If you’re looking for a way to consolidate your credit card debt, CIMB Balance Transfer might be the solution for you. With 0% interest rate and low processing fees, CIMB Balance Transfer is a popular option for Singaporeans looking to simplify their debt repayment process.
To understand how CIMB Balance Transfer works, you first need to know that it is a type of personal loan that allows you to transfer your outstanding balances from other credit cards to a CIMB credit card. This way, you only have to make one monthly payment to CIMB instead of multiple payments to different credit card issuers.
To be eligible for CIMB Balance Transfer, you need to be a Singaporean or Singapore Permanent Resident (PR) who is at least 21 years old and has a minimum annual income of S$120,000. Once you’re eligible, you can apply for CIMB Balance Transfer online or at any CIMB branch.
Key Takeaways
- CIMB Balance Transfer is a personal loan that allows you to consolidate your credit card debt into one monthly payment.
- To be eligible for CIMB Balance Transfer, you need to be a Singaporean or Singapore PR who is at least 21 years old and has a minimum annual income of S$120,000.
- CIMB Balance Transfer offers 0% interest rate and low processing fees, making it a popular option for Singaporeans looking to simplify their debt repayment process.
Understanding CIMB Balance Transfers
If you are looking for a way to save money on high-interest credit card balances, then a balance transfer might be the right choice for you. CIMB Balance Transfer is a great option for Singaporeans and Singapore Permanent Residents who are looking to consolidate their debts and save money on interest charges.
What Is a Balance Transfer?
A balance transfer is a financial tool that allows you to transfer high-interest credit card balances to a new credit card with a lower interest rate. This can help you save money on interest charges and pay off your debt faster. With CIMB Balance Transfer, you can enjoy 0% interest for a limited time, which can help you save even more money.
Benefits of CIMB Balance Transfer
There are several benefits of choosing CIMB Balance Transfer. Here are some of the key benefits:
- 0% interest rate: With CIMB Balance Transfer, you can enjoy 0% interest for a limited time. This can help you save money on interest charges and pay off your debt faster.
- Low processing fees: CIMB Balance Transfer has some of the lowest processing fees in Singapore. This means that you can save even more money when you transfer your balances.
- Flexible repayment: CIMB Balance Transfer offers flexible repayment options, so you can choose a repayment plan that works for you.
- Easy application process: Applying for CIMB Balance Transfer is easy and can be done online or in person at a CIMB branch.
Overall, CIMB Balance Transfer is a great option for Singaporeans and Singapore Permanent Residents who are looking to consolidate their debts and save money on interest charges. With 0% interest and low processing fees, you can enjoy significant savings and pay off your debt faster.
Eligibility and Application
Who Can Apply?
If you are a Singaporean or Singapore Permanent Resident (PR) with a minimum annual income of S$30,000, you are eligible to apply for CIMB Balance Transfer. Additionally, you must be at least 21 years old and have a CIMB credit card account.
To apply for CIMB Balance Transfer, you will need to provide your full name, NRIC or passport number, and income documents. If you are self-employed, commissioned, or a variable earner, you will need to provide your last two years’ income tax notice and latest three months’ bank statements.
Application Process
You can apply for CIMB Balance Transfer online through CIMB Clicks or via SMS. If you are a MyInfo user, you can also apply by logging in to MyInfo on the CIMB website.
To apply via CIMB Clicks, simply log in to your account and select the “Balance Transfer” option. Follow the instructions provided to complete your application.
To apply via SMS, send “BT” to 79898. You will receive a reply with instructions on how to complete your application.
Once your application is approved, the funds will be transferred to your designated account within three working days.
With CIMB Balance Transfer, you can convert your card’s available credit limit without incurring interest for as long as 12 months, ensuring you can get the best support for your financial needs. So, if you are looking for a quick and affordable way to obtain the funds you need, CIMB Balance Transfer is the way to go!
CIMB Balance Transfer Features
If you’re looking for a way to consolidate your debts, the CIMB Balance Transfer is an excellent option. Here are some of the features you can expect:
Credit Limits and Loan Tenure
With a CIMB Balance Transfer, you can transfer up to 80% of your available credit limit to another bank’s credit card or loan account. The minimum transfer amount is $1,000, and the maximum transfer amount is subject to your available credit limit. The loan tenure ranges from 3 to 12 months.
Interest Rates and Fees
One of the most significant benefits of CIMB Balance Transfer is the 0% interest rate. You only need to pay an upfront processing fee, which is one of the lowest in Singapore. The processing fee is 1.58% of the principal amount, and there is a service charge of $100. The minimum annual income requirement for Singaporeans and Permanent Residents is $30,000.
