When a transfer of balance is made from one credit card to an account belonging to another credit card company, this is called as balance transfer. The main reason for a balance transfer is to use the money to settle an existing credit card bill, thus saving significantly. It gives you the option of borrowing up to any amount until the credit limit of your new credit card. This is because credit cards function using the normal interest rate structures and balance transfers on the other hand function on the basis of teaser rates. Teaser rates are promotional low interest rates offered by financial institutions as means of attracting new customers. Due to these low rate of interests, you can save significantly in credit card payments.
Bank of China was born in 1905 under the name of Daqing Hubu Bank, established and controlled by the government of China. In the year 2006, it finally opened to the public through an IPO and listed under the Hong Kong stock exchange. It became one of the largest IPOs in history when it was raise an amount of US$ 11.2 billion. The overseas venture of BOC started in Osaka, Japan in the year 1931. The first branch of Bank of China in Singapore was started in June 15 1936. The same branch has also been awarded the license for operating as a full bank in Singapore. It has been operating in Singapore for more than 70 years providing top notch financial solutions. Bank of China is the second largest lender in the People’s Republic of China and among the top 5 banks in the entire world today. This state-owned bank I spread across different countries offering an array of financial products and services. BOC branches have been spread across important cities that include Hong Kong, Tokyo and New York to name few, making it one of the 4 big banks in China. Having employed thousands of employees within and outside China, Forbes has listed BOC as the 21st biggest company in the world.
When you have an outstanding balance on any other credit card, you pay an interest of 24% per annum to cover the minimum payments that you have been making month after month. You can transfer money instantly from either your Bank of China credit card or MoneyPlus into any other bank account of your choice after approval of your application. You will have a repayment option to choose between 3 or 6 months.
If you sign up for a BOC Fund Transfer today, you will enjoy 0% interest rate for 3 or 6 months with savings of up to 75%.
|Tenure||Processing Fee||Interest Rate||Effective Interest Rate|
|3 Months||1.8% (onetime fee)||0%||3.68% per annum|
|6 Months||3% (onetime fee)||0%||6.38% per annum|
Savings with your BOC Fund Transfer –
Note – The values mentioned below have been simplified and rounded off for illustration
|Tenure||3 Months||6 Months|
|Processing Fee (one time charge)||SGD 180||SGD 300|
|24% Interest Charged by other banks||SGD 600||SGD 1200|
|BOC Interest Charged||0%||0%|
|YOUR SAVINGS||SGD 420 or 70%||SGD 900 or 75%|