(Article updated on 24 April 2024.)
Even during regular days, credit card balance transfer programmes are a good strategy to fall back on if you’re swamped with credit card debts that you can’t repay on time. Those who are familiar with credit cards will know that the finance charges charged on outstanding balances can quickly go out of control, given that the rate typically stands between 15% to 18%.
Knowing this, it is safe to say that most balance transfer plans can offer you a much better rate. Like, much better, as it is not uncommon for balance transfer packages in the market to entice newcomers with 0%-interest periods and promotional interest rates. That said, you do need at least two credit cards to be able to do balance transfers.
Here, we’ll share a list of some available balance transfer promotions that you can tap into, along with the non-promotional balance transfer plans that you can also check out!
Best balance transfer promotions in Malaysia
Aeon Credit
Campaign period: N/A
Affin Bank
Campaign period: 1 Jan – 31 Dec 2024
Alliance Bank
Campaign period: 1 Jan – 31 Dec 2024
Hong Leong Bank
Campaign period: 1 Jan – 30 Apr 2024
Interest Rate Eligibility Minimum Transfer Maximum Transfer Tenure 6-month tenure
– 2.98% p.a. (one-time fee)
12-month tenure
– 3.98% p.a. (one-time fee)
– 5.28% p.a. (monthly interest)
Lifetime tenure
– 5.50% p.a. (monthly interest, for transfers from RM1,000 to RM49,999)
– 4.99% p.a. (monthly interest, for transfers of RM50,000 and above)RM1,000 or RM50,000, depending on your selected plan 90% of available credit limit – 6 months
– 12 months
– LifetimeAll cardholders
HSBC Bank
Campaign period: N/A
Interest Rate Eligibility Minimum Transfer Maximum Transfer Tenure 0% p.a. RM1,000 Up to 80% of total available credit limit 3 months New-to-bank cardmembers only
Maybank
(Maybank Balance Transfer promo)
Campaign period: 22 Apr to 31 July 2024
Public Bank
Campaign period: 1 Jan to 30 June 2024
RHB Bank
Campaign period: 1 Jan to 31 Dec 2024
Interest Rate Minimum Transfer Maximum Transfer Tenure Eligibility 0% p.a. RM1,000 RM30,000, subject to available credit limit 12 months New credit cardholders only
RHB Bank
Campaign period: 1 Feb to 30 June 2024
UOB Bank
Campaign period: Until 30 April 2024
Non-promotional balance transfer programmes by banks in Malaysia
Aside from the promotions provided by the banks above, here is also a list of some of the better balance transfer plans that are currently available in the market:
– 12 month – 5.99% p.a. – 7.99% p.a. – 6 months – 12 months (One-Time Upfront Fee Balance Transfer – For both new and existing HLB credit cardholders) – 3% (one-time fee for 6 months) – 5% (one-time fee for 12 months) – 12 months (Balance Transfer Programme – Monthly Interest – for existing HLB credit cardholders only) – 7.99% p.a. (offline rate) – 6.99% p.a. (online rate) – 8.99% p.a. (offline rate) – 6.99% p.a. (online rate) – 12 months For existing HLB credit cardholders who submit applications through HLB Connect – 12 months (Lifetime Balance Transfer Programme/Balance Transfer Birthday Offer) – 6 months (Balance Transfer/Balance Transfer-i Plan) – 0% p.a., with a 1.88% upfront fee – 9% p.a. – 0% p.a., with a 3% upfront fee (if maximum transfer is RM50,000) – 4.5% p.a. – 4.95% p.a. – RM1,000 – RM1,000 – RM1,000 – RM1,000 – RM2,000 – RM50,000 – 90% of available credit limit – RM50,000- 90% of available credit limit – 90% of available credit limit – 90% of available credit limit – 36 months – 4.88% (upfront interest for 12 months) – 12 months – 18 months – 24 months – 36 months – 3% (upfront interest) – 4% (upfront interest) – 5% (upfront interest) – 6 months – 12 months – 18 months – 6 months Bank Interest Rate Minimum Transfer Maximum Transfer Tenure Affin Bank
(Balance Transfer Installment Plan)One-time upfront interest
– 2% (6 months)
– 4% (12 months)
– 5% (18 months)
– 6% (24 months)
– 7% (36 months) – RM1,000 (6 and 12 months)
– RM2,000 (18 and 24 months)
– RM3,000 (36 months)Up to 90% of approved credit limit – 6 months
– 12 months
– 18 months
– 24 months
– 36 monthsAlliance Bank – 0% p.a. (6 months)
– 9.88% p.a. (12, 18, and 24 months) RM1,000 N/A – 6 months
– 24 months CIMB Plan A
Plan B RM1,000 Up to 80% of credit limit Plan A
Plan B Hong Leong Bank 6 months
12 months RM1,000 90% of available approved credit limit – 6 months Hong Leong Bank 6 months
12 months RM1,000 Subject to available credit limit and the bank’s discretion – 6 months Hong Leong Bank
(Connect Exclusive Plan) 6.99% p.a. RM1,000 Subject to available credit limit and the bank’s discretion – 6 months Hong Leong Bank 4.99% p.a. (online and offline rate) RM1,000 Subject to available credit limit and the bank’s discretion No fixed repayment period HSBC 7.88% p.a. RM1,000 Subject to available approved credit limit
– 24 months
– 36 months Maybank 6 months
9 months
12 months
24 months
36 months 6 months
9 months
12 months
24 months
36 months 6 months
9 months
12 months
24 months
36 months – 6 months
– 9 months
– 12 months
– 24 monthsOCBC – 2.88% (upfront interest for 6 months) RM1,000 80% of available approved credit limit – 6 months Standard Chartered 5.99% p.a. RM1,000 Subject to available credit limit and the bank’s discretion – 12 months UOB Plan 25
Plan 26
Plan 27 RM1,000 – 80% of available approved credit limit Plan 25
Plan 26
Plan 27 UOB
(Balance Transfer Instalment Programme)Up to 9.20% p.a. RM1,000 – 80% of available approved credit limit
– 24 months
– 36 months
– 48 months
– 60 months
***
As you tap into the benefits of balance transfer programmes to help you repay your credit card debts, make sure to always exercise some financial responsibility. It is crucial that you remain prompt with your monthly repayments, or you will still be hit with the standard credit card interest charge. Remember that balance transfers are not free money, but helps you repay outstanding credit card debt.
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