by Demarco Gonzalez | November 1, 2018 8:32 am
OCBC has now made balance transfer available in Malaysia. It’s now possible to transfer any amount above RM1, 000 from your other bank’s credit cards to your OCBC credit card. The introduction of this great feature has made it possible for OCBC account holders to easily manage their finances on their other bank accounts. For those who don’t know what this is all about, we will enlighten you below.
How Do I Apply For OCBC Balance Transfer
Applying for an OCBC balance transfer is simply easy. All you need to do is to send your application via OCBC online banking. You can as well make your application by downloading and filling out the OCBC balance transfer application form right from their website.
How The OCBC Balance Transfer Works
OCBC balance transfer is an all banks cooperative feature that lets you move your credit card balance to and from different banks. And with the powerful OCBC internet banking feature, you can track all the repayments you make throughout the month. This feature is a bit more versatile and flexible than those offered by other banks in Malaysia since it allows you to move up to 80% of your remaining credit. It comes with 6 to 12 months repayment plans so it helps reduce your interest rates go up to 50%.
What Are the Repayment Costs
When you sign up for the balance transfer service offered by OCBC bank, you have the opportunity to make your monthly repayments either in full or a minimum of 5%. When you pay in full, you will have to cater for the related interest costs. In the event you repay the transfer rates later than the due date, you will be required to pay up to 1% penalty charges or RM10 depending on which is higher than the other. The maximum penalty is limited to RM100 so even if you forget, you shouldn’t worry much. If you happen not to pay your monthly repayments, you will be forced to pay your dues coupled with interest rates of up to 18% p.a.
The Balance Transfer feature is available on almost all OCBC credit cards. Some of the major OCBC cards that have this great feature include OCBC Mastercard Blue, OCBC Mastercard Pink, OCBC World Mastercard, OCBC 365 Mastercard, and OCBC Great Eastern Platinum Mastercard. For anyone to qualify for an OCBC balance transfer, they must be more than 21 years of age, have an annual income of not less than $20,000 and be an OCBC account holder. There are different costs and interest rates associated with the Balance transfer feature so it is important you inquire more before you start making transactions. There are as well specific terms and conditions which should be adhered to hence take your time to read and understand them to keep yourself safe from any potential penalties and risks of violating such terms. If you want to know more about the OCBC balance feature before you make any investment decision, you can visit here for more details.
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