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    OCBC Credit Card Balance Transfer

    The process of balance transfer is one that is increasingly encouraged by most financial institutions today. Balance transfer implies the transfer of the balance of one credit card to another account of a different company and using the amount to pay off your existing credit card outstanding. This process is far more efficient because a credit card typically charges a very high rate of interest. The same is not the case with a balance transfer. Financial institutions today offer balance transfer facilities at promotional low interest rate structures in order to attract new customers. Due to these low interest rates offered, you can save significantly in your credit card payments. In addition to this, you can also avail added benefits and rewards offered by different credit card issuing companies.

    OCBC is the common name for Oversea - Chinese Banking Corporation. This continuous to be one of the largest banks across the world. With its headquarters in Singapore, it is among the top banks here as well. It has offices and branches in 15 different countries. It has a total of 411 offices and branches with retail subsidiaries in Malaysia, Hong Kong, China and Indonesia. OCBC’s network is so vast that their total assets are worth more than Singapore itself. Some of the prominent branches of the bank are located in USA, UK, China, Australia and Japan to name a few. Since the inception of the bank in 1919, it has been expanding exponentially. It gets its present name from the merger of three different banks in 1932- Ho Hong Bank, Oversea- Chinese Bank and Chinese Commercial Bank. In 1972 it acquired Four Seas Communications Bank, one of the most age old banks in the entire Singapore that was established in 1906.

    If you want to consolidate your unsecured debts into one card or want access to more cash, the balance transfer facility available on your OCBC credit card is a logical way to go forward. You can convert the available credit limit on your card or EasiCredit Account into cash and fund your various expenses and investments.

    If you’re 21 or older, a Singaporean national/PR with a minimum annual income of S$20,000 or a foreigner with an annual income of S$45,000 at least, you can apply for this facility.

    Features and Benefits

    The key benefits and features of the OCBC Balance Transfer facility include:

    • Your tenure options include 3, 6, and 12 months.
    • You can enjoy a very low processing fee starting from 1.8% for a 3-month tenure. The processing fee for 6-month and 12-month tenures are 2.5% and 4.5%, respectively.
    • The applied interest rate on all tenures is 0% p.a.
    • You can make flexible repayments when you use this facility. The minimum monthly payment that you have to make starts from 3% of the aggregate outstanding balance, subject to a minimum amount of S$50.

    How It Works

    You can choose to transfer your outstanding credit balances from cards issued by other lenders or other credit lines to your OCBC credit card. You can conveniently apply online through the bank’s website. You’ll need to have a card account and be a holder of a valid Visa or Mastercard issued by OCBC in order to be an applicant.

    You can pay a minimum of 3% of your outstanding balance at the end of each month or S$50, whichever is higher, to keep your debt revolving. You won’t be allowed to withdraw your application or make changes to the total amount you have decided to transfer, once your application has been successfully submitted.

    Interest Rates and Fees

    With the OCBC Balance Transfer facility, there will be no interest charged for 3, 6, and 12-month tenures. However, processing fees will be applicable.

    The following table illustrates the processing fees and effective rates of interest applicable against various tenures under this facility:

    Tenure Applied Interest Rate (p.a.) Processing fee EIR (p.a.) Minimum repayment
    3 months 0% 1.8% 7.22% p.a. 3% of the outstanding balance, subject to a minimum sum of S$50
    6 months 2.5% 5.19% p.a.
    12 months 4.5% 4.99% p.a.

    Representative Example

    Let us now consider an example. If want to transfer a balance of S$5,000 to your card issued by OCBC, the interests you’ll have to pay for the different tenures are:

    Outstanding balance/Interest payable 3 months 6 months 1 year
    S$5,000 S$90 S$125 S$225
    Total repayment (principal + interest) S$5,090 S$5,125 S$5,225

    Now, if you continue paying with your credit card outstanding balance of S$5,000 at an interest rate of 25% p.a. for a year, your repayment will be S$6,250 (principal amount of S$5,000 and interest amount of S$1,250).

    For outstanding balance of S$5,000 with 1-year repayment Interest payable Total repayment
    Balance Transfer S$225 S$5,225
    Credit Card S$1,250 S$6,250
    Your savings with balance transfer S$1,025

    Note: The above examples are for illustration purposes only.

    Till your balance transfer credit card application is accepted and successfully processed by OCBC, you’ll have to meet your dues on cards or lines from which you want to transfer the balance. The bank will not be liable for any expenses, late fee charges and other fees that may be charged due to your inability to pay off the dues while waiting for your balance transfer approval.

    Applying for OCBC Balance Transfer

    • You can use your OCBC Online Banking to submit an online application form
    • You can submit an online application by filling out an online form

    Terms and Conditions

    • Balance Transfer facility is only applicable for principal card members of VISA or MasterCard OCBC cards which are in good standing.
    • Balance transfer can only be made if the receiving account is also denominated in Singapore dollars.
    • For more details on this facility or details on the terms and conditions, contact OCBC or visit their website.

    Things to Consider Before Applying for Balance Transfer

    The following terms and conditions will be applicable for the OCBC Balance Transfer facility:

    • All OCBC Visa and MasterCard credit cardholders whose accounts are in good standing can make use of this facility.
    • To use this facility, you must ensure that the receiving account is denominated in Singapore dollars.
    • You can use this facility to transfer the balance(s) that remain outstanding from any of the credit card accounts(s) you hold with a bank or financial institution in Singapore. The transfer will be subject to a minimum sum stated by the bank.
    • Alternately, you can also use this facility to transfer amount from your balance transfer account to another account maintained with any financial institution or bank in Singapore. The approval on such transfers will, however, be decided by the bank.
    • Reward or loyalty points offered as part of any reward or loyalty programmes will not be provided on this facility. For instance, Robinsons$ as part of the Robinsons Rewards Programme, NTUC LinkPoints as part of the NTUC Loyalty Rewards Programme, and OCBC$ as part of the OCBC Rewards Programme will not be applicable.
    • Promotional balance transfer rates will not apply to existing or future card transactions.

    News About OCBC Credit Card Balance Transfer

    • OCBC Bank becomes First South East Asian Bank to Implement Blockchain Technology

      OCBC bank has become the first bank in South East Asia to start using blockchain technology. This latest technology has changed the way transactions are recorded and saved. It has become a game changer in the financial services sector as it allows to create secure web based systems that can record financial transactions and undertake settlements.

      OCBC has said that it is the first bank in South East Asia to implement this technology. They have been able to carry out successful pilots such as cross border fund transfers between OCBC Singapore and Private Bank of Singapore and OCBC Malaysia as well.

      16th November 2016

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