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Standard Chartered Credit Card Funds Transfer - New Customer

SingSaver's Exclusive OfferFeatured
SingSaver's Exclusive Offer:
Get $220 cash back to completely offset the processing fee

Features

Exclusive rate of 0.9% processing fee (EIR: 1.85% p.a.) for new credit card customers. Min. funds transfer loan amount of $1,000.
For loan amount of $30K and below, offset your full processing fee with $220 cashback*.
For loan amount of $30K and above, offset part of your processing fee with $220 cashback*.
Complement it with SCB Unlimited Credit Card to get 1.5% cashback for all eligible spends. No min. spend and no cash back cap.
*Get $100 cashback on signup via Singsaver, $100 cashback after first credit card activation and additional $20 cashback after second card activation!  Promotion is valid from 7 January - 31 May 2019. Terms and Conditions apply.
Transfer up to 95% of available credit limit of credit card account to any other bank account, credit card or line of credit.
Min. income requirement for Singaporeans/PRs: S$30,000 & min. income requirement for Foreigners: S$60,000

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

Maybank Fund Transfer for CreditAble Customers

Features

Balance Transfer rate of 0% for 6 months.
Transfer up to 95% of available credit limit of Maybank CreditAble account to any other bank account, credit card or line of credit
Processing fee of 1.88% and 2.50% for transfer of min. amount of $10,000 or more and $2,000, respectively, for a tenure of 6 months.
Balance transfer rate of 4.99% p.a. for transfer of min. amount of $2,000 for a tenure of 12 months
Lowest Flat Rate: 0%

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

Maybank Credit Card Fund Transfer

Features

Balance Transfer rate of 0% for 6 months.
Transfer up to 95% of available credit limit of Maybank Credit Card to any other bank account, credit card or line of credit
Processing fee of 1.38% and 1.88% for transfer of min. amount of $10,000 or more and $2,000, respectively, for a tenure of 6 months.
Balance transfer rate of 4.99% for transfer for min. amount of $2,000 for a tenure of 12 months.

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

HSBC Personal Line of Credit Balance Transfer

Features

Balance Transfer rate of 3.20% for 6 months and 4.88% for 12 months
Transfer upto 90% of available credit limit of Personal Line of Credit account to any other bank account, credit card or line of credit
Processing fee of $88 waived for balance transfer amount of $10,000 and above
Lowest Flat Rate: 3.20%

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

Citibank Ready Credit Balance Transfer - New Customers

Features

Welcome offer: Balance Transfer rate of 0% p.a. for 6 months. Eligible for new Citibank customers who apply for a Citibank Ready Credit account with S$500 min. loan amount.
Processing fees for 3 or 6 months tenure is 1.58%.
EIR: 3.60% p.a. for 6 months tenure.
Transfer available credit card balance from Citibank Ready Credit to any other bank account, credit card or line of credit.
Flexible payment: Minimum of 3% of the transfer amount or S$45, whichever is higher throughout the loan tenure
Lowest Flat Rate: 0%

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

Standard Chartered Credit Card Funds Transfer

Features

Balance Transfer rate of 0% for 6 or 12 months for online applications. Eligible for existing to Standard Chartered Credit Card customers with a S$1000 min. loan amount.
Transfer up to 95% of available credit limit of Credit Card account to any other bank account, credit card or line of credit
Processing fee of 1.99% for 6 months exclusively for online applications.
Lowest Flat Rate: 0%

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

UOB CashPlus Funds Transfer

Features

Balance Transfer rate of 0% for up to 12 months for as low as $500 transfer amount
Transfer up to 95% of available credit limit of UOB CashPlus account to any other bank account, credit card or line of credit
Best rate guarantee - match any other bank's rate
Processing fee of 1.8% (3 months tenor), 2.5% (6 months tenor), 4.5% (12 months tenor)
Lowest Flat Rate: 0%

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

OCBC Balance Transfer

Features

Balance Transfer rate of 0% for up to 12 months.
Transfer upto 90% of available credit limit of OCBC Credit Card/EasiCredit to any other bank account, credit card or line of credit
Lowest Flat Rate: 0%

