(Article updated on 13 July 2023.)

Even during regular days, credit card balance transfer programmes are a good strategy to fall back on if you’re swamped with credit card debts that you can’t repay on time. At interest charges of up to 18% p.a., outstanding balances for credit cards can quickly go out of control. This is even more so now that many of us face increased difficulty in our repayments following the economic impact of the Covid-19 pandemic and movement control order (MCO).

Balance transfer plans as an alternative

On 25 March 2020, Bank Negara Malaysia (BNM) announced a few monetary measures to provide some relief for those facing financial constraints due to the current economic climate. As part of this initiative, credit cardholders who are unable to meet the minimum monthly repayment for three consecutive months will have their outstanding credit card balances automatically converted into three-year term loans or financing (initially applicable until 31 December 2020, but has been extended at the bank’s discretion). However, you’ll be charged an effective interest of 13% p.a. during the tenure of your loan.

While the 13% p.a. interest rate for BNM’s auto balance conversion is lower than the usual 15% to 18% p.a. usually charged on your unpaid credit balances, most balance transfer plans can offer you a much better rate. Like, much better – it is not uncommon for balance transfer packages in the market to entice newcomers with 0%-interest periods and promotional interest rates. That said, you do need at least two credit cards to be able to do balance transfers.

Best balance transfer promotions in Malaysia

Affin Bank

(0% Balance Transfer)

Campaign period: 1 July to 31 Dec 2023

Interest Rate	Minimum Transfer	Maximum Transfer	Tenure	Eligibility
– 0% p.a. – 1% upfront interest	RM2,000	– RM20,000 or 80% of available approved credit limit (for 0% p.a.) – RM50,000 or 80% of available approved credit limit (for 1% upfront interest)	12 months	Existing cardmembers only

Bank Rakyat

(Pemindahan Baki Kad Kredit)

Campaign period: N/A

Interest Rate	Minimum Transfer	Maximum Transfer	Tenure	Eligibility
– 3% p.a. for first three months, remaining months to be subjected to the lowest tier pricing of 13.5% p.a.	N/A	100% of financing limits	N/A	All cardholders

HSBC Bank

(HSBC Balance Transfer Instalment at 0% Interest Rate)

Campaign period: N/A

Interest Rate	Minimum Transfer	Maximum Transfer	Tenure	Eligibility
0% p.a.	RM1,000	Up to 80% of total available credit limit	3 months	New-to-bank cardmembers only

Hong Leong Bank

(Hong Leong Balance Transfer Promo)

Campaign period: 1 to 15 July 2023

Interest Rate	Minimum Transfer	Maximum Transfer	Tenure	Eligibility
0% interest with one-time fee – 2.77% (6 months) – 3.77% (12 months) Balance transfer with monthly interest – 5.28% p.a. (12 months)	RM1,000	90% of available approved credit limit	– 6 months – 12 months	All principal cardmembers

Maybank

(Balance Transfer 0% Interest, With 1% One-Time Upfront Fee)

Campaign period: 15 Mar to 15 Nov 2023

Interest Rate	Minimum Transfer	Maximum Transfer	Tenure	Eligibility
0% (but with 1% one-time upfront fee on approved amount)	RM1,000	RM50,000	12 months	Cardmembers who receive campaign invitation only

Public Bank

(0% PB Balance Transfer for New-To-Bank Cardmembers)

Campaign period: 26 June to 31 Aug 2023

Interest Rate	Minimum Transfer	Maximum Transfer	Tenure	Eligibility
0% p.a.	RM3,000	80% of available approved credit limit	6 months	All principal cardmembers

Public Bank

(PB Balance Transfer)

Campaign period: 1 July to 31 Dec 2023

Interest Rate	Minimum Transfer	Maximum Transfer	Tenure	Eligibility
6 months – 1% upfront interest 12 months – 2.5% upfront interest 24 months – 4.5% upfront interest 36 months – 6.5% upfront interest 48 months – 9.5% upfront interest	RM1,000	80% of available approved credit limit	– 6 months – 12 months – 24 months – 36 months – 48 months	For principal credit card/credit card-i members

RHB Bank

(0% Interest Balance Transfer Plus)

Campaign period: 1 Jan to 31 Dec 2023

Interest Rate	Minimum Transfer	Maximum Transfer	Tenure	Eligibility
0% p.a.	RM1,000	RM30,000, subject to available credit limit	12 months	New-to-bank credit cardholders only

Non-promotional balance transfer programmes by banks in Malaysia

Aside from the promotions provided by the banks above, here is also a list of some of the better balance transfer plans that are currently available in the market:

