Balance transfer is not an alien concept to most of us. It’s a popular and useful feature we use to pay off our credit cards. If done with proper planning, balance transfer can actually help you save a lot of money.
Here are some reasons why you should consider doing balance transfers for your credit cards:
#1 Compile all your spending into one statement
This makes it so much easier when you’re settling your finances. After doing a balance transfer, you pay off your debts to one bank and that’s it. No need to fuss and keep track of different bills.
Image from L’Atelier
#2 Save on interest rate
Instead of paying a minimum for each of your credit card bills when you’re short of cash, it’ll save you much more in the long run if you transfer the balance to one card. Check out the interest rates charged by each bank before you do so.
You’re in luck!
Maybank is currently offering 0% interest rate for 12 months if you transfer your credit card balances to your Maybank credit card. So by transferring all your card balances to your Maybank credit card, you just need to settle what you charged before.
#3 Balance transfer fees aren’t too high
It’s not an exorbitant percentage, some don’t even charge a fee for it! The usual range is around 3-4% per transfer, so it’s not too much of a burden to bear.
Image from Mirror
It gets better, again!
Maybank will not be charging the upfront 3% fee for balance transfers to any of their cards right now. So you should seize the chance and settle all your bills with a Maybank Credit Card before 31 March 2016.
If you don’t have a Maybank card yet, you can apply it here.
Cover image from Elsewhere Man