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.
Earn extra money when you convert the available limit on your credit card into cash using your OCBC credit card balance transfer facility. You can use this amount to clear all your other outstanding bills of other credit cards at a very reasonable interest rate. You have to option of repayment in 3, 6 or 12 months.
|Tenure||Processing Fee||Applied Interest Rate||Effective Interest Rate|
|3 Months||1.68%||0 % per annum||6.74% per annum|
|6 Months||2.50%||0 % per annum||5.19% per annum|
|12 Months||4.50%||0 % per annum||4.99% per annum|
Your savings when you make a balance transfer of SGD 6000 for a tenure of 6 months
Note – All values listed below are simplified for illustrative purpose
|Banks||Effective Interest Rate||Amount in SGD|
|OCBC||5.19% per annum||SGD 150|
|Other Banks||24% per annum||SGD 720|
|YOUR SAVINGS||SGD 570|
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