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Standard Chartered credit card balance transfer
Learn how a funds transfer works with Standard Chartered and whether it may suit your income level and spending habits.
With a 0% balance transfer offer, you could transfer funds to another bank account for three to 12 months without incurring any interest charges.
Read on to find out how much a Standard Chartered funds transfer costs, how it works and how to apply.
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How does a Standard Chartered balance transfer work?
With a Standard Chartered balance transfer, you can move funds from your existing Standard Chartered credit card to another card account (often with another lender). When used smartly, a balance transfer can reduce the overall cost of your borrowing and help you to pay down your debts quicker.
Typically, you’ll have 3, 6 or 12 months to take advantage of an interest rate as low as 0% on the Standard Chartered credit card from which you made the transfer.
Keep in mind, you can usually only transfer up to 95% of your approved credit limit to a new card.
Benefits of a Standard Chartered balance transfer
- Flexible monthly payments. A 0% balance transfer will provide you with six months to pay off your existing debt or bills. While Standard Chartered requires you to pay off a minimum balance on your monthly statement (1% of your principal plus interest, charges and fees), you can still plan out a flexible, personal repayment schedule.
- Minimise interest charges. As long as you pay off your minimum balance every month, you’ll avoid incurring any extra interest charges on existing debt.
- Low fees. New Standard Chartered customers can benefit from the low processing fee of 1.5%. Those who sign up will need to pay a minimum of 1% of the transfer amount monthly.
Drawbacks of a Standard Chartered balance transfer
- Length of 0% interest period. Standard Chartered doesn’t offer shorter, three month balance transfers. A 12 month balance transfer offer is only available to existing customers; however, both the processing fee and effective interest rate charges are significantly higher.
- High reverting interest rate. After the interest-free balance transfer period ends, you’ll be charged interest at a rate of around 24% – 28%. If you don’t expect to repay your full funds transfer within 6 months, you could consider a 12 month balance transfer to ensure you don’t accrue hefty interest charges after the 0% interest period ends.
How much does a Standard Chartered funds transfer cost?
Fees and charges you’ll typically be required to pay on a balance transfer with Standard Chartered include:
- Balance transfer processing fee: The charges to complete a transfer are tiered depending on the loan period you choose: a three-month term processing fee of S$70 applies (fee rate – 0.7%/EIR 2.83%), while a 12-month term fee of S$450 applies (fee rate – 4.5% /EIR 4.86%)
- Late payment charge: S$80
- Early redemption fee: S$0
Always read your credit card’s terms and conditions with care, so that you’re fully aware of all the fees you may have to pay.
How to apply
Steps to apply
If you’re not an existing Standard Chartered cardholder, you’ll need to apply for an Unlimited Cashback Credit Card together with the credit card funds transfer to gain access to the 0% balance transfer promotional offer. If you’re already an existing principal Standard Chartered cardmember, you can apply directly for a funds transfer.
Documents you’ll need
If you’re a Singaporean citizen or permanent resident, you’ll need to provide a copy of your NRIC. If you’re a foreigner, you’ll need a copy of your passport and Singaporean employment pass. You must also provide proof of employment and address. For those whose correspondence address differs from the address stated on your NRIC, be prepared to provide proof of your Singaporean address too.
If your application is approved, your funds will be automatically moved over to your new account upon card activation.
- Minimum balance transfer amount. The outstanding balance you wish to transfer must be at least S$1,000.
- Minimum annual income. You’ll need a minimum annual income of S$30,000 if you’re a Singaporean citizen or permanent resident. If you’re a foreigner, your minimum annual income must be S$60,000.
- Age. You must be between 21 and 65 years old.
- Residency status. While you don’t have to be a Singaporean citizen or permanent resident to apply, foreigners are subject to higher income requirements and must hold a P1, P2 or Q type employment pass in order to qualify.
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