Paying up to 18% per annum monthly on your credit card debts is not fun for you, your wallet, and your credit rating.
Why not consider signing up for Hong Leong's balance transfer programme which allows you to transfer your outstanding debt from up to three financial institutions?
How does the Hong Leong balance transfer work?
For no cost at all,
you can transfer your outstanding balance from credit cards from
different banks that are racking up 15 to 18% per annum interest charges to a NEW
Hong Leong credit card of your choice at super low interest rates.
When you sign up for this balance transfer plan, you are allowed to transfer your debts starting from RM1,000, with the maximum amount being up to the Hong Leong Bank's discretion, and repay them in small instalments for a 6 or 12-month period or a lifetime (applicable only to new HLB credit cardholder).
Tell me the rates.
There are two (2) balance transfer plans from Hong Leong Bank that you can choose from, depending on your eligibility. They are (1) Balance Transfer One-Time Fee Plan and (2) Balance Transfer Monthly Interest Plan. The rates are as follows:
- Balance Transfer One-time Fee Plan (T&C and PDS)
| Tenure | One-Time Fee | Interest Rate
| Eligibility |
| 6 months | 3% | 0% p.a. | For existing Hong Leong credit cardholders |
| 12 months | 5% | 0% p.a. | For existing Hong Leong credit cardholders |
- Balance Transfer Monthly Interest Plan (T&C and PDS)
| Tenure | Interest Rate | Interest Rate
(Connect Exclusive)
(T&C) | Eligibility |
Lifetime
(No fixed repayment period) | 4.99% p.a. | 4.99% p.a. | i) For new Hong Leong credit cardholders (T&C)
ii) For existing Hong Leong credit cardholders' birthday month (T&C) |
| 6 months | 7.99% p.a. | 6.99% p.a. | For existing Hong Leong credit cardholders |
| 12 months | 8.99% p.a. | 6.99% p.a. | For existing Hong Leong credit cardholders |
What if I fail to pay my instalments?
First, the interest rate on your balance will be reverted back to 18% per annum, in addition to paying a late payment fee of 1% on the total outstanding balance or a minimum of RM10, whichever is higher.
To mitigate the burden of incurring unnecessary costs, it is worthwhile to mention that you have a flexible payment arrangement, which is by making a minimum payment amounting to 5% or RM50, whichever is higher.
