Best Balance Transfer Loans 2024

Balance transfer loans are good short-term option for tackling unmanageable credit card debt. Our loan experts analysed all of the balance transfer loans available in Singapore to help you find the most affordable products. To compare these offerings and find the best loan, it is helpful to consider weigh your preferences for low interest rates, cashback promotions and interest-free periods.

BankBest For:EIRInterest Free
Standard Chartered Funds TransferCredit Card Transfer2.83-4.86%3 - 12 months
UOB Balance Transfer12-Month Transfer4.82-5.34%6 & 12 months
HSBC Balance TransferLine of Credit Transfers3.26-6.77%6 & 12 months
Citibank Ready Credit Balance TransferNew Customers3.60-7.87%3 - 12 months
Interest rates vary for different tenures and loan amounts. Please see below for further details

Compare the Best Balance Transfer Loans Available in Singapore

For interested readers, below is a graphic illustration of the effective interest rates of each 12-month interest-free balance transfer loan available in Singapore, sorted by cheapest to most expensive. These are calculated by assuming you only make the monthly minimum repayment requirement each month of your loan, and repaying the whole remaining balance in the last month of your interest-free period. For more details, please refer to our balance transfer summary table

graph of effective interest rates of best balance transfers in Singapore by each bank for a 12-month interest rate free product
BankBest For:EIRInterest Free
Standard CharteredCredit Card Transfer2.83-4.86%3-12 months
DBS/POSBCashback Promotion5.06-5.34%6 & 12 months
UOB12-Month Transfer4.82-5.34%6 & 12 months
MaybankLarge, Short-Term Transfers2.96-9.01%6 &12 months
HSBCLine of Credit Transfers3.26-6.77%6 & 12 months
CitibankHonorable Mention3.60-7.87%3-12 months
Interest rates vary for different tenures and loan amounts. Please see below for further details

Compare the Best Balance Transfer Loans Available in Singapore

For interested readers, below is a graphic illustration of the effective interest rates of each 12-month interest-free balance transfer loan available in Singapore, sorted by cheapest to most expensive. These are calculated by assuming you only make the monthly minimum repayment requirement each month of your loan, and repaying the whole remaining balance in the last month of your interest-free period.

graph of effective interest rates of best balance transfers in Singapore by each bank for a 12-month interest rate free product

Best Credit Card Balance Transfer: Standard Chartered Credit Card Funds Transfer

Standard Chartered Funds Transfer
Standard Chartered Funds Transfer
  • Market Leading Rates: 2.83-4.86% EIR
  • Low Minimum Monthly Payment Requirement: 1%
  • Promotions:
  • 0% interest rate for 12 months with a processing fee of only 4.5% of approved loan amount.
  • Enjoy savings when you pay your outstanding credit card balances with an interest rate of approx. 25% p.a. with credit card funds transfer
  • Read Our Full Review
Interest-Free PeriodProcessing FeeEffective Interest RatePrevailing Interest Rate
3 months0.7%2.83%26.9%
6 months1.5%3.10%26.9%
9 months2.5%3.51%26.9%
12 months4.5%4.86%26.9%

Here is why Standard Chartered's Credit Card Funds Transfer is the best in Singapore for Credit Card Balance Transfer.

If you are looking to repay your credit card debt, Standard Chartered's Funds Transfer is probably the cheapest way to make it happen. The bank stands out as the most affordable option for credit card balance transfers, due to its low fees (0.7-4.5%). Furthermore, Standard Chartered's balance transfers come with 3 to 12 month interest free periods, which gives borrowers more flexibility than with other banks.

