, and 24 months with 5% … U.S. Bank balance transfer offers U.S. Bank Visa Platinum Card. There may also be conditions that govern the minimum and maximum amounts that can be transferred. The good news is that you have the ability to calm things down with the help of a balance transfer credit card. Leaving so soon? We'll process your application faster too! Floor, Menara Affin, Jalan … There are many banks that offer credit cards that have balance transfer facilities available on them. A 3% fee (min $10) applies to all balance transfers, No penalty APR. Still, depending on the size of the balance you’re transferring, the savings from avoiding a balance transfer fee could be worth a couple of hundred dollars. financial product. 1.25% for tenures 18 months and 24 months. Select the AmBank credit card/ AmBank Islamic credit card-i for QuickCash. If you have an excellent credit score, consider asking to have the fee lowered or waived. The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Axis Bank too offers balance transfer, the minimum amount that can be transferred is Rs. Consider the following situations: A balance transfer is ideal when it involves less than $10,000 in debt, whether on a single credit card, multiple cards or different types of credit accounts. ; 0% promotional period: 18 billing cycles. Two, you can earn 1.8 percent cash back (a 20-percent bonus) on qualifying digital wallet transactions during your first year of owning the card. Credit card balance transfer is a quick and almost hassle-free process. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. How to choose a balance transfer credit card. Read our full Bank of America Cash Rewards credit card review. With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more. Of the people who did apply, however, more than three-quarters were approved. Balances on multiple cards: Some balance transfer cards allow you to transfer balances from more than one credit card account. You can only transfer an amount equal to the credit limit of the new credit card. The best balance transfer credit cards will charge a low fee on transferred balances, or even no fee at all. There is an interest charged on the amount that is transferred and is payable along with the amount transferred. **On transfers completed by March 31, 2021. Also, the card’s 12-month balance transfer offer is significantly shorter than those of many competitors. Here is a table that depicts and compares the credit card balance transfer features offered the topmost credit card issuers in India. Your introductory APR on balance transfers could vary from 0% to 5.99% depending on your creditworthiness, with 10.24% – 22.24% variable APR after. The most useful balance transfer cards are the ones that include an introductory offer providing a temporary window to pay off the balance interest-free before the standard APR would apply. Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions. Privacy Policy. The 18-month 0% intro APR period (13.99% - 23.99% variable APR after) is among the longest on our list of best balance transfer cards. Do balance transfers hurt your credit score? With a good or excellent FICO Score (between 670 and 850), qualifying for a top-rated balance transfer credit card is generally easier. The maximum amount you can transfer is up to 80% of the total … The introductory APR for the balance transfer offer is 0% – 5.99% based on your creditworthiness (with 13.24% – 23.24% variable APR after), so be aware that you’re not guaranteed a zero-interest introductory rate. Read our full Citi Rewards+ Card review. You don’t have to be an expert in personal finance to understand the balance transfer process. Want to know more about transferring balances to a credit card? Get latest promotions and freebies from Public Bank Do a balance transfer with 0.0 p.a to your account for more cash in hand! Although many cards have longer introductory offers that could save you more money on a balance transfer, the low starting point for this card’s standard APR is notable in its own right. The application process, once again, can be initiated through calls, SMS or the online portal maintained by the bank. The interest rates are also charged as per the tenure and a processing fee may also be applicable. Read our Citi® Diamond Preferred® Card review. PB Card (ATM Card) With a PB card, you can manage up to 3 Public Bank (Hong Kong) current or savings accounts via any JETCO ATMs in Hong Kong, Macau, and China anytime for the following services: Cash Withdrawal * Funds Transfer; Interbank Transfer (in Hong Kong only) Balance … The most important point to note about credit card balance transfer is that you can transfer only that amount to your new credit card which is within its credit limit. Here’s what paying off a $5,000 balance transfer would look like with each card: *Intro offer on balances transferred during the first 60 days from account opening. The information about the Citi Simplicity® Card, Wells Fargo Platinum card, Wells Fargo Cash Wise Visa®, U.S. Bank Visa® Platinum Card and SunTrust Prime Rewards Credit Card has been collected independently by Bankrate.com. It comes down to one question: Would you rather pay zero interest for nearly two years or low interest for a full three years? 5,000. Read our full BankAmericard credit card review, Compare the best credit cards for balance transfers, A closer look at Bankrate’s best balance transfer cards, Pros and cons of balance transfer credit cards. 199 whichever is higher if the period is 60 days and zero if the period is 6 months, Rs.172 or more depending upon the transfer amount, 0.99% for tenures between 3-12 months Although it’s possible to pay off a loan with a balance transfer credit card, keep in mind that they’re best suited for managing smaller debts. The most rewarding feature of credit card balance transfer is that the entire pending amount gets paid in the form of a demand draft that is issued by the new credit card company towards your old credit card. The temporary break from interest on your transferred balance could translate to a smaller monthly payment than what you’re currently making. Here’s a list of our top resources from Bankrate’s personal finance experts: If you want to do a balance transfer with a specific bank or card issuer, Bankrate has detailed guides from the following financial companies: Bankrate writers and editors have evaluated dozens of options to determine which cards are most likely to help you achieve your financial goals with a balance transfer. Review for the SunTrust Prime Rewards Credit Card coming soon. For example, if your have a credit card limit of Rs.75,000 and you have transferred a balance of Rs.50,000 then the effective credit limit available to you for all other credit card transactions is just Rs.25,000. Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Each quarter you'll earn 3% on the first $2,500 in combined purchases with your choice category and the grocery store/wholesale club category, which earns 2%. This card comes from Alliant Credit Union, named Bankrate’s best credit union of 2020. Here’s how much you could save by transferring $5,315 in debt to one of our best balance transfer credit cards, based on the following conditions: *The introductory balance transfer fee for the Wells Fargo Platinum and Wells Fargo Cash Wise Visa is 3% for 120 days after account opening. Bankrate.com does not include all companies or all available products. Which certificate of deposit account is best? The tenures available are 3 months and 6 months, with the shorter of the two not attracting any interest while the latter, 6 months, will have an interest charged on the transfer. A Balance Transfer fee of 3% of each transfer amount ($5 minimum) will apply. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. After that the variable APR will … Balance transfer fee of 2% of the amount transferred, $5 minimum. Also, some issuers let you transfer multiple debts to one balance transfer card, a form of debt consolidation. HSBC does offer the facility to foreclose on the balance transfer, for which no extra fee may be charged. For example, if the outstanding credit card balance on your existing credit card is Rs.75,000 and your new credit card has a credit limit of Rs.50,000 then only Rs.50,000 can be used for transferring balance. On this page, you can check out recommendations for the best balance transfer credit cards available from our partners. If your combined balance is higher than $10,000, you might want to consider other options. In most cases, you’ll have to pay the balance transfer fee upfront. The best way to use credit card balance transfer is to pay off all your dues within the free or nominal interest rate period. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion. 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