Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
DBS Balance Transfer Review
Enjoy an introductory 0% interest rate and access short term funds with the DBS Balance Transfer facility.
The DBS Balance Transfer facility is a personal loan product that allows customers to transfer their outstanding balance amount from their available credit limit to a single account within the bank 0% interest rate. Depending on your needs, you can commit to either a 6- or 12-month loan tenure.
If you’re looking to access instant cash as well as make your debt more manageable, consider the DBS Balance Transfer facility.
Pros and cons of the DBS Balance Transfer
- 0% interest rate for up to 12 months
- Fast and simple online application
- Flexible repayments
- Minimum 2.5% processing fee
- Higher balance transfer fees than competitor banks
Main points to consider with a DBS Balance Transfer
DBS balance transfer is a short-term cash facility that allows its existing credit card and Cashline account holders to transfer the outstanding balance amount from their available credit limit to a single account at a lower interest rate.
Before you apply for a balance transfer with DBS, do know that the balance transfer rates and fees are higher than other competitor banks. However, it is worth considering if you’re unable to get approval for another bank’s balance transfer loans.
Features of a balance transfer facility from DBS
- 0% interest rate. Save on your interest charges for 6 or 12 months.
- Loan size. Balance transfer amounts from $500 to 93% of your available credit limit.
- Flexible repayment. You may pay as little as $50 or 2.5% of the statement balance, whichever is higher. However, do take note that it’s not advisable to only make minimum repayments every month.
- Consolidate your credit card debt. Fuss over fewer credit card payments every month by moving all your credit card balances into a single DBS Credit Card.
- Fast application process. Enjoy the convenience of applying directly with your iBanking login details. There’s also no need for any document submission.
What are the fees, charges and payment to look out for?
The total cost of your loan will ultimately vary according to how much you borrow, the term of your loan and your repayment instalments. If you’re unable to make the minimum monthly payment by the payment due date, you will incur a late payment penalty and interest charges.
Details are as follows:
- Processing fee. There’ll be a one-time fee charged upon the approval of your balance transfer. The processing fees are 2.5% and 4.5% for 6-months and 12-months balance transfers respectively.
- Minimum monthly payment. You’ll need to pay at least 2.5% of the statement balance for DBS Cashline / 3% of the statement balance for DBS/POSB Credit Card, or $50, whichever is greater.
- Finance charge. Prevailing interest rates of 20.5% to 29.8% p.a will apply on the outstanding DBS Cashline balance transfers amount, and 26.8% p.a. on the outstanding DBS/POSB Credit Card balance transfer amount.
- Late repayment fee. You’ll incur a $100 late payment fee for Credit Card or $120 for Cashline if you miss the monthly loan repayment date.
How to apply for a DBS Balance Transfer
Applying for a DBS Balance Transfer is a fast and hassle-free process – without the need to submit any supporting documents.
Simply apply online using with your iBanking log-in information or your card and PIN numbers. Next, choose your loan amount, tenure and submit your application for approval.To be eligible you must, at a minimum:
- Have a DBS/POSB Credit Card or Cashline account
- Take out a minimum balance transfer of $500
More guides on Finder
AvaTrade review: Forex, and CFD broker
Read our AvaTrade review to find out if its right for your trading needs and the simple steps you can take to sign up for an account.
Standard Chartered Bonus Saver Review
Earn boosted interest rates on the first S$80,000 of your Standard Chartered Bonus$aver account balance when you engage in any one (or more) of the five eligible categories.
UOB Stash Account Review
Benefit from higher interest rates as you maintain or grow your monthly balance with UOB Stash Account.
iRemit international money transfers review
Make simple and small transfers to the Philippines through the IREMITX app.
Review: Celsius Network cryptocurrency lending and borrowing platform
An in-depth review of one of the most popular lending and interest earning platforms in cryptocurrency.
Nexo review: Is it safe for high interest returns?
Nexo is a cryptocurrency lending and borrowing platform that offers high interest rates on cryptocurrencies, stablecoins and fiat. We review the features available and look at how safe your funds would be on the platform.
YouTrip vs Credit Card
Both prepaid cards and credit cards give you the option to shop with ease – here’s how they compare.
What is Compound Finance?
We explore how to use Compound Finance for lending and borrowing.
Libertex offers zero spreads on 250+ tradable assets, including stocks, cryptocurrencies and ETFs. Learn more in our review.
Benefit from zero trade commission on selected accounts, low spreads and a host of advanced trading tools with Exness online brokerage.