Standard Chartered Funds Transfer
Standard Chartered Funds Transfer
  • Market Leading Rates: 2.83-4.86% EIR
  • Low Minimum Monthly Payment Requirement: 1%
  • Promotions:
  • 0% interest rate for 12 months with a processing fee of only 4.5% of approved loan amount.
  • Enjoy savings when you pay your outstanding credit card balances with an interest rate of approx. 25% p.a. with credit card funds transfer
  • Read Our Full Review
Interest-Free PeriodProcessing FeeEffective Interest RatePrevailing Interest Rate
3 months0.7%2.83%26.9%
6 months1.5%3.10%26.9%
9 months2.5%3.51%26.9%
12 months4.5%4.86%26.9%

Here is why Standard Chartered's Credit Card Funds Transfer is the best in Singapore for Credit Card Balance Transfer.

If you are looking to repay your credit card debt, Standard Chartered's Funds Transfer is probably the cheapest way to make it happen. The bank stands out as the most affordable option for credit card balance transfers, due to its low fees (0.7-4.5%).

Furthermore, Standard Chartered's balance transfers come with 3 to 12 month interest free periods, which gives borrowers more flexibility than with other banks.

Best 12-Month Balance Transfer Loan: UOB Balance Transfer

UOB CashPlus Funds Transfer
UOB CashPlus Funds Transfer
  • Cheapest 12-Month Interest Free Balance Transfer
  • Promotions:
  • 0% interest rate for 12 months with a processing fee of only 4.28% of approved loan amount.
  • Read Our Full Review
Interest-Free PeriodProcessing FeeEIR with UOB Credit CardsEIR with UOB CashPlus
6 months2.5%5.34%5.20%
12 months4.28%4.95%4.69%

Here is why UOB Balance Transfer is the best in Singapore for 12-Month Balance Transfer Loan.

In our view, UOB's Balance Transfer product is the best for those who need a long interest-free period to repay their loans. UOB offers the least expensive balance transfers with interest-free periods of 12 months, due to its special 4.28% processing fee offered to online applicants.

UOB is also currently offering a promotional S$50 gift card to Dairy Farm. UOB offers credit card and CashPlus balance transfer loans, which vary slightly in terms of their total cost and monthly minimum repayment requirement. The total cost difference is negligible and both products are among the cheapest available in Singapore.

UOB CashPlus Funds Transfer
UOB CashPlus Funds Transfer
  • Cheapest 12-Month Interest Free Balance Transfer
  • Promotions:
  • 0% interest rate for 12 months with a processing fee of only 4.28% of approved loan amount.
  • Read Our Full Review
Interest-Free Period6 months12 months
Processing Fee2.5%4.28%
EIR with UOB Credit Cards5.34%4.95%
EIR with UOB CashPlus5.20%4.69%

Here is why UOB Balance Transfer is the best in Singapore for 12-Month Balance Transfer Loan.

In our view, UOB's Balance Transfer product is the best for those who need a long interest-free period to repay their loans. UOB offers the least expensive balance transfers with interest-free periods of 12 months, due to its special 4.28% processing fee offered to online applicants.
UOB is also currently offering a promotional S$50 gift card to Dairy Farm. UOB offers credit card and CashPlus balance transfer loans, which vary slightly in terms of their total cost and monthly minimum repayment requirement. The total cost difference is negligible and both products are among the cheapest available in Singapore.

Honorable Mention: Other Balance Transfer Loans to Consider

The balance transfers listed above represent the most affordable options for most borrowers. However, in certain circumstances, borrowers may find that other transfers make more sense for their financial needs. Below are some other transfer loans that might be worth considering based on your preferences.

Best 6-Month Line of Credit Transfer: HSBC Personal Line of Credit Balance Transfer

  • Competitive Line of Credit Fund Transfers: 3.26-5.47% EIR
  • High EIR on Credit Card Balance Transfers: 4.39%-6.77% EIR
  • Read Our Full Review
Transfer TypeDurationInterest RateProcessing FeeEffective Interest RatePrevailing Interest Rate
PLOC (> S$10,000)6 monthsN/A1.50%3.26%18.5%
PLOC (< S$10,000)6 monthsN/A2.50%5.47%18.5%
PLOC12 months4.88%N/A4.88%18.5%
Credit Card6 months2.50%S$88 (waived)4.39%28%
Credit Card12 months4.88%S$88 (waived)6.77%28%

Here is why HSBC Personal Line of Credit Balance Transfer is the best in Singapore for 6-Month Line of Credit Transfer.

