A balance transfer facility is an easy and effective way to settle your existing credit card debt by transferring the balance to another account and using that money to pay off your credit card bill. This is a great way to not only get rid of your credit card payments but you also save a lot as the balance transfer facility offered by most financial institutions have a very low interest rate structure when compared to credit card repayments. The low interest rates offered is a key factor of the balance transfer facility. Once you register for this facility, you can also avail additional rewards and benefits offered that differ from one company to another.
Standard Chartered Bank was born with the merger of Chartered Bank of China, India and Australia and the Standard Bank of British South Africa, in the year 1969. Today, it is one of the leading banks across the globe. With its headquarters in London, it has over 1200 offices in every nook and corner of the world. The brilliant performance of Standard Chartered has been a factor in the bank’s expansion in over 70 countries spread across the world. The reason for the reach of this bank is myriad products, services and locations are mainly because of the alliances that the bank has entered into and the acquisitions made since 2000. Being one of the leading banks in the world, Standard Chartered Bank has employed over 90,000 hailing from different regions and nationalities spanned across the globe. In 2014 alone the total revenue of Standard Chartered was US$ 16.984 billion with a net income of US$ 2.705 billion.
You can avail the funds transfer at an interest rate of 0% for either 6 or 12 months.
Using this facility you can transfer the funds from your Standard Chartered Credit Card to any bank account of your choice. You even use this facility to pay off another bank’s credit card bills or line of credit.
Please find below your savings when you avail the fund transfer facility to transfer SGD 10,000 using the 6 and the 12 months tenure –
Note – The following values have been rounded off and simplified for illustration
|Tenure||6 Months||12 Months|
|Processing Fee expressed in SGD and %||SGD 250 or 2.5% (onetime fee)||SGD 500 or 5% (onetime fee)|
|24% Interest Payable on Other banks’ credit cards||SGD 1200||SGD 2400|
|Standard Chartered Credit Card Funds Transfer Interest charged||SGD 0||SGD 0|
|Effective Interest Rate||5.18% per annum||5.41% per annum|
|YOUR SAVINGS||SGD 950 or 79%||SGD 1900 or 79%|