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    POSB Balance Transfer for Personal Line of Credit

    When your personal loan debt is piling up and you don’t think you can pay the interest for much longer, you need to consider transferring your credit card or credit line balance to another bank under the balance transfer facility. Balance transfer plan is offered by most leading banks, and it allows you to pay a very low interest for the first 6 to 12 months, which will help cut down the rising interest charges. Balance transfer is applicable on credit line as well as credit cards.

    POSB, one of Singapore’s oldest banks, also offers a balance transfer plan for your cards or line of credit. POSB promises savings, flexible repayment and better financial control when you transfer your existing card or credit line balance from another bank to its products. POSB’s line of credit is known as Cashline.

    Features and Benefits

    • The amount that you wish to transfer should be a minimum of S$500 and a maximum of 93% of your credit limit. Tenor option includes 6 and 12 months.
    • In case your outstanding dues are higher than your credit limit, POSB will charge you an over-limit fee. This charge is at the discretion of the bank.
    • The minimum amount of repayment is S$50 or 2.5% (Cashline) and 3% (credit card) of your outstanding balances. You must pay the higher amount out of the two.
    • In case you fail to pay the amount in time, the bank will levy a late payment fee. The amount will be as determined by the bank.

    Interest Rates

    The table below shows the interest rates for Cashline balance transfer plans:

    6-month tenure 12-month tenure
    Applied Rate of Interest (p.a.) 0% 0%
    Effective Interest Rate (p.a.) for POSB Cashline online applications 5.27% 5.06%
    Effective Interest Rate (p.a.) for POSB Cashline offline applications 7.52% 7.12%
    Effective Interest Rate (p.a.) for POSB Credit Card online applications 5.34% 5.20%
    Effective Interest Rate (p.a.) for POSB Credit Card offline applications 7.61% 7.32%
    Administrative fee for online applications 2.5% 4.5%
    Administrative fee for offline applications 3.58% 6.38%

    Promotion

    Apply for POSB Balance Transfer Online and Win NTUC Vouchers of Up to S$300

    • Apply for POSB balance transfer option online at 4.5% as the administrative fee for a tenor of 12 months.
    • You can apply through a single or a same-day combined application on either your Cashline account or your POSB Credit Card.
    • Your balance transfer application must be processed and approved through the self-apply online platform only.
    Promotion Tiers
    Approved Loan Amount NTUC vouchers
    S$10,000 to S$19,999 S$100
    S$20,000 to S$29,999 S$200
    S$30,000 and above S$300
    Terms and Conditions of the Promotion
    • This promotion expires on 30 June 2018.
    • Your approved loan amount should be at least S$10,000 via a single or a same-day combined application.
    • Only same-day combined applications will be eligible for winning the NTUC vouchers (in the respective promotion tier).

    For detailed terms and conditions about this promotion, please visit the bank’s official website.

    Eligibility

    • You should meet all the eligibility requirements of a POSB Cashline/Credit Card.
    • The amount you wish to transfer should not be higher than your credit limit or four times your monthly salary.

    Documents Required

    No documents are required if you already have a Cashline or credit card account with DBS or POSB. If not, you need to submit the following documents:

    • NRIC copy (both the sides)
    • Copy of passport (or foreigners)
    • Work permit/employment pass (for foreigners)
    • Most recent computerised payslips
    • Most recent Income Tax Notice of Assessment OR CPF Contribution History
    • Bank statement for the last three months

    How to Apply?

    You can apply in 2 ways:

    • If you already have a POSB/ DBS Credit Card or a Cashline Account, you can apply for the balance transfer option by either using your card’s PIN or by using your iBanking login credentials. If you’re an existing POSB/DBS customer, you need not complete the documentation process.
    • If you’re new to POSB/DBS all together, use the contact form through the bank’s official website and leave your contact details. A bank representative will contact you later and initiate your application process.

    FAQs

      Q. Can I transfer the balance of more than one credit line to POSB?

      A. Yes. As long as the balance on the multiple credit lines you want to transfer is lower than your credit limit or your four months’ salary, you can transfer more than one account’s balance to POSB.

      Q. Can I get a 3-month balance transfer tenure?

      A. No. POSB Balance Transfer starts at 6 months.

      Q. Do I have to pay the processing fee separately to POSB?

      A. No. The processing fee will be debited from the Cashline account in your name.

      Q. How do I save using POSB Balance Transfer?

      A. Your interest payments during the period of balance transfer would be lower than what you are paying on your current line of credit. POSB Balance Transfer gives you an EIR of 5.06% to 7.61% p.a., but line of credit interest rates range between 19% and 30% p.a. generally.

      Q. Can I earn reward points or cash rebate on balance transfers?

      A. No. There will be no points or rewards for balance transfers.

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