Bank	Interest Rate	Minimum Transfer	Maximum Transfer	Tenure
Affin Bank (Balance Transfer Installment Plan)	One-time upfront interest – 2% (6 months) – 4% (12 months) – 5% (18 months) – 6% (24 months) – 7% (36 months)	– RM1,000 (6 and 12 months) – RM2,000 (18 and 24 months) – RM3,000 (36 months)	Up to 90% of approved credit limit	– 6 months – 12 months – 18 months – 24 months – 36 months
Alliance Bank (Balance Transfer 9.88 Programme)	– 0% p.a. (6 months) – 9.88% p.a. (12, 18, and 24 months)	RM1,000	N/A	– 6 months – 12 month – 18 months – 24 months
CIMB (Balance Transfer Programme)	Plan A – 5.99% p.a. Plan B – 7.99% p.a.	RM1,000	Up to 80% of credit limit	Plan A – 6 months Plan B – 12 months
Hong Leong Bank (One-Time Upfront Fee Balance Transfer – For both new and existing HLB credit cardholders)	6 months – 3% (one-time fee for 6 months) 12 months – 5% (one-time fee for 12 months)	RM1,000	90% of available approved credit limit	– 6 months – 12 months
Hong Leong Bank (Balance Transfer Programme – Monthly Interest – for existing HLB credit cardholders only)	6 months – 7.99% p.a. (offline rate) – 6.99% p.a. (online rate) 12 months – 8.99% p.a. (offline rate) – 6.99% p.a. (online rate)	RM1,000	Subject to available credit limit and the bank’s discretion	– 6 months – 12 months
Hong Leong Bank (Connect Exclusive Plan) For existing HLB credit cardholders who submit applications through HLB Connect	6.99% p.a.	RM1,000	Subject to available credit limit and the bank’s discretion	– 6 months – 12 months
Hong Leong Bank (Lifetime Balance Transfer Programme/Balance Transfer Birthday Offer) For new HLB cardholders During the birthday month of existing HLB cardholders	4.99% p.a. (online and offline rate)	RM1,000	Subject to available credit limit and the bank’s discretion	No fixed repayment period
HSBC (Balance Transfer Instalment)	7.88% p.a.	RM1,000	Subject to available approved credit limit	– 6 months – 12 months – 24 months – 36 months
Maybank (Balance Transfer/Balance Transfer-i Plan)	6 months – 1.88% (upfront fee) + 0% p.a. (via Maybank2u only) 9 months – 9% p.a. 12 months – 3% (upfront fee) + 0% p.a. (if maximum transfer is RM50,000) – 12% p.a. (if maximum transfer is 90% of available credit limit) 24 months – 4.5% p.a. 36 months – 4.95% p.a.	6 months – RM1,000 9 months – RM1,000 12 months – RM1,000 24 months – RM1,000 36 months – RM2,000	6 months – RM50,000 9 months – 90% of available credit limit 12 months – RM50,000- 90% of available credit limit 24 months – 90% of available credit limit 36 months – 90% of available credit limit	– 6 months – 9 months – 12 months – 24 months – 36 months
OCBC   (Balance Transfer)	– 2.88% (upfront interest for 6 months)   – 4.88% (upfront interest for 12 months)	RM1,000	80% of available approved credit limit	– 6 months   – 12 months
Standard Chartered (Balance Transfer Plus)	5.99% p.a.	RM1,000	Subject to available credit limit and the bank’s discretion	– 12 months – 18 months – 24 months – 36 months
UOB (Balance Transfer Reducing Balance Programme)	Plan 25 – 3% (upfront interest) Plan 26 – 4% (upfront interest) Plan 27 – 5% (upfront interest)	RM1,000	– 80% of available approved credit limit	Plan 25 – 6 months Plan 26 – 12 months Plan 27 – 18 months
UOB (Balance Transfer Fixed-Pay Programme)	6 months – 2.68% p.a. (upfront interest) 12 months – 3.68% p.a. (upfront interest) 18 months – 4.68% p.a. (upfront interest)	RM1,000	– 80% of available approved credit limit	– 6 months – 12 months – 18 months

***

As you tap into the benefits of balance transfer programmes to help you repay your credit card debts, make sure to always exercise some financial responsibility. It is crucial that you remain prompt with your monthly repayments, or you will still be hit with the standard credit card interest charge. Remember that balance transfers are not free money, but helps you repay outstanding credit card debt.

• TAGS:
• Affin Bank
• Alliance Bank
• AmBank
• CIMB
• CIMB Bank
• Citibank
• Hong Leong Bank
• HSBC
• Longform
• Maybank
• OCBC
• Public Bank
• RHB Bank
• Standard Chartered
• UOB