Anyway, one of the good deals that they’re offering to their credit card holders is the balance transfer program. There are 2 programs available. The first option is a program that charges interest at 0.57% per month (6.88% per annum) on a reducing balance basis. The tenures available are 6 months, 12 months and 24 months.
The second option is a fixed interest rate and you pay the interests upfront in the first month. For a tenure of 6 months, the upfront interest rate is at 1.5% (which works out to just 0.25% per month!). For 12 months, it’s at 2.5% (0.21% a month) and 24 months at 5% (also 0.21% a month).
Take note that unlike many balance transfer plans available in the market today, this one comes with a penalty charge if you do an early settlement. You need to pay the bank RM100 if you pay up before your tenure ends. Also note that any financial guru out there will tell you that the RM100 is worth paying if you are able to completely settle a debt in a shorter period of time. So repay wisely, and don’t fall into the trap of being penny wise, pound foolish.
Hope this little bit of info is useful to those who are looking for cheaper alternatives to settle their credit card debts.
