Plan your personal budget easily with fixed repayments every month and save on your monthly expenses. With UOB Fixed-Pay Balance Transfer you will always know how much you have to repay every month, subject to terms and conditions.
What is a Fixed-Pay Balance Transfer from UOB?
As the name suggests, you make fixed repayments every month with UOB Fixed-Pay Balance Transfer. All you need to do is choose a tenure of either 6, 12 or 18 months.
If you are able to settle the repayments within 6 months, you get a lower one-time upfront interest rate of 2.68% p.a. compared to 3.68% p.a. upfront interest for a 12-month balance transfer.
For example, if you want to transfer RM5,000 for 12 months of tenure, you will pay a monthly flat rate of RM441 at 6%, and only a slightly higher amount of RM449 for the first month to even out your repayments for those subsequent months.
|Balance Amount Transferred||Fixed upfront Interest @ 3.68%||Total Amount||12 months instalment||1st Month instalment|
(RM5,300 / 12 months)
How much can I transfer to my new UOB credit card?
The minimum transfer amount is RM1,000 while the maximum goes up to 80% of your credit limit. The credit limit may differ for each credit card.
Is there an option for minimum monthly repayments?
If you think you can't make the full repayments, UOB allows a ‘second chance’ repayment – the minimum monthly repayment. It is 5% of the outstanding balance or RM50, whichever is higher.
Will I need to pay charges for late payments?
Unfortunately, the answer is yes. You will need to pay the highest possible interest rate at 18% p.a. until your fully settle all your repayments if you don’t make your monthly payments on time.
Can I terminate my balance transfer programme early?
This is possible if you can fully settle your outstanding balance before the maturity date. The early settlement fee will be RM100.