How Can Balance Transfer help You?


Have you been looking for a way on how can you save money from your debts and avoid the interest rates? If so, you should check out all about balance transfer and its benefits. Balance transfer has been widespread in Singapore today because of its help to borrowers who want to save money from their unpaid debts.

Through a balance transfer, you don’t have to pay for the interest rate anymore as long as you are going to repay them in 12 months. In 12 months, you either pay them $50 a month, or you may opt to pay 3% of the principal’s amount, whichever is higher.

Customers who enjoy this kind of offer are mostly the existing POSB/DBS Credit Cardholders and the Cashline customers. After getting the approval of the balance transfer, you can immediately have your money on your account which made the balance transfer a top pick for borrowers.

How Can Balance Transfer help You?

As mentioned, applying for balance transfer would give you the opportunity to continue paying for your debt without any interest within 12 months but with a one-time processing fee that is not that big compared to having the interest which is indeed very practical.

The ones who usually apply for a balance transfer are those who are having money shortage and have to repay a debt immediately; if not, they will be charged with a high interest rate. You may also use a balance transfer if you have an outstanding balance on your Credit Card.

If you have an outstanding balance in your Credit Card and can’t pay it right away, you will also be charged with an interest rate, but if you are going to get a balance transfer, you can save for up to 81% from your interest savings.

How to Apply for Balance Transfer?

Applying for a balance transfer is not that hard where you can have your balance transfer application at home. So, here are the steps on how you can have a balance transfer:

1.    Log in to your mbanking, ibanking, ATM or credit, and debit card

2.    You then choose the amount of funds you are going to use and the tenure

3.    After these, you can now submit your application online, and if you are an existing POSB or DBS customer, you don’t have to submit any documents anymore

4.    The amount you applied for will then be drawn from your Credit Card or Cashline account if your application has been approved

5.    The same amount of funds will then be credited on your chosen current or savings account

With the help of balance transfer, you can now have the chance of finding a better financial state where you don’t have to worry about the interest rate your bank or licensed moneylender is charging you every month you cannot pay your debt; what you only have to do is to apply online, pay them the one-time processing fee and your financial stress is now solved.