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Saturday, July 2, 2011

CIMB Bank 0% 6 Months Balance Transfer Extended to 31 December 2011

CIMB Bank Balance Transfer plan has been extended to end of December 2011. The 6 months balance transfer 0% interest plan remains, however, the 12 months balance transfer 1% interest plan is no longer being offered.



For those who are interested to do balance transfer with CIMB, take note that there is a new application form. Unlike the previous balance transfer programme application form, the new one no longer allows you to choose between 6 months or 12 months plan. Above is a picture of the new brochure and the older brochure (together with Maybank Balance Transfer Scheme)  is shown below:



For those where are interested to download the CIMB Direct Access 0% 6 Months Balance Transfer application form in pdf format, you may go to CIMB website or click here.  

So now we have CIMB and Public Bank offering 0% interest Balance Transfer for 6 months plan whereas Maybank is offering 0% interest for 12 months balance transfer plan. The main difference between CIMB and Maybank plans are as follows:

  • CIMB Bank's plan you only need to pay minimum 5% each month and by the end of the sixth month,  you are required to settle in full to avoid interest charges.
  • In Maybank's balance transfer plan, the balance transfer amount is divided equally into 12 installments. 


For those of you who are new to Balance Transfer plans, to learn more about it, please read my previous articles: 

Click here to read my very first post on Balance Transfer written in 2009 titled RM103Billion Credit and Balance Transfer. Read this article to get a general idea about balance transfer and why people do it. At that time, there were no 0% interest plan unlike this year and last. 

Click here to read my article in January 2011 titled Credit Card Balance Transfer - 0% Free Interest Loan Again. In this article, I mentioned about previous balance transfer plans offered by various banks such as Alliance, Public Bank, Hong Leong Bank and EON Bank too.




After reading the above articles, you would have noted that I keep repeating that Balance Transfer Plans are traps by banks to entice you to spend more, especially for those who have been paying in full every month. 

For those who are paying interest on their current outstanding, these 0% interest plans are really good as it give us the opportunity to save on interest charges, but like I said in the very first post in 2009, if you are in debt and you go do balance transfer and then utilize the credit again, then you are asking for problems. People in this situation should leave their card(s) it in the drawer or even card the card(s) in half until the balance transfer is fully paid so that we are debt free once again.

Here's are tips for current CIMB and Direct Access cardholders who have CIMB balance transfer accounts. 

  • You can have multiple balance transfer accounts with CIMB Bank as long as you have credit available.
  • You can transfer your existing Outstanding Balance in your CIMB Balance Transfer Account to Maybank 0% 12 Months Balance Transfer Plan :)


In my last previous post on Balance Transfer, I reckoned that these 0% Balance Transfer would not be extended for long as interest rates have been going up since last year. And CIMB have terminated the 12 months Balance Transfer Plan which was a surprise to me since that plan charged 1% interest. So it looks like CIMB is not so eager to give "cheap" credit for longer tenure. Anyway, spend wisely with your credit card and practice to never ever pay interest to the banks so that you are debt free.

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16 comments:

  1. "You can transfer your existing Outstanding Balance in your CIMB Balance Transfer Account to Maybank 0% 12 Months Balance Transfer Plan :)"

    Is this confirmed(personal experience)? My CIMB BT is reaching its 5th month soon, so I think I might need that.

    ReplyDelete
  2. Dear Steve, thank you for reading my article. Why don't you just go apply for the MBB BT and then thank me later :)

    ReplyDelete
  3. Dear Genx,

    I read from the CIMB 6 month 0% balance transfer, there is no early repayment penalty? Is that true?

    ReplyDelete
  4. Eddy, yes there is no penalty for early settlement for CIMB 0% balance transfer. That's why it is truly 0%, that is if you make payment before Due Date.

    ReplyDelete
  5. Dear Genx,

    Thanks for the information. hahaha yes I always make prompt payment on the due date of my statement so that can maximize the credit float... and as per your suggestion, I am going to transfer my existing balance from cimb to maybank next month to further enjoy the 12 months interest free offer by maybank as suggested by you.

    Bro, you really help me to squeeze some extra money out from my credit card expenses..

    ReplyDelete
  6. Dear Genx,

    For Maybank 0% 12 months balance transfer do I just need to fax to the number that is on the application form? Because I fax it last Monday (14/11/11) but till today still got no news yet... :(

    ReplyDelete
  7. Eddy, yes fax wlll do. Call CS to confirm status of you application. If they said approved, ask when payment was made to the other bank.

    ReplyDelete
  8. GenX..what a nice n informative blog!it helps me so much..since i usually more attracted to free gift, nice talk and rewards here n there without really having knowledge about the hidden T&C behind these offers..
    I made a BT (HSBC->Standard Chartered) early last year and it is going to expire this coming Dec..can I make another BT (Standard Chartered to CIMB@Maybank) for the outstandings in my current SC acc?
    Tq in advance

    ReplyDelete
  9. one more thing.. is it normal to recieve another credit card when we sign up for BT..??
    it occured when I trasfered HSBC->Stand Chartd, the sales person opened 2 accounts for me.. 1)BT acc 2)silver Credit Card..

    ReplyDelete
  10. Imaan09, thanks for reading my articles :)

    I don't see why you cannot do BT for your SCB outstanding to CIMB or MBB and enjoy 0% interest.

    But remember, CIMB and MBB BT offer expire on 31 Dec 2011, so fast fast go apply and enjoy 0% interest. AND you better check if your SCB BT got terms and conditions if you settle your BT early (if BT period has expired then no issue).

    Go for 0% interest BT only and always practice not to pay a sen of interest to the banks :)

    ReplyDelete
  11. Imaan09, I don't know what you mean by another credit card. If you got two cards from SCB and not using one of them, go cancel it, why want pay RM50 GST? If you only got 1 card from SCB, then you cannot cancel if you got outstanding amount with them which includes BT account.

    ReplyDelete
  12. GenX..I got only 1 card..but came with 2 accounts..VISA CC and BT accounts.. so, for the VISA account, am i still subjected to RM50 GST??

    ReplyDelete
  13. GenX..i am considering about making some BT to CIMB 0% interest.. from the T&C, the offer is only available for 'CIMB Cardholders".. if i'm not one??

    ReplyDelete
  14. Imaan09, yes, GST is imposed onto credit cards, but it seems SCB will waive it by giving you cash back if you inform them you want to cancel the card. But I don't think you can cancel your SCB Visa if you got Outstanding Balance in either your Visa or BT account since they should be linked. Call up CS for more info.

    And yes, you need to be a CIMB cardholder to do Balance Transfer from other bank account. Please note, CIMB Islamic card are not entitled to the 0% BT plan. So make sure you go apply fast fast CIMB non-Islamic credit card because the 0% BT expiring soon. I think you can apply for BT together when applying for the card. If not, the fatest way is after you get your card, fax in the application BT form to CIMB.

    ReplyDelete
  15. Hi Gen-X... for maybank balance transfer do i need to be a MBB cardholder to do a balance transfer?

    ReplyDelete
  16. Nini, Yes, you need to have a Maybank Credit Card account.

    ReplyDelete

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