Best Balance Transfer Loans 2019

Balance transfer loans are good short-term option for tackling unmanageable credit card debt. To assist you, we've analysed all of the balance transfer loans available in Singapore and highlighted 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.

Best Balance Transfer Loan:
Best Balance Transfer Promotion:
Best 6-Month Interest-Free Balance Transfer Loans:

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 Balance Transfer Loan: Best Balance Transfer Promotion: Best 6-Month Interest-Free Balance Transfers:

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 Balance Transfer Loan: UOB Balance Transfer

  • Cheapest 12-Month Interest Free Balance Transfer
  • Promotions:
  • Cashback of up to S$160
  • Read Our Full Review
Interest-Free PeriodProcessing FeeEIR with UOB Credit CardsEIR with UOB CashPlus
6 months2.5%5.34%5.27%
12 months4.28%4.95%4.82%
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 cashback promotion of up to S$160. 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.

  • Cheapest 12-Month Interest Free Balance Transfer
  • Promotions:
  • Cashback of up to S$160
  • 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 CashPlus5.27%4.82%
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 cashback promotion of up to S$160. 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.

Best Balance Transfer Loan Promotion: DBS & POSB Balance Transfers

Interest-Free PeriodProcessing FeeEIR with CashlineEIR with Credit CardPrevailing Interest Rate
6 months2.5%5.27%5.34%19.8% - 29.8%
12 months4.5%5.06%5.20%19.8% - 29.8%
Loan AmountPromotional Cashback
S$15,000 - S$29,999S$150
S$30,000 - S$30,000S$300
S$50,000+S$500
DBS and POSB's balance transfers are great options for borrowers seeking 12 month balance transfers of at least S$15,000 due to their current promotions. While the banks do not offer the lowest rates for their balance transfers (EIR: 5.06% - 5.20%), they are currently offering S$100 to S$500 in cashback to borrowers that are approved for balance transfers of at least S$15,000.
As we've mentioned with other balance transfers, it is important for borrowers to repay their entire balance before the end of the interest-free period as DBS and POSB charge 19.8% to 29.8% for cashline balance transfers and 25.9% for credit card balance transfers after the interest-free period.
Interest-Free Period6 months12 months
Processing Fee2.5%4.5%
EIR with Cashline5.27%5.06%
EIR with Credit Card5.34%5.20%
Prevailing Interest Rate19.8% - 29.8%19.8% - 29.8%
Loan AmountPromotional Cashback
S$15,000 - S$29,999S$150
S$30,000 - S$30,000S$300
S$50,000+S$500
DBS and POSB's balance transfers are great options for borrowers seeking 12 month balance transfers of at least S$15,000 due to their current promotions. While the banks do not offer the lowest rates for their balance transfers (EIR: 5.06% - 5.20%), they are currently offering S$100 to S$500 in cashback to borrowers that are approved for balance transfers of at least S$15,000.

As we've mentioned with other balance transfers, it is important for borrowers to repay their entire balance before the end of the interest-free period as DBS and POSB charge 19.8% to 29.8% for cashline balance transfers and 25.9% for credit card balance transfers after the interest-free period.

Best 6-Month Interest-Free Balance Transfer Loans

In this section, we present our top picks for balance transfers that offer 6-month interest-free periods. These loans could be a great option for those who are confident that they can repay their debts within 6 months.

Effective Interest Rates of 6-Month Interest-Free Balance Transfers

graph of effective interest rates of best balance transfers in Singapore by each bank for a 6-month interest rate free product

Best Credit Card Balance Transfer: Standard Chartered Funds Transfer

Interest-Free PeriodProcessing FeeEffective Interest RatePrevailing Interest Rate
6 months1.99%4.12%26.9%
12 months4.99%4.86%26.9%
If you are looking for a balance transfer to repay your credit card or personal loan, then Standard Chartered's Funds Transfer might be a good fit for you. The bank's product offers a great combination of a low processing fee (1.99%) and the lowest minimum payment requirement (1%). Additionally, Standard Chartered offers interest-free periods of 6 and 12 months, giving borrowers an opportunity to pay down their debt and making the total cost of Standard Chartered's balance transfers below the average in Singapore.

However, it is important to note that following the interest-free period, Standard Chartered's balance transfers accrue interest of 26.9% annually. Therefore, it is wise to make monthly payments that exceed the monthly repayment requirement in order to avoid accruing a substantial interest costs.

Interest-Free Period6 months12 months
Processing Fee1.99%4.99%
Effective Interest Rate4.12%4.86%
Prevailing Interest Rate26.9%26.9%
If you are looking for a balance transfer to repay your credit card or personal loan, then Standard Chartered's Funds Transfer might be a good fit for you. The bank's product offers a great combination of a low processing fee (1.99%) and the lowest minimum payment requirement (1%). Additionally, Standard Chartered offers interest-free periods of 6 and 12 months, giving borrowers an opportunity to pay down their debt and making the total cost of Standard Chartered's balance transfers below the average in Singapore.

