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    Bank Of China Credit Card Balance Transfer

    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.

    With BOC’s MoneyPlus Fund Transfer, you can send cash instantly from either your credit card or MoneyPlus account to other bank’s account, credit card or credit line once your application is approved. Hence, instead of paying around 24% p.a. to cover your monthly minimum payments, you can enjoy 0% interest on these payments.

    0% Interest BOC Fund Transfer allows you to transfer funds from your MoneyPlus account or credit card into your selected bank’s account or card account once your application is approved. 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.

    Features and Benefits

    MoneyPlus:

    • Choose a tenure of 3 months, 6 months or 12 months.
    • Save up to 79% on your payments under this transfer facility.
    • Enjoy a low one-time processing fee.
    • Transfer funds to a different bank’s credit line, current or savings account.

    0% Interest Fund Transfer:

    • Transfer funds to a different bank’s credit card account or any other account.
    • Save up to 75% on payments under this facility.
    • Choose a tenure of either 3 months or 6 months.
    • Enjoy a low one-time processing fee.

    Interest Rates and Fees

    The interest rates and fees applicable on MoneyPlus Fund Transfer are shown in a table below:

    Tenure Applied Interest Rate (p.a.) Processing fee EIR (p.a.) Minimum repayment
    3 months 0% 1.8% 7.49% 3% of the outstanding balance or S$50, whichever is more
    6 months 3% 6.38%
    12 months 5% 5.60%

    The interest rates and fees applicable on 0% Interest Fund Transfer are shown in a table below:

    Tenure Applied Interest Rate (p.a.) Processing fee EIR (p.a.) Minimum repayment
    3 months 0% p.a. 1.8% 7.49% 3% of the outstanding balance or S$50, whichever is more
    6 months 3% 6.38%

    Example:

    The table below shows the amount you will save if you transfer S$5,000.

    Tenure 3 months 6 months 12 months
    One-time processing fee S$90 S$150 S$250
    Interest charged by other banks (24% p.a.) S$300 S$600 S$1,200
    Interest charged by BOC 0% 0% 0%
    Total savings S$210 (70% saved) S$450 (75% saved) S$950 (79% saved)

    Note: The aforementioned data have been simplified for illustration purpose only.

    How to Apply

    • You can download the application form from the bank’s website, fill up the details, and either mail or fax it to BOC.
    • You can choose to call the bank’s 24-hour customer service hotline for further assistance.
    • You can send an SMS to the bank for details.

    Things to Consider Before Applying for Balance Transfers

    • The fund transfer facility is available for only BOC credit card and MoneyPlus account holders.
    • To apply for a MoneyPlus Fund Transfer, you must earn a minimum income of S$30,000 per year.
    • Foreigners who have an annual income of S$60,000 p.a. and above can apply for MoneyPlus Fund Transfer.
    • The processing fees charged are non-refundable.
    • The minimum amount you can transfer is S$1,000.
    • You must be 21 years old and above to enjoy this feature.

    Balance Transfer Terms and Conditions

    • The minimum amount for BOC Fund Transfer is SGD 1000 or any other amount as determined by the bank at any point in time at their discretion. Also, note that once the application has been submitted to the bank, no cancellations can be made and the transfer amount cannot be changed.
    • The BOC Fund Transfer promotional facility is only applicable for BOC Credit Card members and MoneyPlus account (s).
    • For further information on this facility or details on the terms and conditions, feel free to contact the bank or visit their website.
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