GoBear is now part of Finder
Learn more about this Learn more

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

UOB Balance Transfer Review

Borrow at competitive rates and manage repayments flexibly with UOB.

Avatar
Trisha Bhullar
Posted
Fact checked

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

Pros

  • 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.

Cons

  • 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.

More guides on Finder

Ask Finder

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site