Bank Balance Transfer

Balance Transfer war between bank is like often now. I doubt that you never heard of it. I also had done it. It quite easy and fast.
Balance Transfer infact there are probably some in the advertising on this web site right now. Most of these offers include some gimmick or promotion to entice you to sign up for these offers.
By having this commitment you will need to stick to the bank and maybe this is the purpose of bank offering this type of promotion, they want the market share in the business.

Who required Balance Transfer?

If you having outstanding balance with your credit card and the monthly interest is killing you, then you need to do balance transfer. You could reduce the interest payments that being charge to you. The interest of 13.5-18% is high and in the end of the day you will realize that you had paid a lot.

Current Available Plan offered by Malaysia Banks
Here I only covering some major banks that had 0% balance transfer.

CIMB Balance Transfer (till 30 June 2011)

Option A - 1% interest for 12 months balance transfer
The Cardmember may elect to apply to transfer their Outstanding Balance to their CIMB Bank Credit Card Account subject to 1% interest per annum
(0.0833% per month) for a period of 12 months. The application under Option A is subject to a minimum of RM2,000 per application and a minimum
of RM1,000 per financial institution; and

Option B - 0% interest for 6 months balance transfer
The Cardmember may elect to apply to transfer their Outstanding Balance to their CIMB Bank Credit Card Account subject to 0% interest per annum
for a period of 6 months. The application under Option B is subject to a minimum of RM1,000 per application per financial institution.

CIMB Balance Transfer Application Form


Maybank Balance Transfer (till 31 December 2011)

a) 0.5% per month (minimum RM1,000) for 6 months

b) 0.75% per month (minimum RM1,000) for 9 months

c) 0 % per month (minimum RM1,000) for 12 months

d) 0.375% per month (minimum RM2,000) for 24 months

e) 0.413% per month (minimum RM2,000) for 36 months

Maybankard Credit Card Balance Transfer application form

Maybank Islamic Ikhwan Card Balance Transfer application form.


Public Bank

Plan A : No interest will be chargeable on the Approved Transfer Amount, 0% for 6-month instalment plan.

Plan B & C : A ONE-TIME interest charge of 1.5% for 12-month instalment plan and 5% for 24-month instalment plan on the Approved Transfer Amount will be charged upfront upon the posting date of approved balance transaction.

Click here for Application Form.

Click here for Terms & Conditions.