DBS & POSB Balance Transfer Review: Should You Apply?

DBS & POSB Balance Transfer Review: Should You Apply?

DBS & POSB's balance transfer rates are not particularly competitive, but their current promotion makes them a great option for borrowers that qualify.

Good for

  • Borrowers seeking a 12 month interest-free balance transfer of at least S$15,000
  • Those who are looking for balance transfer with promotional gifts

Bad for

  • Borrowers seeking balance transfer with lowest fees
  • Those looking for a short-term balance transfer
  • Borrowers seeking a balance transfer of less than S$15,000

Editor's Rating


DBS and POSB do not offer the lowest fees for balance transfers (5.06% - 5.34%) in Singapore. However, their promotions make them great options for balance transfers of at least S$15,000 with interest free periods of 12 months.

Summary of DBS & POSB's Balance Transfers
Interest-free periods of 6 & 12 months
Effective interest rates: 5.06% - 5.34%
Minimum monthly payment: 2.5% - 3% of outstanding balance, or $50, whichever is greater
Transfer amount: S$500 - 93% of credit limit
Promotion: Up to S$500 cashback depending on your transfer amount for 12 month balance transfer

Table of Contents

What Makes DBS & POSB Stand Out to Borrowers

DBS and POSB are excellent sources of 12-month balance transfer loans due to their current promotions. The banks are currently offering cashback of S$150, S$300 or S$500 to borrowers that seek balance transfers of at least S$15,000, S$30,000 or S$50,000, respectively. These promotions make the banks good options for borrowers, despite the fact that the banks charge higher fees than their competitors.

DBS & POSB's Balance Promotion

TenureBalance Transfer AmountCashback Amount
12 monthsS$15,000 to S$29,999S$150
12 monthsS$30,000 to S$49,999S$300
12 monthsS$50,000+S$500

Still, it's important to note that balance transfers from DBS and POSB remain more expensive for borrowers that do not qualify for the promotions. Therefore, balance transfers from DBS and POSB are only great deals for those borrowers that seek a 12-month interest-free period and a transfer amount of at least S$15,000.

Summary of DBS & POSB's Balance Transfer Costs

Interest-Free PeriodProcessing FeeCashline EIRCredit Card EIRPrevailing Interest Rate
6 months2.5%5.27%5.34%19.8% - 29.8%
12 months4.5%5.06%5.20%19.8% - 29.8%

Who Can Apply: Eligibility Criteria

Consider this if borrowers seeking a 12-month interest-free balance transfer of at least S$15,000

Processing Fee 2.5%
Maximum Principal 93% of credit line
Interest Free Period 6 months

To be eligible for DBS or POSB's balance transfer, borrowers must have credit card or Cashline accounts with one of the banks. The banks also require that borrowers apply for balance transfers of at least S$500.

Other Charges & Fees

In addition to their processing fees, DBS and POSB charge a late payment fee, although they do not specify the amount on their websites. The banks also charge prevailing interest rates of 19.8% to 29.8% for Cashline balance transfers and 25.9% for credit card balance transfers after the interest-free period. We strongly recommend that borrowers make timely payments and repay as much of their balance transfer as possible by the end of the interest-free period in order to minimise the total cost of their balance transfer.

How to Apply for DBS/POSB's Funds Transfer

To apply for a balance transfer from DBS or POSB, applicants must have a credit card or Cashline account with either bank. Applicants can apply online using their iBanking log-in information or their card and PIN numbers and are not require to produce any documents for the application.

Comments and Questions

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