• DBS/POSB Balance Transfer

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    What are balance transfer credit cards?

    Balance transfer is a short-term credit facility offered by many banks in Singapore which allows you to transfer all your unsecured debt into your credit card and make a single payment every month.

    DBS/POSB Balance Transfer

    DBS/POSB is offering their balance transfer facility against a DBS/POSB Credit Card or a DBS Cashline Account. The minimum transfer amount to apply for this facility is S$500 and the maximum transfer amount is up to 93% of the credit limit available on your credit card or Cashline account or S$200,000, depending on whichever of the two is lower. Additionally, the bank is offering 0% interest rate on balance transfer for up to a tenure of 12 months with promotional rates on the administrative fee.

    DBS/POSB Balance Transfer Promotions

    Cashback Promotion: Apply for DBS/POSB balance transfer online and get cashback of up to S$125 in the following way:

    • You must apply for a tenure of 12 months.
    • You must apply for a balance transfer loan amount of at least S$5,000 and have it approved from the bank.
    • Your application must be submitted online and approved through the bank’s “self-apply online application platform”.
    • For an approved balance transfer amount between S$5,000 and S$14,999, get S$50 cashback.
    • For an approved balance transfer amount of S$15,000 and above, get S$125 cashback.

    One-time promotional administrative charge promotion: Apply for DBS/POSB balance transfer online and enjoy a discounted administrative fee in the following way:

    • Apply for a 6 month tenure and enjoy a promotional admin fee of 2.5% (offline admin fee: 3.58%), with an EIR of 5.27% (offline: 7.52%) for a cashline account and 5.34% (offline: 7.61%) for a credit card.
    • Apply for a 12 month tenure and enjoy a promotional admin fee of 4.5% (offline admin fee: 6.38%), with an EIR of 5.06% (offline: 7.12%) for a cashline account and 5.20% (offline: 7.32%) for a credit card + cashback.

    DBS/POSB Balance Transfer Charges

    Find below the fees and charges for online applications of DBS/POSB Balance Transfer facility:

    Fees and Charges/Tenure 6 months 12 months
    AIR or Applied Interest Rate 0% p.a. 0% p.a.
    One-time Admin fee 2.5% 4.5%
    EIR or Effective Interest Rate

      • Cashline Account – 5.27% p.a.

      • Credit Card – 5.34% p.a.

      • Cashline Account – 5.06% p.a.

      • Credit Card – 5.20% p.a.

    Minimum repayment

      • Cashline Account – 2.5% of the outstanding balance or S$50, depending on whichever of the two is higher.

      • Credit Card – 3% of the outstanding balance or S$50, depending on whichever of the two is higher.

      • Cashline Account - 2.5% of the outstanding balance or S$50, depending on whichever of the two is higher.

      • Credit Card - 3% of the outstanding balance or S$50, depending on whichever of the two is higher.

    Find below the fees and charges for offline applications of DBS/POSB Balance Transfer facility:

    Fees and Charges/Tenure 6 months 12 months
    AIR or Applied Interest Rate 0% p.a. 0% p.a.
    One-time Admin fee 3.58% 6.38%
    EIR or Effective Interest Rate

      • Cashline Account – 7.52% p.a.

      • Credit Card – 7.61% p.a.

      • Cashline Account - 7.12% p.a.

      • Credit Card – 7.32% p.a.

    Minimum repayment

      • Cashline Account - 2.5% of the outstanding balance or S$50, depending on whichever of the two is higher.

      • Credit Card - 3% of the outstanding balance or S$50, depending on whichever of the two is higher.

      • Cashline Account - 2.5% of the outstanding balance or S$50, depending on whichever of the two is higher.

      • Credit Card - 3% of the outstanding balance or S$50, depending on whichever of the two is higher.

    DBS Cashline

    DBS Cashline is a convenient line of credit offered to customers to provide easy access to cash at any point in time.

