Paying up to 18% p.a. monthly on your credit card debts is not fun for you, your wallet, and your credit rating - Hong Leong's balance transfer programme allows you to transfer your outstanding debt from up to 3 financial institutions and credit card companies!
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's racking up 12 - 18% p.a. interest charges to a NEW Hong Leong credit card of your choice at 6.99% p.a. for a total of 6 months or 12 months.
For this plan, you are allowed to transfer your debts starting at RM1,000, with the maximum amount being up to the bank's discretion.
What if I fail to pay my instalments?
A harsh penalty will be imposed on you. If fact, there will be two harsh penalties. First, your interest rate on your balance will be reverted back to 18% p.a. and you will also have to pay 1% of the total outstanding balance or minimum of RM10, whichever is higher, on your balance transfer account as a late penalty fee.
It is worthwhile to mention that you will have a flexible payment arrangement, meaning there are no fixed monthly instalments, but you are required to pay at least the minimum amount due or RM50, whichever is higher.
Is there an option for early settlement?
Yes, you certainly can pay off your balances earlier, but you will be paying an early settlement fee of RM70.