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UOB Balance Transfer Review

Borrow at competitive rates and manage repayments flexibly with UOB.

UOB offers a range of personal finance products — from credit cards to loans, to balance transfers. The UOB Balance Transfer offers a range of borrowing amounts, with flexible repayment schemes and competitive interest rates. This review will weigh the pros and cons of using a UOB Balance Transfer, including the features, fees and application process involved.

Pros and cons


  • Competitive repayment schemes. The UOB Balance Transfer offers one of the cheapest 12-month repayment plans in Singapore. Additionally, its interest-free repayments period provides borrowers with an opportunity to repay their dues at a lower cost.
  • Flexible borrowing amounts. You may borrow a minimum of $500 and a maximum of 95% of your credit limit with a UOB Balance Transfer.
  • Quick cash approval. Receive your cash as quickly as in 1 working hour.


  • Not the most competitive rates for 6-month borrowers. In spite of the flexibility that comes with UOB Balance Transfers, 6-month borrowers may find more competitive borrowing rates with other providers in Singapore.
  • High post-loan maturity fees. These fees could amount to over 20% per annum.

Main points to consider with the UOB Balance Transfer

The UOB Balance Transfer is best suited for individuals looking to repay larger loan amounts within a 12-month time frame. Following this, post-loan maturity fees may be costly. 6-month borrowers, on the other hand, may find better rates elsewhere but might prefer the repayment flexibility offered by UOB.

Features of a UOB Balance Transfer

  • Low base interest rates. Get cash at a base interest rate of 0%.
  • Flexible repayment. Pay $30 or 2.5% of your statement balance, whichever runs higher.
  • Receive cash instantly. Get instant cash approval if you apply online between 8 am and 9 pm.

Fees and charges to look out for

Although the charges may vary, here are some general fees you should take note of when registering for a

  • Processing fees. There may be a one-time fee charged upon the approval of your balance transfer. At the time of writing, the processing fee is 2.5% and 4.28% for 6-month and 12-month balance transfers respectively.
  • Effective interest rates. EIR currently stands at 5.34% for 6-month borrowers and 4.95% for 12-month borrowers.
  • Flat interest rates. UOB Balance Transfers come with a 0% flat interest rate.
  • Monthly repayments. A minimum monthly repayment of 3% (UOB cards) or 2.5% (CashPlus) of the outstanding balance applies. This fee is at least $50 (UOB cards) or $30 (CashPlus).
  • Late payment fees. Do note that a late payment fee of $120 may apply.
  • Post-loan maturity charges. After the initial interest-free period, borrowers may be subject to an interest rate of over 20% per annum.

How to apply

To apply for a Balance Transfer with UOB you will need to be an existing UOB customer with a CashPlus account and an annual income of over $30,000. If you are not an existing customer, you must first register for a UOB credit card before applying. You can simply apply through UOB’s online banking apps or directly via the UOB website.

Additionally, you must be a Singapore citizen or Permanent Resident aged 21-65 to apply.

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