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The amount you can borrow via a balance transfer depends on how high your credit limit is. Typically, you may opt for a bank transfer of up to 90% of your available credit limit.
Do note that you can only transfer the amount that you have not used on your card. This means that if you have a credit card with S$5,000 limit available, you may apply for a balance transfer up to S$4,500. However, if your credit card only has S$1,000 limit left, the maximum you can loan would be S$900.
If you're planning to apply for a balance transfer, check your available credit limit for an approximation of how much you will be able to borrow. If you do not have a credit card with that bank yet, you will be enrolled for one as part of your balance transfer application.
A balance transfer remains interest-free only for the duration offered at the time of the loan application. Commonly, this ranges from 3 months to 12 months.
If you do not manage to pay back your balance transfer loan during the 0% interest period, any outstanding amount will be treated as credit card debt. This means that you will be charged interest at the prevailing rates on any amount that is outstanding, and your credit card's available limit will remain lowered by however much you still owe. To avoid high interest charges from a balance transfer, make sure you pay back the amount loaned within the interest-free period.
A balance transfer is a good solution when you are confident that you can pay the full amount within the 0% interest period. This means that you can benefit from this product simply by budgeting around your payments. Make sure you set enough money aside each month such that the loan is completely paid off during the interest-free period. After all, the whole point of getting a balance transfer is to avoid the high interest rates of credit cards.
You must also avoid using the credit card or credit line, as this will only add to the amount you are paying off and increase the risk of extending your loan beyond the interest-free period.
Many financial institutions offer balance transfers as a welcome offer for new credit card customers. You can use SingSaver.com.sg to compare balance transfers and find one that's right for you. To be eligible for a balance transfer, you need to be at least 21 years old. You must also be earning at least $20,000 per annum if you are a Singaporean or PR, or $40,000 per annum if you are a foreigner.
Take control of your finances and save money on interest payment by comparing balance transfer personal loans on SingSaver.com.sg! We compare, you save.
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