Languishing over high interest rates on your credit card debt? Fret not! Public Bank lets you stretch the repayment up to 36 months, at 0% interest rate with its Balance Transfer plan.
How does Public Bank Balance Transfer work?
With Public Bank Balance Transfer, you have the option to service your credit card outstanding balance from 6, 12, 24 and up to 36 months. The maximum amount you can transfer is up to 80% of the total available credit limit.
You can consolidate and transfer your outstanding credit card debts from up to 4 banks to Public Bank credit card and pay 0% interest for all tenures offered, with only a one-time upfront interest charge from as low as 1.5% p.a.
Is there any promotions with Public Bank Balance Transfer plan?
For a limited time until the 31st December 2017, you get to enjoy a 0% one time interest charge, payable upfront, for over 6 months of repayment when you transfer a minimum of RM2,000 to your Public Bank credit card.
What if I am not able to pay my monthly payments in full?
In the event that you are unable to make full monthly repayment, you can also make the minimum payment of 5% of your outstanding balance or RM50, whichever is higher.
That's not all, the remaining balance unpaid will attract a finance charge between 15% p.a. to 18% p.a., which is calculated daily, until it is fully settled.
How about if I make a late repayment?
On top of being charged with a steep finance charge of 18% p.a., you'll also be penalized for doing this. The late payment penalty will be incurred on the total outstanding balance is 1% or RM10, whichever is higher. The maximum charges will be capped at RM100.
Can I settle the outstanding balance before maturity?
Yes, but unfortunately, you will have to pay an early settlement penalty of RM100.
Is this balance transfer plan open to supplementary card holders?
Regrettably, this Balance Transfer plan is not open to supplementary cardholders and Public Islamic Bank cardmembers; only principal cardholders of Public Bank can apply for this Balance Transfer plan.