Balance transfer is when you are paying off the balance on your existing credit card by transferring it to another credit card account. Balance transfers is a great way to save money if you are getting a lower interest rate. When you are saving money on interest, you will be able to pay off your debt faster. You will only be able to transfer the amount that is up to your credit card limit. Banks charge a certain balance transfer fees. You will also get 0% interest rate as an introductory offer for a certain period. Rakbank offers balance transfer facility for their credit cardholders.
Features and benefits of Rakbank Credit Card Balance Transfer
Following are the features and benefits of Rakbank Credit Card Balance Transfer:
- You get 0% interest for 3 months.
- The processing fee charged is 1.95%.
- Interest rate after the first 3 months is 2%.
- You can save a lot on interest during the first 3 months and as the interest after that is just 2%, you will still be able to save.
- There is no annual fee charged.
- You also get up to 3% cashback on the domestic and international transactions.
How to apply for Rakbank Credit Card Balance Transfer?
You can apply for Rakbank Credit Card Balance Transfer by calling the bank at 04 213 0000. You can also send in the request through online banking. You can also SMS BT to 7010.
Note: The balance transfers are granted at the sole discretion of the bank.