However, it is important to note that following the interest-free period, Standard Chartered's balance transfers accrue interest of 26.9% annually. Therefore, it is wise to make monthly payments that exceed the monthly repayment requirement in order to avoid accruing a substantial interest costs.

Best for Large Balances: Maybank Fund Transfer

  • Lowest Rates for Balances of S$10,000+: 2.96% EIR
  • Maximum Loan Amount: 95% of Credit Line
  • Read Our Full Review
DurationMinimum TransferInterest RateProcessing FeeEffective Interest RatePrevailing Interest Rate
6 monthsS$10,000N/A1.38%2.96%25.9%
6 monthsS$2,000N/A1.88%4.02%25.9%
12 monthsS$2,0004.99%2.5%9.01%25.9%
Maybank's balance transfer offer for amounts of at least S$10,000 with 6 months interest-free are particularly attractive. The bank charges a 1.38% processing fee, which tied for the lowest fee among 6-month interest-free transfers with HSBC, though it advertises a lower EIR than HSBC. With that said, it is important for borrowers to be sure that they will be able to repay such a large balance transfer within 6 months. If they are unable to pay their entire debt in this amount of time, they may be better off with a 12 or 18 month interest-free transfer as Maybank charges 25.9% following the interest-free period. Maybank also charges a competitive 1.88% processing fee for 6-month interest-free balance transfers of S$2,000.
  • Lowest Rates for Balances of S$10,000+: 2.96% EIR
  • Maximum Loan Amount: 95% of Credit Line
  • Read Our Full Review
Duration6 months6 months12 months
Minimum TransferS$10,00S$2,000S$2,000
Interest RateN/AN/A4.99%
Processing Fee1.38%1.88%2.5%
Effective Interest Rate2.96%4.02%9.01%
Prevailing Interest Rate25.9%25.9%25.9%
Maybank's balance transfer offer for amounts of at least S$10,000 with 6 months interest-free are particularly attractive. The bank charges a 1.38% processing fee, which tied for the lowest fee among 6-month interest-free transfers with HSBC, though it advertises a lower EIR than HSBC.

With that said, it is important for borrowers to be sure that they will be able to repay such a large balance transfer within 6 months. If they are unable to pay their entire debt in this amount of time, they may be better off with a 12 or 18 month interest-free transfer as Maybank charges 25.9% following the interest-free period. Maybank also charges a competitive 1.88% processing fee for 6-month interest-free balance transfers of S$2,000.

Best 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 months2.5%S$88, waived for S$10,000 or more4.39%28%
Credit Card12 months4.88%S$88, waived for S$10,000 or more6.77%28%
HSBC's current personal line of credit balance transfer offer 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 other balance transfer offerings are much less competitive than its 6-month personal line of credit 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 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 for S$10,000 or moreS$88, waived for S$10,000 or more
Effective Interest Rate3.26%5.47%4.88%4.39%6.77%
Prevailing Interest Rate18.5%18.5%18.5%28%28%
HSBC's current personal line of credit balance transfer offer 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 other balance transfer offerings are much less competitive than its 6-month personal line of credit transfer.

For New Citi Customers Only: Citibank Ready Credit 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
If you have not had a banking relationship with Citibank in the past 12 months, then Citibank's Balance Transfer product is also a great option for 6-months interest-free balance transfers. As long as you are a new customer to Citibank, you can enjoy 6 months of zero interest on your balance transfer for paying only 1.58% of service fee. 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.
  • 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
If you have not had a banking relationship with Citibank in the past 12 months, then Citibank's Balance Transfer product is also a great option for 6-months interest-free balance transfers. As long as you are a new customer to Citibank, you can enjoy 6 months of zero interest on your balance transfer for paying only 1.58% of service fee. 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.

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).

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 2019.

Processing Fee by Interest Rate Free Period3-months6-months12-months18-monthsMinimum Monthly Repayment
DBS/POSB Balance Transfer CashlineN/A2.5%4.5%N/A2.5%
DBS/POSB Balance Transfer Credit CardN/A2.5%4.5%N/A3%
UOB CashPlus Balance TransferN/A2.5%4.28%N/A2.5% (or S$30, whichever is higher)
UOB Credit Card Balance TransferN/A2.5%4.28%N/A3.0% (or S$50, whichever is higher)
Standard Chartered Funds TransferN/A1.99%4.5%N/A1%
OCBC Balance Transfer1.8%2.5%4.5%N/A3.0% (or S$50, whichever is higher)
Citibank Credit Card Balance Transfer1.58%1.58%5.5%N/A1% (or S$50, whichever is higher)
Citibank Ready Credit Balance Transfer1.58%1.58%5.5%N/A3% (or S$45, whichever is higher)
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)
HSBC Credit Cards Balance TransferN/AS$88 waived if >S$10,000 + 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%
William Hofmann

William is a Senior Research Analyst at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

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