Balance Transfer Promotion, Clear Your Credit Card Debt Now

A credit card balance transfer is the transfer of the balance or debt in a credit card account to an account held at another credit card company.

Due to recent credit card tax imposed by government, many credit cards issuers is doing balance transfer promotions as part of their strategy to retain its customer. The credit card issuers are giving a great promotions ranging RM50 rebate per balance transfer to 0% interest free balance transfer. Actually this is great for customers. It will offer great saving for those who would like to use this facility.

If you have unsettle credit card debt, it is wise to do balance transfer in order to save the interest. With such a low balance transfer fee, it is certainly much better than personal loan to clear out credit card debt.

Below are list of recent balance transfer promotion.

1. Affin Bank

0% interest for 6 months tenure.
2% one time interest for 12 months tenure.
2.5% one time interest for 18 months tenure.
3% one time interest for 24 months tenure.
3.5% one time interest for 36 months tenure.

Terms of Condition

• Minimum Transfer for 6 & 12 months tenure is RM1000
• Minimum Transfer for 18 & 24 months tenure is RM2000
• Minimum Transfer for 36months tenure is RM3000

2. Alliance Bank

0.42% interest per month for 6 months tenure.
7.25% interest per year for 12 months tenure.
7% interest per year for 18 months tenure.
6.88% interest per year for 24 months tenure.
6% interest per year for indefinite tenure.

Terms of Condition

• Minimum Transfer of RM1000 for 12 months tenure while other tenure in RM2000

3. CIMB Bank and Direct Access

0% interest free, zero handling fee for 6 months tenure.

Terms of Condition

• Valid until 30th April 2010
• Minimum Transfer of RM1000

4. Citibank

3.99% interest per year for 9 months tenure.

Terms of Condition

• Valid until 28th February 2010

5. EON Bank

2.99% one time charge for 6 months tenure.
4.99% one time charge for 12 months tenure.
7.99% one time charge for 24 months tenure.
10.99% one time charge for 36 months tenure.
14.99% one time charge for 48 months tenure.

Terms of Condition

• Valid until 31st March 2010
• Every balance transfer will get 1% cash rebate.

6. Maybank and American Express

0% interest per month for 3 months tenure.
0.5% interest per month for 6 months tenure.
0.75% interest per month for 9 months tenure.
1% interest per month for 12 months tenure.
0.375% interest per month for 24 months tenure.
0.413% interest per month for 36 months tenure.

Terms of Condition

• The Balance Transfer promotion is only valid till 30 June 2010.
• Applicable to all Principal American Express, MasterCard and Visa Credit Cardmembers, with a minimum transfer amount of RM1,000

7. MBF Cards

0% interest free, zero handling fee for 12 months tenure.

Terms of Condition

• Minimum Transfer of RM1000
• Offer only applicable for the first RM7500 balance transfer
• Extra RM50 subsidized for Credit Card Tax.

8. Standard Chartered Bank

4.99% interest per year for 9 months tenure.
7.99% interest per year for 12 months tenure.
7.99% interest per year for 18 months tenure.

Terms of Condition

• Minimum Transfer of RM1000
• Applicable for Gold/ Platinum/ Visa Infinite card only.

9. UOB

0% interest per month for first 3 months & 0.75% interest per month for next 9 months for 12 months tenure (equivalent to 0.5625% per month)
0% interest per month for first 3 months & 0.499% interest per month for next 15 months for 18 months tenure (equivalent to 0.4158% per month)

Terms of Condition

• Minimum Transfer of RM1000
• Valid until 31st March 2010.

For comparison, normally you have to pay

• 17.5% per year or equivalent to 1.46% per month for new card holders or card holder with more than 2 non-prompt payment per year.
• 16% per year or equivalent to 1.33% per month for card holder with 1 to 2 non-prompt payment per year.
• 13.5% per year or equivalent to 1.125% per month for card holder with no non-prompt payment per year.

By doing balance transfer you make a large saving on interests. However, if you can afford the preferred choice is always clear up all outstanding balance every month.