A credit card balance transfer is a method of paying off your existing credit card debt by transferring the amount to another bank account. You can transfer any amount up to your credit limit on your new card. This is known to be a great way to save money due to the low interest rate structures offered by most credit card issuers in comparison to high credit card interest rates today. Apart from offering low interest rates as a promotion, they also attract new customers by offering them interest free periods and loyalty points when they apply for this facility.
Maybank, also known as Malaysian Universal Bank is one of Southeast Asia’s leading bank and the largest bank in Malaysia. The bank is spread across 14 different countries in Asia, United Kingdom and United States of America. Their excellent financial services have a network of over 2000 branches worldwide serving customers from all walks of life. From being found by Khoo Teck Puat, a renowned business tycoon in Malaysia in 1960, the bank has grown diversely and exponentially, having its strongest presence in Southeast Asia. Since its inception in 1960, Maybank started functioning as a fully commercial bank. With their advanced banking solutions and technology, they continuously strive their customers with reliable, easy and fast service.
Save significantly when you transfer funds from your Maybank Credit Card to the credit card of any other bank, line of credit and current or savings account. Maybank Fund Transfer guarantees minimum processing fees and 0% interest for the first 6 months.
Please find below options for you to choose from for a tenure of 6 months –
Note – The values mentioned below have been rounded off for illustrative purpose
|Amount for Fund Transfer||S$10,000||S$2,000|
|24% interest payable with another credit card/line of credit||S$1,200||S$240|
|Maybank Interest payable||S$0||S$0|
|Processing Fee Charged||1.38%||1.88%|
|Effective Rate of Interest||2.96% p.a.||4.02% p.a.|
|Processing Fee Payable||S$138||S$37.60|
|YOUR CASH SAVINGS||S$1062 or 88% savings||S$202.40 or 84% savings|