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    Zero Percent Balance Transfer Credit Cards

    What is balance transfer?

    Balance transfer, also known as fund transfer is a process of moving all your credit card debt into one card that offers the best rates and maximizes your savings. It is often done so to incur the lowest interest rate on the balance in an account. The most common reason to avail balance transfer is to transfer the debt from cards with a high APR or Annual Percentage Rate to a card that that charges a lower APR. Also, balance transfer facility is often offers an introductory or promotional interest rate of 0% for up to 1 year. This duration will help in clearing a major portion of your credit card debt without incurring a high interest on your balance.

    Why choose balance transfer?

    The best reason to opt for a balance transfer is to reduce your credit card debt. It goes without saying that credit cards carry one of the highest interest rate structures in comparison to other lines of credit. Therefore, by choosing balance transfer and taking advantage of the introductory interest rates is a great way to reduce your credit card debt without incurring high interest amounts. It is also a technique employed by most creditors to attract customers, both existing as well as new to consolidate all credit card debt into a single card.

    How does balance transfer work?

    Applying for a balance transfer facility is not a herculean task. In fact it is very simple. The most common ways to opt for this facility is either directly in person or online.

    • Most leading banks in Singapore provide this service online as a way of making the process extremely convenient for customers. When applying online, you just need to fill out the online application form to apply for balance transfer.
    • If you have any queries regarding the balance transfer of a particular bank or credit card issuer, some even provide an online “Contact Me” form allowing you to leave your queries and contact information so a representative can contact you regarding the same and take the process further.
    • Lastly, you can walk into the nearest bank branch of the credit card issuer you wish to choose for balance transfer and apply for this service directly in person.

    Advantages of Balance Transfer

    • Maximize your savings – As previously discussed, credit cards have one of the highest interest rate structures amongst banking products and services. Therefore transferring your credit card debt from a high interest rate card to a low interest card will help you save on your interest payments.
    • Promotional and Introductory offers – Most credit card companies offer promotional interest rates for a period of time that can help you save significantly as well as rid yourself of a major chunk of credit card debt. Most banks in Singapore offer a 0% interest rate for up to 1 year as a promotional or introductory offer when you opt for their balance transfer facility.
    • Balance transfer helps paying off your debt faster – When you apply for balance transfer, all your credit card debt will be consolidated into a single credit card helping you better manage your finances. Also, knowing that you can make payments on your debt at 0% interest may tempt you to clear the debt before the elapse of this promotional period, thereby getting rid of your credit card debt altogether faster than you would have done before opting for this facility.

    Banks in Singapore that offer Credit Card Balance Transfer

    • UOB Funds Transfer
    • POSB Credit Cards Balance Transfer
    • DBS Credit Cards Balance Transfer
    • Maybank Fund Transfer
    • HSBC’s Card Balance Transfer (does not offer 0% balance transfer facility)
    • Citibank Balance Transfer
    • Bank of China (BOC) – 0% Interest BOC Fund Transfer
    • Standard Chartered Funds Transfer
    • OCBC Balance Transfer

    0% Balance Transfer Effective Interest Rates and Tenures:

    Bank Effective Interest Rate Processing Fee or Administrative Fee Tenure
    UOB Funds Transfer
    • 3 Months – 7.38% p.a.
    • 6 Months – 5.34% p.a.
    • 12 Months – 5.20% p.a.
    Processing Fee:
    • 3 Months – 1.8%
    • 6 Months – 2.5%
    • 12 Months – 4.5%
    3 Months, 6 Months, 12 Months
    POSB Credit Cards Balance Transfer
    • 6 Months – 7.61% p.a.
    • 12 Months – 7.32% p.a.
    Administrative Fee:
    • 6 Months – 3.58%
    • 12 Months – 6.38%
    6 Months, 12 Months
    DBS Credit Cards Balance Transfer
    • 6 Months – 7.61% p.a.
    • 12 Months – 7.32% p.a.
    Administrative Fee:
    • 6 Months – 3.58%
    • 12 Months – 6.38%
    6 Months, 12 Months
    Maybank Fund Transfer
    • Min Amount of S$10,000 – 4.02% p.a.
    • Min Amount of S$2,000 – 5.34% p.a.
    Processing Fee:
    • Min Amount of S$10,000 – 1.88%
    • Min Amount of S$2,000 – 2.50%
    6 Months (12 Month tenure also available but not with 0% balance transfer)
    Citibank Balance Transfer
    • 6.73% p.a.
    Service Fee: 1.58% 3 Months
    0% Interest BOC Fund Transfer
    • 3 Months – 7.49% p.a.
    • 6 Months – 6.38% p.a.
    Processing Fee:
    • 3 Months – 1.8%
    • 6 Months – 3%
    3 Months, 6 Months
    Standard Chartered Funds Transfer
    • 6 Months – 5.18% p.a.
    • 12 Months – 5.41% p.a.
    Processing Fee:
    • 6 Months – 2.5%
    • 12 Months – 5%
    6 Months, 12 Months
    OCBC Balance Transfer
    • 3 Months – 7.22% p.a.
    • 6 Months – 5.19% p.a.
    • 12 Months – 4.99% p.a.
    Processing Fee:
    • 3 Months :
      • 0.88% (Welcome rates for new customers until September 30, 2016) – 0.88%.
      • 1.88% - Existing Customers and rates after welcome period elapses.
    • 6 Months – 2.50%
    • 12 Months – 4.50%
    3 Months, 6 Months, 12 Months
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