HSBC's balance transfer is a great option for borrowers that know that they need a large personal line of credit balance transfer. HSBC is currently offering a 6-month interest-free period combined with a 1.5% processing fee for its personal line of credit balance transfers of at least S$10,000. HSBC also charges a lower prevailing interest rate than other 6-month interest-free balance transfers (18.5%); however, it is still important to avoid accruing interest costs in order to make your balance transfer as inexpensive as possible. Finally, it is important to note that HSBC's transfers (e.g. smaller, credit card) are much less competitive than its large, 6-month personal line of credit transfers.

  • Competitive Line of Credit Fund Transfers: 3.26-5.47% EIR
  • High EIR on Credit Card Balance Transfers: 4.39%-6.77% EIR
  • Read Our Full Review
Transfer TypePLOC (> S$10,000)PLOC (< S$10,000)PLOCCredit CardCredit Card
Duration6 months6 months12 months6 months12 months
Interest RateN/AN/A4.88%2.5%4.88%
Processing Fee1.50%2.50%N/AS$88 (waived)S$88 (waived)
Effective Interest Rate3.26%5.47%4.88%4.39%6.77%
Prevailing Interest Rate18.5%18.5%18.5%28%28%

Here is why HSBC Personal Line of Credit Balance Transfer is the best in Singapore for 6-Month Line of Credit Transfer.

HSBC's balance transfer is a great option for borrowers that know that they need a large personal line of credit balance transfer. HSBC is currently offering a 6-month interest-free period combined with a 1.5% processing fee for its personal line of credit balance transfers of at least S$10,000.

HSBC also charges a lower prevailing interest rate than other 6-month interest-free balance transfers (18.5%); however, it is still important to avoid accruing interest costs in order to make your balance transfer as inexpensive as possible. Finally, it is important to note that HSBC's transfers (e.g. smaller, credit card) are much less competitive than its large, 6-month personal line of credit transfers.

New Citi Customers Only: Citibank Ready Credit Balance Transfer

Citibank Credit Card Balance transfer
Citibank Credit Card Balance transfer
  • Preferential Rates for New Citi Customers: 3.60-3.65% EIR
  • Higher than Average Rates for Existing Citi Customers: 5.72-5.81% EIR
  • Read Our Full Review
Interest-Free PeriodProcessing FeeCredit Card Balance Transfer EIRReady Credit Balance Transfer EIR
3 months1.58%6.73%6.69%
6 months1.58%3.65%3.60%
6 months *2.50%5.81%5.72%
12 months5.50%7.87%7.58%
* rates for existing customers

Here is why Citibank Ready Credit Balance Transfer is the best in Singapore for new Citibank members.

If you have not had a banking relationship with Citibank in the past 12 months, then Citibank's Balance Transfer product is also a good option for 6-month interest-free balance transfers. New customers can enjoy 6 months of zero interest on balance transfers, with a competitive fee of just 1.58%. However, this rate increases to 2.5% if you've had a banking relationship with Citi in the past 12 months, which is well above the market average. Citibank's credit card balance transfer also provides a market leading 1% monthly repayment requirement. As always, we strongly suggest that borrowers make sure to repay as much of their balance as possible since they will incur 20.95% - 26% of annual interest after their 6th month.

Citibank Credit Card Balance transfer
Citibank Credit Card Balance transfer
  • Preferential Rates for New Citi Customers: 3.60-3.65% EIR
  • Higher than Average Rates for Existing Citi Customers: 5.72-5.81% EIR
  • Read Our Full Review
Interest-Free Period3 months6 months6 months*12 months
Processing Fee1.58%1.58%2.50%5.50%
Credit Card Balance Transfer EIR6.73%3.65%5.81%7.87%
Ready Credit Balance Transfer EIR6.69%3.60%5.72%7.58%
* rates for existing customers

Here is why Citibank Ready Credit Balance Transfer is the best in Singapore for new Citibank members.