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

UOB Credit Cards Funds Transfer

Features

Balance Transfer rate of 0% for up to 12 months for as low as $500 transfer amount
Transfer up to 95% of available credit limit of UOB Credit Card to any other bank account, credit card or line of credit
Best rate guarantee - match any other bank's rate
Processing fee of 1.8% for 3 months tenure, 2.5% for 6 months tenure, and 4.5% for 12 months tenure.
Lowest Flat Rate: 0%

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

DBS Balance Transfer

Features

Apply for a 12 month tenure Balance Transfer online to get up to $500 cash back. Min. loan approved amount is $15,000. Terms and Conditions apply.
Balance Transfer rate of 0% for 6 or 12 months with 2.5% or 4.5% upfront fee
Pay a minimum of S$50 or 3.0% of the statement balance, whichever is higher
Lowest Flat Rate: 0%
Transfer up to 93% of available credit limit of DBS Credit Card to any other bank account, credit card or line of credit

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
SingSaver compares the best Personal Loans in Singapore that range from 1-year to 7-year tenures. The effective interest rate (EIR) you can enjoy from the loans on our site range from 7.0% p.a. to 18.72% p.a. The EIR of your loan will depend on the annual interest rate (or bank advertised nominal interest rate) and the tenure of your loan. For example: a loan of S$10,000 over 3 years at 3.88% p.a. nominal interest would equate to monthly repayments of S$310.11, and the total cost of the loan that you pay back would be S$11,164. This is not inclusive of any administrative or processing fees that may apply.

Need some help?

No worries, we've got you covered!

What is a balance transfer?

A balance transfer is a type of unsecured, short-term cash facility. It can help you transfer outstanding balance from one or more credit cards to a low or 0% interest account or credit line. It can also provide you with quick cash in times of emergency or need. It’s subject to a one-time processing fee on the approved transfer amount, which can range from as low as $500 to S$30,000. This short-term cash facility has to be repaid over a typical balance transfer repayment period of between 3 to 24 months before a high interest rate kicks in.

How does a balance transfer work?

When you apply for a balance transfer in Singapore, you are borrowing from the available credit limit of your credit card or line of credit. The amount you borrow will be transferred to a bank account of your choice. Why do this? Because the best balance transfer offers in Singapore allow you to pay low or 0% interest on your consolidated balance over a set period of time.

What’s the difference between a balance transfer and a personal loan?

Flexible monthly repayment: With balance transfers, you can choose how much to repay every month, beyond a minimum monthly sum (usually 1% to 3% of your outstanding balance), before the end of the repayment period. A personal loan requires you to repay a fixed monthly fee every month until the length of the repayment period ends. For example, say your balance transfer amount is S$10,000 and your repayment period is over 6 months. If your minimum monthly payment is S$100, then for the first 5 months you only need to pay S$100, but on the 6th month, you can repay the remaining S$9,500 at one go.

One-time processing fee: For balance transfer offers, banks usually charge a one-time processing fee of between 1% to 5% of your approved amount. For a personal loan, this is usually between 1% to 2%.

Length of the repayment period: Balance transfer repayment periods in Singapore are shorter and typically range from 3 to 24 months, while a personal loan can be between 1 to 5 years.

Applied interest rate: Typically banks in Singapore offer a 0% interest rate for a balance transfer at the start. For a personal loan, this can be between 4.5% to 7%.

When should I apply for a balance transfer?

Balance transfers are best if you need cash urgently, or have a big, short-term expense on the horizon and want to avoid the higher interest rates on other types of loan facilities. Typical use cases include repayment on outstanding credit card debt, a big-ticket event like a wedding, investment, emergency repair or medical bills, investment or business opportunities.

But beware: Always ensure you’re able to settle the full amount of the balance transfer by the end of the repayment period. If not, the effective interest rate (EIR) of the credit card or personal line of credit you’ve used to borrow the money from kicks in, and this can be as high as 26% per annum.

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants