Best Balance Transfer Singapore 2023
It’s 2023, Let’s look for the best balance transfer in Singapore!
We have come up with a list of balance transfer rates in Singapore for your easy reference and comparison so that you can choose the best promotion that suits your needs.
This list consists of various banks offering theirĀ fund transfer promotions, having different interest rates (as low as 0%), and transfer fees for their line of credit and credit cards.
Best Bank Transfer By Loan Tenor
- 3-month: Standard Chartered / CIMB
- 6-month: HSBC / CIMB
- 9-month: Standard Chartered
- 12-month: UOB
Do remember to return the loan amount back before the tenure ends. After which, the prevailing interest rate will apply which is very high!
=> Balance Transfer Admin Fee Calculator.
Tip: If you are unable to repay back the money within the promotion rates period, find another good promotion from another bank to pay back the first bank so that you are not paying the more expensive interest rates.
Check out these attractive FD rates too!
DBS Balance Transfer (Cashline / Credit Card)
Loan tenor (Months) | Interest Rate (p.a.) | Admin Fee | Credit Card EIR (p.a.) | Cashline EIR (p.a.) |
3 | 0% | 1.50% | 6.15% | 6.12% |
6 | 0% | 2.50% | 5.34% | 5.27% |
12 | 0% | 4.50% | 5.20% | 5.06% |
(Source)
Minimal monthly repayment (whichever is higher):
- DBS Cashline: S$50 or 2.50% of the outstanding balance
- DBS Card card: S$50 or 3.00% of the outstanding balance
Citibank Balance TransferĀ (Ready Credit / Credit Card)
For new customers:
Loan tenor (Months) | Interest Rate (p.a.) | Admin Fee | Credit Card EIR (p.a.) | Ready Credit EIR (p.a.) |
6 | 0% | 1.58% | 3.65% | 3.65% |
(Source)
UOB Balance Transfer (CashPlus / Credit Card)
Loan tenor (Months) | Interest Rate (p.a.) | Admin Fee | Credit Card EIR (p.a.) | CashPlus EIR (p.a.) |
3 | 0% | 1.49% | 6.11% | 6.05% |
6 | 0% | 2.50% | 5.34% | 5.20% |
12 | 0% | 4.28% | 4.95% | 4.69% |
(Source)
Minimal monthly repayment (whichever is higher):
- UOB CashPlus: 2.00% of the statement balance
- UOB Card cards: 3.00% of the statement balance
HSBC Personal Line of Credit Balance Transfer
Loan tenor (Months) | Min Amount | Interest Rate (p.a.) | Admin Fee | Line Of Credit EIR (p.a.) |
6 | < S$10,000 | 0% | 2.50% | 5.47% |
12 | < S$10,000 | 4.88% | 0% | 4.88% |
6 | ā„ S$10,000 | 0% | 1.50% | 3.26% |
12 | ā„ S$10,000 | 4.88% | 0% | 4.88% |
(Source)
Minimal monthly repayment (whichever is higher):
- HSBC Personal Line of Credit: 3% of the outstanding amount
Based on a Balance transfer amount of S$6,700:
HSBC Credit Card Balance Transfer
Loan tenor (Months) | Min Amount | Interest Rate (p.a.) | Admin Fee | Credit Card EIR (p.a.) |
6 | < S$10,000 | 2.50% | S$88 | 4.39% |
12 | < S$10,000 | 4.88% | S$88 | 6.77% |
6 | ā„ S$10,000 | 2.50% | Waived | 4.39% |
12 | ā„ S$10,000 | 4.88% | Waived | 6.77% |
(Source)
Minimal monthly repayment (whichever is higher):
- HSBC Credit Card: 3% of the outstanding amount
Based on a Balance transfer amount of S$10,000:
Standard Chartered Funds Transfer (Credit Card)
Loan tenor (Months) | Interest Rate (p.a.) | Admin Fee | Credit Card EIR (p.a.) |
3 | 0% | 0.70% | 2.83% |
6 | 0% | 1.50% | 3.10% |
9 | 0% | 2.50% | 3.51% |
12 | 0% | 4.50% | 4.86% |
(Source)
Minimal monthly repayment (whichever is higher):
- Standard Chartered Credit Card: S$50 or 1% of your principal plus interest, fees, and charges
OCBC Balance Transfer (EasiCredit / Credit Card)
Loan tenor (Months) | Interest Rate (p.a.) | Admin Fee | Credit Card / EasiCredit EIR (p.a.) |
3 | 0% | 1.80% | 7.38% |
6 | 0% | 2.50% | 5.34% |
12 | 0% | 4.50% | 5.20% |
(Source)
Minimal monthly repayment (whichever is higher):
- OCBC EasiCredit / Credit Card: S$50 or 3% of your total outstanding balance
Bank Of China (BOC) Fund Transfer (MoneyPlus / Credit Card)
Loan tenor (Months) | Interest Rate (p.a.) | Admin Fee | Credit Card / MoneyPlus EIR (p.a.) |
3 | 0% | 1.80% | 7.49% |
6 | 0% | 3.00% | 6.38% |
(Source)
CIMB Balance Transfer (Credit Card)
Loan tenor (Months) | Interest Rate (p.a.) | Promo Fees (New Customers) | Promo Fees (Existing Customers) | Existing Fee |
3 | 0% | 1.00% (EIR 4.14%) | 1.00% (EIR 4.14%) | 1.50% (EIR 6.21%) |
6 | 0% | 1.48% (EIR 3.21%) | 2.00% (EIR 4.35%) | 2.00% (EIR 4.35%) |
12 | 0% | 4.18% (EIR 5.02%) | 4.40% (EIR 5.30%) | 4.50% (EIR 5.42%) |
(Source)
Minimal monthly repayment (whichever is higher):
- CIMB Credit Card: S$50 or 3% of your total outstanding balance
Comparison Table
| Banks | 3-month (EIR p.a.) | 6-month (EIR p.a.) | 9-month (EIR p.a.) | 12-month (EIR p.a.) |
|---|---|---|---|---|
| DBS Credit Card | 6.15% | 5.34% | 5.20% | |
| DBS Cashline | 6.12% | 5.27% | 5.06% | |
| Citibank Credit Card | 3.65% | |||
| Citibank Ready Credit | 3.65% | |||
| UOB Credit Card | 5.34% | 4.95% | ||
| UOB CashPlus | 5.20% | 4.69% | ||
| Maybank Credit Card | 5.26% | 4.87% | ||
| Maybank CreditAble | 5.26% | 4.87% | ||
| HSBC Credit Card | 4.39% | 6.77% | ||
| HSBC Credit Card (ā„ S$10,000) | 2.50% | 4.88% | ||
| HSBC Line Of Credit | 5.47% | 4.88% | ||
| HSBC Line Of Credit (ā„ S$10,000) | 3.26% | 4.88% | ||
| Standard Chartered Credit Card | 2.83% | 3.10% | 3.51% | 4.86% |
| OCBC Credit Card | 7.38% | 5.34% | 5.20% | |
| OCBC EasiCredit | 7.38% | 5.34% | 5.20% | |
| Bank of China Credit Card | 7.49% | 6.38% | ||
| Bank of China MoneyPlus | 7.49% | 6.38% | ||
| CIMB Credit Card (New customers Promo) | 2.06% | 2.16% | ||
| CIMB Credit Card (Existing customers Promo) | 2.89% | 3.04% | ||
| Banks | 3-month (EIR p.a.) | 6-month (EIR p.a.) | 9-month (EIR p.a.) | 12-month (EIR p.a.) |
What is the Administration Fee/Processing Fee?
It’s a one-time fee charged to transfer a balance from one lender to another.
What is the Effective Interest Rate (EIR)?
The Effective Interest Rate reflects the true cost of borrowing and is often calculated based on the declining principal balance over the tenure of the loan.
It takes into account the admin/processing fee and monthly minimum payments of the principal, plus interest, fees and charges, and full payment in the final month of the promotional period.
Is a balance transfer for you?
By consolidating all your other banks’ credit balances into one main bank’s credit card/credit line, you get better financial control and not miss out on payments on so many credit bills.
You get to save on interest rates when you didn’t pay off your credit bills in full, as most banks offer 0% balance transfer interest rate for up to 12 months. They usually charge a one-time processing fee instead. So you need to take note of the effective interest rate. The shorter the loan period, the higher the EIR.
Lastly, you can have flexible repayment as long as you meet the minimum monthly repayment requirements. Just make sure to clear the outstanding fund transfer amount by the due date. If not, the prevailing interest rate will come into effect.
We hope you are able to find the lowest balance transfer rate for your needs.