UOB offers the least expensive balance transfers of 3, 12 and 18 months. This makes it an excellent option for individuals with credit card and other personal debt to repay their debt within these tenures.
|Summary of UOB's Funds Transfer|
|Best balance transfer for 3, 12 and 18-month of interest-free periods|
|Minimum monthly payment: 2.5% - 3% of outstanding balance|
|Transfer amount: S$500 - 95% of credit limit|
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What Makes UOB Stand Out to Borrowers
UOB is the only major lender in Singapore that offers fund transfers with interest-free periods of 3, 6, 12 and 18 months. Additionally, the bank charges particularly low processing fees for its fund transfers with 3, 12 and 18 month interest-free periods. This makes UOB's fund transfers the least expensive options for borrowers that can repay their balance during these interest-free durations. The table below details the effective interest rates of UOB's balance transfer options.
Summary of UOB's Balance Transfer Costs
|Interest-Free Period||Processing Fee||EIR with UOB Credit Cards||EIR with UOB CashPlus||Prevailing Interest Rate|
UOB also offers a competitive prevailing interest rate after the interest-free period of 19.5%. With that said, we strongly recommend that borrowers repay their balance transfer within the interest-free period in order to make their balance transfer as inexpensive as possible. Finally, UOB has a wide range of acceptable fund transfer principals. The minimum transfer of S$500 is lower than the minimum of many other lenders, while the maximum transfer amount of 95% of the borrower's total credit limit is among the highest available.
Borrowers that seek a balance transfer that offers a balance between a decently long interest-free and low processing fees might want to consider one of the many 6-month balance transfers available in Singapore. While UOB's offering for this duration isn't the best, there are plenty of other options available you can consider.
Who Can Apply: Eligibility Criteria
To be eligible for the CashPlus Funds Transfer, an individual must have an annual income of at least S$30,000 and a CashPlus account. Borrowers seeking a UOB Credit Card balance transfer must first apply for a UOB Credit Card before being approved for a funds transfer.
Other Charges & Fees
In addition its processing fee, UOB charges a fund transfer cancellation fee. However, the bank does not provide details regarding this fee on its website. We strongly recommend that borrowers avoid late payments to their lender as it can significantly increase the price of their balance transfer.
How to Apply for UOB's Funds Transfer
Existing UOB credit card and CashPlus customers can apply for a fund transfer online. Individuals that are not currently UOB customers must first apply for a UOB credit card and opt-in for a funds transfer.