The ideal Balance Transfer Credit Card is different for everyone. But, there are a few general pointers that can assist a debtor when selecting his best Balance Transfer Credit Card in Malaysia:
1) Transferred amount
It is crucial to find out the requirements by the banks before a debtor transfers his credit card debts. Different banks have their own terms and conditions; some banks require a minimum amount to be transferred whilst some banks require the transferred amount to be fully paid off by a certain time period.
A debtor should only proceed with his selected Credit Card Balance Transfer plan after being sure that the terms and conditions are complementary to his credit situation.
2) Interest rate and tenure
This is perhaps one of the most important attributes of when picking a Balance Transfer Credit Card in Malaysia. A rule of thumb in selecting a Balance Transfer Credit Card in Malaysia is to pick the one with the lowest interest rates. Due to the competitive nature of financial products, debtors will be able to find 0% Interest Balance Transfer Credit Card in Malaysia (sometimes known as 0 Balance Transfer Credit Card)!
However, such low interest rates usually come with a catch and the rates are applicable only to a time frame. Most common 0 Balance Transfer Credit Cards are limited to 6 or 12 months. Meaning to say, debtors will be able to transfer their debts to a 0 Balance Transfer Credit Card and the transferred amount will not be charged interest for 6 to 12 months!
3) Overall credit card attributes
Tempted by low Balance Transfer interest rates, debtors usually neglect the overall attributes of a credit card. Besides the low interest rates offered, a debtor should also consider the credit card’s overall attributes before getting his new credit card. A credit card can be maximized to its fullest potential when the user takes into consideration other attributes like cash back, reward points and waiver of annual fees.
It is safe to say that the ideal Credit Card Balance Transfer plan in Malaysia is one in which matches the debtor’s needs, according to the three qualities above.