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A balance transfer credit card allows you to transfer your debt from one account to another. These cards come with different conditions like credit limit requirements, annual fees, minimum payments, cash back, unified credit card bills, 0 balance transfer offers, etc.
Many Malaysian banks offer such credit cards, but finding the right balance transfer offer might be challenging. Don’t worry; we are here to recommend some of the best balance transfer credit opportunities on the market.
Credit card users in Malaysia will be happy to know they can find some of the best options in the world.
You can use offers on your current card or get an offer with a 0% introductory APR. To get the best offers, you will need excellent credit. You can check your credit score with some of the credit reporting agencies in Malaysia.
We recommend using CTOS as the most reliable option. It's important to mention that you can't move your balance to cards from the same issuer.
Whether you're applying over the phone, online, or going to the nearest physical location, you must give important information about your current debt and financial information.
In some cases, individuals can start balance transfers with convenient checks. Before using this service, read the terms and conditions to learn about interest and annual fees.
The credit card issuer will pay off your old debit when the transfer is approved. If there's one, the old account will be closed, and your whole balance will be moved to your new account along with the fee.
How long the process will last depends on the bank and your financial situation. If your credit score isn't the best and you have a large debt, the bank might need more time to assess your request. However, you can expect the process to be complete in around 14 days.
Once the balance has been transferred to your new account and credit card, you must make monthly payments. Banks in Malaysia generally give you a promo period with a 0% APR introductory period.
That is the crucial advantage these credit cards offer, and you should look to exploit it as much as possible. In other words, pay at least the minimum monthly to repay your old debt successfully while paying less interest.
A credit card is a convenient tool for people to pay for purchases today, offering many perks and rewards that can add up to more savings for the cardholders.
Today, consumers often use credit cards as payment for their purchases since they are convenient and often come with benefits and incentives that can result in additional discounts for cardholders. With a wide variety of these cards with various advantages, you might ask how to pick the ideal one for your financial needs. We have collected the following FAQ to enable you to understand the most relevant questions regards credit cards, including user conditions, interest rates, and primary payment terms.
Here’s a short guide LOANPANDA has compiled to help you understand the credit card requirements, interest rates and basic payment terms.
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.
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.
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