If your credit card debt is growing and interest is eating into your payments, a balance transfer can help you save money. It lets you move debt to a card with lower interest rates, sometimes as low as 0% for a promotional period. The process usually takes 7 to 19 working days from submission to completion, and interest continues to accrue on your old card during this time.

Knowing how each stage works is important because missing a payment while waiting can lead to late fees and hurt your credit score.

What Documents Do You Need To Apply

Two banks are involved. Your existing bank holds your current high-interest debt. Your new bank offers the balance transfer with the lower rate.

You need your latest credit card statement from your existing bank’s card. This proves ownership, provides the card number, and confirms what you owe.

If you already have a card with the new bank, that’s usually all you need. If you don’t, you will need to apply for a card with the new bank to proceed. You’ll need NRIC/passport copy, latest EPF statement or 3 months’ salary slips, and the application form.

Only principal cardholders are eligible to apply. Supplementary cardholders cannot submit balance transfer applications.

How To Apply And What Happens Immediately After

If you don’t have an account with the bank offering balance transfer – Download the application form either with the bank or with ringgitplus. Fill it with both personal details and balance transfer requests, then submit by email or by visiting a branch. These typically take 24 to 48 hours before processing begins, as a bank officer must manually enter your details. Updates are less frequent, and you may not hear anything until a decision is made.

If you already have an account with the new bank – Use their app or online banking system. Select your existing card to receive the balance transfer, enter the details, and authorise. You’ll get an email or SMS confirmation.

How Long Does Balance Transfer Approval Take

Banks typically take 5 to 14 working days to decide. They check your credit records, verify your account status, confirm promotional quota, and ensure you’re not transferring between cards from the same bank.

If your existing card’s payment due date approaches without confirmation, keep paying at least the minimum. Missing a payment costs you late fees and hurts your credit score.

Checking Your Application Status

Some banks allow you to track your balance transfer application through their app or website. Look for an application status or tracking feature.

If no tracking option is available, or if your payment due date is near, calling the credit card customer service hotline is the fastest way to confirm whether your application is still processing or has already been approved.

How Will You Know Your Balance Transfer Is Approved? 

Approval notifications vary by bank.

Some banks send clear SMS or email notifications for both approvals and rejections. Others only notify customers when an application is rejected and proceed silently if it is approved.

In these cases, the first sign of approval may be:

• The credit appearing on your old card
• The instalment plan showing up on your new card statement

A few banks may also call you within a few working days to confirm or finalise details.

If you’re unsure whether silence means approval or delay, it’s best to contact customer service before your old card’s payment due date.

When Will the Balance Transfer Be Credited to Your Old Card

Once approved, payment moves in two steps.

The new bank sends payment (1-2 working days) – They process payment within 24 hours using Interbank GIRO (IBG).

Your existing card receives it (1-3 working days) – IBG processes in batches, creating a delay before you see the credit.

Total time – 2 to 4 working days from approval. Combined with 5-14 day approval, expect 7 to 19 working days total. Weekends don’t count.

Don’t Spend Your Existing Card’s Credit Too Soon

During the 1-3 days when money is in transit, your existing card looks like it has available credit when it doesn’t. New purchases could push you over-limit when the transfer arrives, triggering fees.

What Can Go Wrong During the Application Process

Common rejection reasons and how to avoid them.

Rejection Reason	What Happens	How to Avoid
Over-limit after fees	A 3% upfront fee pushes total above your available limit	Request 80% of available limit, leaving room for fees
Name mismatch	Statement name doesn’t match bank records (missing “A/L” or “Binti”)	Ensure exact name match including titles
Wrong bank selected	Selected bank doesn’t match your actual card number	Double-check the bank dropdown selection
Recent late payments	Missed payment on new bank’s card within 3 months	Pay on time for at least 3 months first

What If They Approve Less Than You Requested

Banks don’t always approve the full amount. If you applied for RM10,000 but got RM7,000, the remaining RM3,000 stays on your old card at high interest.

Can you cancel? It depends on timing. Once approved, banks send the payment quickly. If you want to cancel because the amount is too low, call customer service immediately, within hours of approval if possible.

If they haven’t sent the payment yet, they might be able to stop it. But once the payment shows up on your old card statement, you’re locked in. The only way out at that point is paying off everything you still owe in one lump sum, not just stopping the monthly payments.

Keep paying your existing card until payment arrives – Don’t stop just because you’re approved. The payment takes 2-4 working days to show up. Until you see that credit, keep paying at least the minimum to avoid late fees.

Set up auto-payment on your new card – Missing even one instalment is disastrous. Most banks immediately cancel your 0% rate and switch you to standard 15-18% p.a. on everything you owe. Set up auto-debit so this never happens.

Don’t use either card – Your existing card will have available credit once cleared. Your new card might too. Using this “freed up” space defeats the point of clearing debt.

Shariah-Compliant Balance Transfer-i Options

Most major banks offer Balance Transfer-i plans. Application and documentation are identical to conventional plans.

These plans use a fixed rate based on Shariah-compliant contracts. The rate is locked in and cannot be increased during repayment.

Managing Your Expectations

Balance transfers take time for credit checks, account verification, and payment processing. Digital applications don’t speed up assessment.

While waiting, keep paying your existing card’s minimum and avoid new debt. If it’s taking longer than expected or your payment due date approaches, call your bank’s hotline.

Need to compare balance transfer plans? Check out our balance transfer comparison tool to find the plan with the best rates and tenure for your situation.

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