Standard Chartered Credit Card Funds Transfer is a balance transfer facility with 0% flat interest rate for balance transfers for the first 6 months. It also comes with the lowest processing fee of 0.9% in the market, available only on SingSaver. The 0% interest offer and low processing fee helps you avoid paying interest while you pay off debt.
If you’re looking for ways to pay down credit card debt within 6 months, Standard Chartered Credit Card Funds Transferis the best option for you.
0% interest offer
Standard Chartered Credit Card Funds Transfer is a balance transfer card that offers 0% interest rate for the first six months. This allows you to transfer and more easily pay off a balance you owe on another card or multiple cards. This balance transfer is done through the Standard Chartered Unlimited Credit Card.
That means if you don’t charge any new purchases on the credit card, every dollar you put toward the card will go toward paying down your balance and debt. After that, your interest rate will rise substantially to the nominal credit card interest rate of 25.9% p.a. Ensure you clear your unpaid balance before the 6-month period ends.
Processing fee of 0.9% that can be fully offset
There is an upfront processing fee of 0.9% on the total balance transfer amount. This will be charged to the funds transfer account opened upon approval. This processing fee gets offset fully with the S$150 cash offer and S$120 cash credit upon approval and activation of the Standard Chartered Unlimited Credit card. The processing fee and cash offer are available only on SingSaver.
No annual fee
Standard Chartered Credit Card Funds Transfer has $0 annual fee. As mentioned above, the facility is comes with the Standard Chartered Unlimited Credit Card, which has an annual fee of $192.60 but is waived for the first two years. Not having to pay the annual fee obviously saves you money because you don’t have to pay just to keep them in your wallet.
How Standard Chartered Funds Transfer stacks up
*Available only on SingSaver platform and not through the banks.
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By Rohith Murthy
Rohith leads SingSaver, a financial comparison site aimed at helping consumers in Singapore save money and time by finding the right financial products.