Best Balance Transfer Loans 2020

Balance transfer loans are good short-term option for tackling unmanageable credit card debt. We've 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
Maybank Fund TransferLarge, Short-Term Transfers2.96-9.01%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

  • Market Leading Rates: 2.83-4.86% EIR
  • Low Minimum Monthly Payment Requirement: 1%
  • Promotions:
  • $200 cash via PayNow for new credit card customers (via SGSaver)
  • $20 cashback upon approval for new customers
  • 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%
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.
  • Market Leading Rates: 2.83-4.86% EIR
  • Low Minimum Monthly Payment Requirement: 1%
  • Promotions:
  • $200 cash via PayNow for new credit card customers (via SGSaver)
  • $20 cashback upon approval for new customers
  • 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%
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

  • 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.

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 for Large Balances & Short Repayment Periods: 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 transfers of at least S$10,000, with 6 months interest-free, are particularly attractive. 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.
  • 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 transfers of at least S$10,000, with 6 months interest-free, are particularly attractive. 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.

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 months2.5%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 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 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 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

  • 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 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.
  • 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 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).

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 2020.

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 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%
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/A2.5% (or S$30, whichever is higher)
UOB Credit Card Balance TransferN/A2.5%4.28%N/A3.0% (or S$50, whichever is higher)
William Hofmann

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

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