If you have not had a banking relationship with Citibank in the past 12 months, then Citibank's Balance Transfer product is also a good option for 6-month interest-free balance transfers. New customers can enjoy 6 months of zero interest on balance transfers, with a competitive fee of just 1.58%.

However, this rate increases to 2.5% if you've had a banking relationship with Citi in the past 12 months, which is well above the market average. Citibank's credit card balance transfer also provides a market leading 1% monthly repayment requirement. As always, we strongly suggest that borrowers make sure to repay as much of their balance as possible since they will incur 20.95% - 26% of annual interest after their 6th month. month.

How to Choose a Balance Transfer Loan

There are a few key steps to finding an affordable balance transfer loan. First, it is important to set a realistic expectation of how long it will take to repay your existing debt. This is crucial as balance transfers offer interest-free periods, in which borrowers can repay their existing debt without accruing additional interest costs. After this interest-free period, interest rates rise significantly to the "prevailing interest rate", making it important to repay your debt within the interest-free period. If you will need more than a year to repay your debt, we suggest that you research debt consolidation loans, which charge lower interest rates, albeit without interest-free periods. After you've decided how long it will take to repay your debt, we recommend that you compare balance transfers on their effective interest rate (EIR).

Should You Get A Balance Transfer Loan or a Personal Loan

If you are still unsure on which type of loan to get, consider the following two factors:

Loan Amount: We recommend that you consider a personal loan if the loan amount is large. You can have a much longer tenor and pay fixed amounts at reasonable interest rates under a personal loan. A balance transfer loan on the other hand offers much shorter loan tenors and the interest rate will become very high if you cannot pay the outstanding balance within that time frame. If the loan amount is small and you are certain to have the cash to pay back the loan, then taking out a balance transfer can be a better option. You will be able to enjoy 0% interest rates within the loan tenor.

Future Cash-Flow: A balance transfer will typically offer 3, 6, 9, and 12 month loan tenors. So be sure to have a reasonable expectation of a stable cash flow in order to pay back the entire loan within the interest free period. If you fail to pay back the entire loan within that period, it isn't uncommon to see interest rates jump up from 25% to 30%.

Take a look at our top picks for best personal loans in Singapore to see if a personal loan is a better option for you.

Summary Table of Best Balance Transfer Offers in Singapore

For your reference, the table below outlines the processing fees associated with Singapore's best balance transfers for 2024.

Processing Fee by Interest Rate Free Period3-months6-months12-months18-monthsMinimum Monthly Repayment
Citibank Credit Card Balance Transfer1.58%1.58%5.5%N/A1% (or S$50, whichever is higher)
DBS/POSB Balance Transfer CashlineN/A2.5%4.5%N/A2.5%
DBS/POSB Balance Transfer Credit CardN/A2.5%4.5%N/A3%
Citibank Ready Credit Balance Transfer1.58%1.58%5.5%N/A3% (or S$45, whichever is higher)
HSBC Credit Cards Balance TransferN/AS$88 (waived) + 2.5% of interestS$88 waived if >S$10,000 + 4.88% of interestN/A3% (or S$50, whichever is higher)
HSBC Personal Line of Credit Balance TransferN/A1.38%4.88% of interestN/A3%
Maybank Fund TransferN/A1.38% if >S$10,000, 1.88% if >S$2,0002.5% + 4.99% of interestN/A3% (or S$10, whichever is higher)
OCBC Balance Transfer1.8%2.5%4.5%N/A3.0% (or S$50, whichever is higher)
Standard Chartered Funds Transfer0.7%1.5%4.5%N/A1%
UOB CashPlus Balance TransferN/A2.5%4.28%N/A2% (or S$30, whichever is higher)
UOB Credit Card Balance TransferN/A2.5%4.28%N/A3.0% (or S$50, whichever is higher)

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Stephen Lee

Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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