Tuesday, 27 December 2016

Balance Transfer $12,000 from Maybank *Approved*

Balance Transfer Approved
Previously, I wrote about balance transfer or fund transfer for improved cash flow to meet short term needs. 

The purpose of this post is to share some information for those that need this short term cash flow to settle immediate needs (higher interest loans, overdue credit cards and etc.) 
DISCLAIMER: I am not encouraging anyone to take a balance transfer or fund transfer.  I am taking it because I am very confident I have the means to pay off the outstanding amount within 6 months without any hiccups. 

As you can see, my balance transfer of $12,000 is now approved and a 0.99% processing fee of $118.80 is added onto the outstanding amount payable to Maybank. If you notice, there will be a separate balance transfer account created so you can make payment to it as and when you like to. This is so important that I have to repeat myself, 0% interest rate is only for your tenure period (in my case it is 6 months). If your balance transfer is for 3 months tenure, you have to clear your outstanding balance within 3 months or you have to pay prevailing interest rate of 24% pa. 

In addition, you have to make a minimum payment each month of 3% of the outstanding balance or $10 (whichever is higher). I strongly urge you to settle the amount as soon as you can to avoid not being able to cough out the cash at the end of your tenure. 

The approval process for the credit card and fund transfer took approximately 2 weeks. After I receive my credit card to my mailing address, it took another 3 working days for the funds to be deposited into my appointed bank account. Although many would think it is risky, I strongly believe a balance transfer is an excellent way to meet your short term financing needs if you fully understand the Terms & Conditions. 

If you have any questions regarding balance transfer and fund transfer, feel free to email me or leave it at the comments section! 


No comments:

Post a Comment

About the author

My Photo

Financial freedom = Passive Income > Expenses. Always remember that there are two sides to the equation of financial freedom. Beside working on how to improve our passive income through investing, we should never neglect the expenses portion. By striving to improve both side of the equation, we can achieve our financial goals and win in the game of money.

I will also be sharing some interesting news and ideas related to investing and the stock market, you can find me on FacebookGoogle+ or Twitter