Most banks let you request a balance transfer by contacting them directly. On the other hand, some banks allow you to make your request online by filling out forms and sending out relevant information.

The bank will review your request and approve a partial or complete balance transfer. It depends on your current credit limit, credit score, and the size of your debt.

Every bank has its terms, so you should check the annual fee on the credit card and all other conditions. For example, if you have RM3,5000 on a card with a 20%, you can switch it to another credit card with a 0% balance transfer within 30 months.

When you do all the math, you will save RM1,300 in interest payments. Keep in mind that some banks have balance transfer fees.

At the same time, if you still carry a credit card balance after the 30 months have expired, you can expect an interest rate added since you couldn't keep up with your obligations.

For this to make sense, banks give lower interest rate offers to their customers. Simply put, a balance transfer credit means your old debt is paid off, and you get new terms with lower interest rates. Ultimately, you will save money by paying less over an extended period.

Many banks in Malaysia also offer zero interest rates or promo period offers to new customers. In other words, after doing a balance transfer, you have many months or even years without an interest rate attached.

A balance transfer combines all your debt into a single place, and you can track your credit card balance from a single account. Monitoring credit card debt can be complicated, especially if you're using cards from multiple banks and all of them have their repayment dates and terms & conditions.

• Credit duration can range from a minimum of 3 months and up to three years.
• Balance transfer card interest rate ranging from 0% to 10%.
• Some balance transfer offers don't include a one-time upfront fee, while others can have a maximum of 11% upfront fee.
• To do a balance transfer, you need a minimum amount of RM500, ranging up to RM5,000.

The best balance transfer offers are simple and require filling out an application form and providing essential personal information. You can get balance transfers online or a credit card by going directly to the nearest office.

After submitting your credit card application, you must wait 1-7 working days until the bank checks your eligibility and approves your credit card request.

Employed applicants must provide an EPF statement, their latest EA statement, or their latest payslip. They also need to provide employment confirmation or an employment letter.

Self-employed individuals must provide their last year's tax receipts and returns. They must also give the latest 6-month CASA statement if they're company directors.

Your credit limit will determine how much you can borrow with the card, but this is typically a few hundred or a few thousand units.

Your credit score and income after fulfilling your regular financial obligations, and whether you have other forms of credit, like a mortgage, loan, or overdraft, will all be considered by your card issuer when making this determination.

However, many credit card companies provide unlimited units based on the credit card score.

You will typically have to pay a transfer charge when using a balance transfer credit card. It can be lesser or possibly not charged at all, but it usually is 3% of the transferred value.

If you're sure you've lost your credit card, you must contact your bank and ask to block your card. If you don't make this request immediately, the bank won't cover any charges made to the card during the period.

Most banks have emergency contact channels designed for these kinds of problems.