Bank Islam has just announced some really good balance transfer rates if you are thinking if giving the programme a go to clear credit card debt. The rates are tiered for 0% at a six month tenure, 1% at a 12 month tenure and 5% at a 24 month tenure.

Be sure to keep to the requisite tenure though as the rates will balloon to the usual 17.5% after that for any remaining balance. The minimum amount transferable is RM1000.

There aren’t any processing or early settlement fees either. This promotion is only valid until 31 December 2013. Click this link for all the terms from Bank Islam.

Why should you consider a balance transfer? Check out our article on the benefits of one as well as the competition in the balance transfer stakes.