Cash woes? A personal loan to the rescue!

    POSB Balance Transfer Review: Substantial Savings on Interest Charges

    When you transfer the balance on your existing credit cards to another one, the first thing you expect is savings on interest payments. POSB Balance Transfer (BT) gives you just that. This product will work for if you’re looking to consolidate credit card debt and reduce your monthly debt commitments. You can transfer the debt from multiple cards at the same time, up to 93% of the credit limit assigned to you. You can transfer as low as S$500, which is one of the lowest minimum BT amounts in the Singapore market.

    High Interest Savings, Greater Financial Control: Has POSB Walked the Talk With Its BT?

    • Maximum balance transfer amount: The maximum transfer amount can’t exceed 93% of the credit limits available on your card(s). If you’re a DBS Insignia customer, the transfer limit is 93% of the credit limit available, subject to a maximum of S$200,000. In any case, you may not be able to transfer outstanding balance on your cards in excess of 4x your monthly income, as mandated by a regulatory authority, or as decided by the bank.
    • Minimum balance transfer amount: The bank may not allow you to transfer any card debt lower than S$500 in value.
    • Tenure: You may consolidate debt on your cards for 6 months or 1 year. You’ll simply have to pay as little as 2.5% of the unsettled balance, subject to a minimum of S$50, to keep the facility revolving.
    • Savings: With this credit facility, you can lower your interest burden since 0% nominal rate applies. In some cases, you may be able to save up to 81% on interest charges.
    • Convenience: If you already hold a POSB credit card or Cashline account, you won’t have to submit supporting documents at the time of application. This can certainly reduce the time of processing and approval.
    • Financial control: When managing multiple cards with unsettled debt gets “unsettling”, consolidating them in a single POSB/DBS card, can make your life easier. With lower interest charges, not only will the cost of your loan come down but your cash flow may also improve as you have to make one payment per month instead of many.
    • Turnaround: You may have access to cash instantly. If you have access to iBanking, mBanking, ATM or credit card, you can select the amount you wish to borrow and get it almost as soon as you hit “apply” in your linked bank account.

    Enjoy Exclusive Cashback Offer on Your Online Application

    Apply for a 12-month balance transfer facility online in a single application or combined applications on the same day and get cashback of up to S$500. This offer is valid for both POSB card and DBS Cashline customers. In order to enjoy this offer, you’ll have to apply on or before 30 September 2018. The cashback amount will depend on the loan amount approved and it will be credited to your account on a tier-basis as shown below:

    Loan Amount Cashback Quantum
    Greater than or equal to S$15,000 and less than S$30,000 S$150
    Greater than or equal to S$30,000 and less than S$50,000 S$300
    S$50,000 and above S$500

    During the qualifying period, you’ll also enjoy a one-time administrative charge of 4.5% on a 12-month tenure.

    Lower Your Interest Burden Through Interest Savings

    Tenure Applied Interest Rates (Flat Rates) Normal Effective Interest Rate (EIR) EIR During the Promotional Period (Until 30 September 2018) (Online Applications)*
    6 months 0% p.a. 7.52% p.a. (Cashline) 7.61% p.a. (Card) 5.27% p.a. (Cashline) 5.34% p.a. (Card)
    12 months 0% p.a. 7.12% p.a. (Cashline) 7.32% p.a. (Card) 5.06% p.a. (Cashline) 5.2% p.a. (Card)

    [*The EIR depends on the assumption that the one-time promotional administrative fee (exclusively for online applicants) of 2.5% (6-month loan)/4.5% (12-month loan) are paid upfront and the minimum monthly due of 2.5% (Cashline)/3% (Card) is paid on time.]

    Important Fees and Charges That You Should Be Aware of

    Affordability of a loan usually depends on two factors – interest charges and fees. While saving on interest charges can certainly help you lower your expenses, the same is true for lower fees and charges. The following are the important fees and charges applicable on this POSB personal loan:

    Minimum monthly payment (Cashline) 2.5% of the outstanding balance, subject to a minimum of S$50
    Minimum monthly payment (DBS/POSB Card) 3% of the outstanding balance, subject to a minimum of S$50
    One-time administrative charge (Regular) 3.58% (6-month tenure) 6.38% (12-month tenure)
    One-time administrative charge (Online-exclusive promotional offer) 2.5% (6-month tenure) 4.5% (12-month tenure)
    Overlimit fee As determined by the bank from time to time
    Late payment fee As determined by the bank

    Keep in Mind: No Cancellation May Be Allowed After Submission of Your Application

    • Once you have submitted your application, termination or change of the transfer amount may not be possible.
    • The balance transfer transactions on your DBS/POSB card won’t be eligible for rewards.
    • You won’t be able to transfer an amount that exceeds 93% of the credit limit available on your card account(s). A transfer amount below S$500 won’t be approved either.
    • The bank may reject your application outright or terminate the facility unilaterally without providing a reason.
    • Irrespective of the number of approved balance transfer applications during the promotion period, you’ll be eligible for one cashback only.
    • Only combined applications submitted on the same day and meeting the bank’s eligibility criteria, will be considered for cashback during the promotion period.
    • Under the Personal Data Protection Act, DBS/POSB has the right to disclose personal data and information collected from you to a third party (or third parties) as it deems fit for the purpose of promotion.

    Are You Eligible for This POSB Loan?

    Click here to learn more about the general eligibility criteria and supporting documents required for POSB/DBS personal loans.

    Thinking of Applying? Know About All the Available Modes of Application

    If you’re an existing DBS/POSB cardholder or have a Cashline account, you can apply online without any need to submit supporting documents. New customers can apply directly on the bank’s website, apply at a branch, or apply through the telesales division of the bank. You may also leave your details with the bank and they will call you back at an appropriate time.

    What Else Should You Know?

    Q. Can I apply online if I don’t have iBanking login credentials?

    A. You may login using your card and PIN. If you have don’t have either, contact the bank first for additional information.

    Q. How will I pay the one-time administrative fee?

    A. The administrative charge will be debited from your Cashline account or card.

    Q. In what order will payment for any outstanding balance be settled?

    A. If you have multiple debts, payments would be used to pay down debts in the descending order of value. The order of settlement will be interest charge, fees, and the principal at last.

    Q. If I apply for this balance transfer, can it affect my credit score adversely?

    A. It might. That’s because you’re starting a new line of credit and timely payments, the tenure of the loan, missed payments, and other factors could all affect your credit score. Moreover, be mindful of the total debt servicing ratio.

    Q. If I applied for multiple balance transfer facilities during the promotion period on different days, which one would be considered for the cashback promotion?

    A. The earliest application, which meets all the eligibility criteria for the cashback promotion, will be considered. Cashback will be awarded based on the tier under which the approved loan amount falls.

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