    Features and Benefits at a glance:

    • You can apply for this credit line for up to 4 times your monthly salary. If you earn S$120,000 and above per annum, you can apply for this credit line for up to 10 times your monthly salary.
    • You will get a complimentary cheque book with this account.
    • You can access cash through your cheque book, funds transfer or withdrawing from any DBS or POSB ATM in Singapore. You will not be charged a withdrawal fee.
    • The interest on this credit line if payable only on the used amount with flexible payment options.

    DBS Cashline Promotion:

    Earn cashback up to S$180 when you apply and spend from this account in the following way:

    • New DBS or POSB Credit Cardholders will get a cashback of S$120 when they sign-up for DBS Cashline + S$60 cashback when they spend S$500 from this account.
    • Existing DBS or POSB Credit Cardholders will get a cashback of S$20 when they sign-up for DBS Cashline + S$60 cashback when they spend S$500 from this account.

    DBS Cashline fees and charges:

    Product/Item Fees and Charges
    Annual fee S$100 (First year fee waived)
    Minimum payment per month 2.5% of the statement balance or S$50, depending on whichever of the two is higher
    Late payment charge S$90 (Starting from June 12, 2017, the fee will be revised to S$105)
    Minimum interest S$10
    Overlimit fee S$40

    How to apply for DBS Cashline?

    Existing customers can apply in the following ways:

    • Through iBanking – Login to iBanking using your Username and Password and apply.
    • Through Debit or ATM Card PIN – Input your PIN used to access your Debit or ATM Card PIN at an ATM. Choose “Credit Card” as your option if you have a personal credit card with the bank.

    New customers can apply in the following ways:

    • Apply through an online application form available on the bank’s website on their Cashline web page.
    • You can also request the bank to contact you by providing your contact details on the Contact Form available on the bank’s website on their Cashline web page.

    Best DBS/POSB Credit Cards for Balance Transfer

    All DBS and POSB personal credit cards offer balance transfer facility at the same rates mentioned previously. The only change in the facility is the maximum loan amount. The maximum loan amount available to utilize for balance transfer is 93% of the available credit limit on your credit card, which will differ from card to card and other eligibility factors.

    Eligibility Criteria for DBS/POSB Balance Transfer

    • This facility is only applicable to Singapore Citizens and Permanent Residents.
    • You must have a DBS/POSB Credit Card or a DBS Cashline Account to apply for balance transfer.
    • You must have a DBS/POSB Deposit Account. This is not applicable to Joint All, MSA, Trust, SAYE and POSB current accounts.

    How to apply for DBS/POSB Balance Transfer?

    • Customers who own a DBS/POSB Credit Card or have a Cashline Account can apply for Balance Transfer online through iBanking Login or by using their Card and PIN. There is no documentation requirement for existing customers.
    • New customers can fill-up the Contact Form available online and a representative of the bank will get in touch with you to take the application process forward.

    DBS/POSB Balance Transfer Hotline

    DBS Phone Banking:

    • For local calls – Call the bank at 1800 111 1111
    • For overseas calls - Call the bank at (65) 6327 2265

    POSB Phone Banking:

    • For local calls – Call the bank at 1800 339 6666
    • For overseas calls - Call the bank at (65) 6339 6666

    DBS/POSB Credit Card Balance Transfer Terms and Conditions

    • Only principal credit cardholders of personal DBS/POSB Credit Cards or Cashline customers can apply for balance transfer.
    • You will not earn DBS Points or rewards for applying for balance transfer.
    • After submitting the balance transfer applications, no changes can be made in the transfer amount and there will be no cancellation.
    • If your outstanding balance exceeds your available credit limit at any point, you will be charged an overlimit fee.
    • The promotional interest rates and administrative fees are only applicable to the approved loan amount mentioned on your balance transfer application form. They will not be applicable on existing outstanding balances or subsequent balances on your credit card or Cashline account.
    • If you do not make the minimum payment each month, you will be subjected to a late payment fee.
    • The approval of a balance transfer application depends on the good standing of your credit card or Cashline account. The bank, however, has the right to reject your application without providing you a reason for the same.
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