Are you struggling to pay off your credit card bills? You might want to consider transferring your balance to another bank with a lower interest rate to keep on top of things. With CIMB credit cards you’ll get to transfer your existing credit balance onto a 6-month zero percent interest plan.

Let’s break down the fine print:

• This balance transfer offer is only applicable to new principal cardholders. Existing CIMB cardholders and those who have owned a CIMB credit card prior to this promotion may consider an alternate payment scheme. CIMB Islamic cardholders are also excluded from this promotion.
• The minimum balance transfer is RM1000 and maximum transfer is capped at 60% of the total available credit.
• Interest charges will commence on the first day of the seventh month from the date your balance was approved. You will be charged an interest rate of 1.5% per month (18% p.a) on your outstanding balance initially.
• If you promptly settle your minimum payments for 10 consecutive months the interest rate will be lowered to 1.42% per month (17% p.a.)
• If you promptly settle your minimum payments for 12 consecutive months the interest rate will go down to 1.25% per month (15% p.a.)
• Minimum payment accounts for 5% your approved balance. A 1% interest rate will be charged to your account should you fail to make your payment by the third day after the due date.
• New cardholders of this promotion will not benefit from CIMB’s bonus point programme.

Although the interest charges for this plan is quite high it’s still a good way to clear your existing credit card balance in the first 6 months. If you feel that you will need a longer period to pay off your debt you might consider signing up on a 12 or 24 month balance transfer plan at substantially lower interest rates. You can find out more about these on CIMB’s Terms & Conditions page.

Alternatively, check out our RinggitPlus page on the best Balance Transfer Cards available and make your decision from there. You can even apply online.  

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Brendon Lee

Brendon Lee

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