Credit Card Balance Transfer?

How much everyone knows about balance transfer? It's not a gimmick really. Basically it's just that banks are willing to charge lower interest rate in order to transfer all your debts from other cards to their own card. Normally bank charge a certain so call service or management fees or processing fees to do it. It can be charged in percentage such as 1.5% or 2% or in certain fixed amount of RM20 to RM50 AGAIN OR which ever higher

So far a few good offers that i seen before as of today 1Feb 2008 is by CIMB/SBB which charges 1.5% service fees for 10 months of 0% balance transfer. Meaning that after the 10th month, the interest will be based on normal rate which is 1.5% per MONTH. Anyway the minimum transfer for this package is RM5K.

Another alternative is you can consider Ambank balance transfer, this package is not in their website... but the rate is quite good... 4.99%pa interest charged but without any service fees AND with minimum transfer of RM1K only! Therefore if you are a small spender like me... you should consider this instead...

If you have big spending amount and intend to go for long term... go for Maybank's balance transfer. It's about effective rate of slightly less than 5%pa with a service fees. I would say it's worth it if you intend to transfer big amount of money.

Remember! Credit card is used for convenient, not credit! But unless you can hedge your position to invest your money somewhere else... or you are really broke.

Do share with me if you find any other more interesting balance transfer. Thanks.