The interest rate for the CIMB Balance Transfer ranges from 4.5% to 8.5% per annum, depending on the loan tenure. You can refer to the table below for more information:
| Loan Tenure | Interest Rate |
|---|---|
| 3 months | 4.5% |
| 6 months | 6.5% |
| 9 months | 7.5% |
| 12 months | 8.5% |
The monthly repayment for your CIMB Balance Transfer is calculated based on your loan tenure, principal amount, and interest rate. You can use the CIMB Balance Transfer Calculator to estimate your monthly repayment.
Overall, the CIMB Balance Transfer is an excellent option if you want to consolidate your debts and save on interest charges. With low processing fees, flexible repayment options, and competitive interest rates, it’s an excellent choice for anyone looking to get their finances back on track.
Repayment and Charges
When it comes to CIMB Balance Transfer in Singapore, understanding the repayment terms is crucial. You can enjoy flexible repayment options, but you need to ensure that you meet the minimum monthly repayment requirement. The minimum monthly repayment is 3% of the outstanding balance or $50, whichever is higher.
Understanding Repayment Terms
You can choose to repay the balance transfer amount over a period of 3, 6, 9, or 12 months. The repayment tenure starts from the date of approval of your balance transfer application. You can make your monthly repayment using various methods such as:
- CIMB Clicks
- Interbank GIRO
- Cheque
- Cash
It is important to note that if you miss a repayment, you will be charged a late payment fee of $100. Additionally, if you decide to repay the balance transfer amount before the end of the repayment tenure, you will be charged an early repayment fee.
Additional Charges to Consider
Apart from the monthly repayment, there are additional charges that you need to consider. These include:
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Service Charge: You will be charged a one-time service charge of 1.5% of the approved balance transfer amount. This charge will be deducted from your approved balance transfer amount.
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Commission: You will be charged a commission of 0.125% of the approved balance transfer amount. The minimum commission is $10, and the maximum commission is $100.
It is important to read and understand the terms and conditions of the CIMB Balance Transfer before applying. This will help you avoid any surprises and ensure that you are aware of all the charges and fees associated with the balance transfer.
Contact and Support
If you have any questions or concerns about your CIMB Balance Transfer, there are several ways to get assistance. Here are some of the options available to you:
Getting Assistance
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Contact Number: You can call the CIMB At-Your-Service anytime at +65 6333 6666 for assistance. The customer service team is available to help you with any questions or concerns you may have about your account.
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Email: For banking enquiries, you can email the CIMB customer service team at [insert email address]. They will get back to you as soon as possible.
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Visit a Branch: You can also visit one of the CIMB branches nationwide to speak with a representative in person.
Managing Your Account Online
If you need to manage your account online, CIMB Clicks Internet Banking is available to help you. With CIMB Clicks, you can:
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Check your account balance and transaction history
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Transfer funds between accounts
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Pay bills and make payments
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Apply for a supplementary card
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Request a demand draft or cheque book
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Reset your credit card pin
To access CIMB Clicks, you will need a valid passport and a CIMB account. If you are a salaried employee, you can apply for a CIMB credit card with MyInfo and get your form pre-filled with no income documents required.
In conclusion, CIMB Balance Transfer is a great way to obtain the funds you need quickly and save on fees. If you have any questions or concerns about your account, there are several ways to get assistance, including contacting CIMB At-Your-Service, emailing the customer service team, or visiting a branch. Additionally, you can manage your account online with CIMB Clicks Internet Banking.
Frequently Asked Questions
What are the eligibility requirements for a CIMB balance transfer in Singapore?
To be eligible for a CIMB balance transfer in Singapore, you must be a Singaporean or a Singapore Permanent Resident (PR) who is at least 21 years old. For Singaporean and Singapore PR, you must have a minimum annual income of $120,000. Self-employed, commissioned, or variable earners must provide the last two years’ income tax notice and the latest three months’ bank statements.
Can you detail the fees associated with a CIMB balance transfer?
CIMB offers a balance transfer with 0%* interest and low processing fees. You only have to pay an upfront processing fee for your CIMB Balance Transfer application* – one of the lowest in Singapore. For the latest rates, you can scroll down to the CIMB Balance Transfer page.
How can I initiate a balance transfer with CIMB in Singapore?
To initiate a balance transfer with CIMB in Singapore, you can log in to your CIMB Clicks account or visit a CIMB branch. Choose the credit card account you wish to transfer the balance to.
What promotions are currently available for CIMB balance transfers?
CIMB offers various promotions for balance transfers from time to time. You can check the CIMB website or contact their customer service for the latest promotions.
How swiftly can I expect the transfer of funds with CIMB?
The transfer of funds with CIMB depends on the recipient bank’s processing time. However, you can expect the transfer of funds within a few business days.
What steps should I follow to check the status of my CIMB balance transfer?
You can check the status of your CIMB balance transfer by logging in to your CIMB Clicks account or contacting their customer service.