Languishing over high-interest rates on your credit card debt? Fret not! Public Bank lets you stretch the repayment up to 48 months, from as low as a 1% upfront 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, 36 and up to 48 months. The maximum amount you can transfer is up to 80% of the total available credit limit.
Are there any promotions with Public Bank Balance Transfer plan?
For a limited time until 31 December 2022, you get more savings and flexibility with a one-time upfront interest/management fee as low as 1% for 6 months tenure when you transfer a minimum of RM 1,000 to your Public Bank credit card/credit card-i.
|Public Bank Balance Transfer Promotion||6-month||12-month||24-month||36-month||48-month|
|Minimum Transfer Amount||RM1,000||RM1,000||RM1,000||RM1,000||RM1,000|
|One-Time Upfront Interest / Management Fee||1%||2.5%||4.5%||6.5%||9.5%|
This balance transfer plan costs you no processing fee.
What if I am not able to pay my monthly payments in full?
Your contracted monthly instalment amount for the balance transfer will be calculated in full as part of your minimum monthly payment.
For example, if your balance transfer amount is RM150 and your monthly credit card statement is RM300, you need to pay the RM150 balance transfer amount in full in case you want to make a minimum monthly payment of your credit card.
Otherwise, the tiered interest/management fee between 15% p.a. to 18% p.a. will be levied on the outstanding balance transfer amount that is not paid in full.
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 RM 10, whichever is higher. The maximum charges will be capped at RM 100.
Can I settle the outstanding balance before maturity?
Yes, but unfortunately, you will have to pay an early settlement penalty of RM100 (for PB Credit Cards only).
Is this balance transfer plan open to supplementary cardholders?
Regrettably, this Balance Transfer plan is not open to supplementary cardholders. Only principal cardholders of Public Bank and Public Islamic Bank can apply for this Balance Transfer plan.