Standard Chartered provides solid balance transfer offerings to borrowers that seek to pay down their credit card or other personal debt. The bank's 1% monthly repayment requirement is the lowest of any lender in Singapore. The bank also offers interest-free periods of 6 and 12 months. Its 6-month interest free product is particularly competitive with its one-time service fee of 1.99%.
|Summary of Standard Chartered's Funds Transfer|
|Processing fee: 1.99% or 4.5%|
|Minimum monthly repayment 1%|
|Interest-Free periods of 6 or 12 months|
|Transfer amount: S$1,000 - 95% of credit limit|
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What Makes Standard Chartered Stand Out to Borrowers
Standard Chartered offers competitive balance transfers with interest-free periods of 6 or 12 months with minimum monthly payments of 1%, compared to most other lenders that require monthly payments of 2.5% - 3%. While Standard Chartered does not charge the lowest processing fee, it is one of the best options for borrowers that require a smaller, credit card balance transfer or do not qualify for one of the other 6-month interest free balance transfers. This is because of its below average processing fee and low minimum monthly repayment requirement .
Because Standard Chartered charges balance transfer customers a relatively high prevailing interest rate of 26.9%, borrowers that might require more than 6 months to repay their debt may be better suited for a 12 or 18 month interest-free balance transfer from other banks. Alternatively, borrowers that expect to be able to repay their debt in a short-period of time might be better off with a balance transfer loan from other banks has a 3-month interest-free period.
Summary of Standard Chartered's Balance Transfer Costs
|Interest-Free Period||Processing Fee||Effective Interest Rate||Prevailing Interest Rate|
Who Can Apply: Eligibility Criteria
To be eligible for Standard Chartered's balance transfer program, borrowers must have personal debt of at least S$1,000. Borrowers may have use the balance transfer to repay credit card or personal loans from other banks or from their Standard Chartered Credit Card. Additionally, unlike other lenders, Standard Chartered does not offer lower rates to new customers compared to its existing customers.
Other Charges & Fees
Aside from its processing fees, Standard Chartered charges a few other fees for early repayment, cancellation and transfer adjustments. These fees are avoidable to borrowers that carefully plan their balance transfer in advance. We strongly advise borrowers to do so, in order to make their balance transfer as inexpensive as possible.
|Early Repayment Fee||S$250 or 5% of the full funds transfer balance, whichever is greater|
|Cancellation Fee||S$250 or 5% of the full funds transfer balance, whichever is greater|
How to Apply for Standard Chartered's Funds Transfer
Individuals interested in Standard Chartered's Funds Transfer can apply through the bank's website or by clicking "Apply Now" on this page. Borrowers should be ready to submit appropriate documentation including a statement of account or offer letter from other banks. After submitting their application, individuals can expect to hear from Standard Chartered within 5 business days.