DBS Balance Transfer
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Summary
DBS Balance Transfer Review 2024
If you’re looking for an instantaneous solution to credit card woes, look no further than DBS Balance Transfer.
For successful applications via SingSaver, you will receive funds into your DBS/POSB account immediately upon approval. With both 6-month and 12-month options, the balance transfer comes with a processing fee of 2.5% and 4.5% respectively (EIR of 5.06% p.a for Cashline and 5.2% p.a for Credit Card).
Assuming you have chalked up S$1,200 in interest on other credit cards over a 12-month period (on a debt amount of S$5,000), you save about S$975 as you pay only the 4.5% (S$225) in processing fee.
The minimum monthly repayment is S$50 or 2.5% of the outstanding balance, whichever is higher.
Product Page Transparency
- Pays to access additional features
DBS Balance Transfer is a type of personal loan offered by DBS Singapore. Balance Transfer allows for the outstanding amount in one account to be transferred to another account with a lower interest rate. DBS Balance Transfer is suitable for people looking for a 12-month long interest-free balance transfer option
Loan Features & Details
1) Key Features
- Minimum monthly repayment amount: 2.5% of outstanding statement balance or S$50, whichever is the higher amount
- Minimum loan amount S$500
- Processing fee: 1.5% to 2.5% (online exclusive) for DBS Cashline and Credit Card, for tenure of 3 to 12 months respectively
- Effective interest rate: 6.12% to 5.06% (for DBS Cashline) or 6.15% to 5.20% (for DBS Credit Card), for tenure of 3 to 6 months respectively
2) Eligibility
- Citizenship: All nationalities with existing DBS/POSB Credit Card/Cashline only
- Age: 21-75 years old
3) Fees
- Processing fee: 1% of approved instalment plan amount, or a minimum of S$88
- Late repayment fee: S$100 (for Credit Card) or S$120 (for Cashline)
- Early repayment fee: S$0
4) Application Process
How to apply?
- To get started, apply for DBS Credit Card of Cashline
- Singaporeans may apply through iBanking. Foreigners will have to begin their application through DBS’s digibot on their website.
Supporting documents
- NRIC (front and back)
- Salaried employees: 3 months payslip, or latest Income Tax Notice of Assessment with 1 month payslip, or latest 6 months CPF statement
- Self-employed persons: Last 2 years of Income Tax Notice of Assessment
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Summary
DBS Balance Transfer Review 2024
If you’re looking for an instantaneous solution to credit card woes, look no further than DBS Balance Transfer.
For successful applications via SingSaver, you will receive funds into your DBS/POSB account immediately upon approval. With both 6-month and 12-month options, the balance transfer comes with a processing fee of 2.5% and 4.5% respectively (EIR of 5.06% p.a for Cashline and 5.2% p.a for Credit Card).
Assuming you have chalked up S$1,200 in interest on other credit cards over a 12-month period (on a debt amount of S$5,000), you save about S$975 as you pay only the 4.5% (S$225) in processing fee.
The minimum monthly repayment is S$50 or 2.5% of the outstanding balance, whichever is higher.
Product Page Transparency
- Pays to access additional features
DBS Balance Transfer is a type of personal loan offered by DBS Singapore. Balance Transfer allows for the outstanding amount in one account to be transferred to another account with a lower interest rate. DBS Balance Transfer is suitable for people looking for a 12-month long interest-free balance transfer option
Loan Features & Details
1) Key Features
- Minimum monthly repayment amount: 2.5% of outstanding statement balance or S$50, whichever is the higher amount
- Minimum loan amount S$500
- Processing fee: 1.5% to 2.5% (online exclusive) for DBS Cashline and Credit Card, for tenure of 3 to 12 months respectively
- Effective interest rate: 6.12% to 5.06% (for DBS Cashline) or 6.15% to 5.20% (for DBS Credit Card), for tenure of 3 to 6 months respectively
2) Eligibility
- Citizenship: All nationalities with existing DBS/POSB Credit Card/Cashline only
- Age: 21-75 years old
3) Fees
- Processing fee: 1% of approved instalment plan amount, or a minimum of S$88
- Late repayment fee: S$100 (for Credit Card) or S$120 (for Cashline)
- Early repayment fee: S$0
4) Application Process
How to apply?
- To get started, apply for DBS Credit Card of Cashline
- Singaporeans may apply through iBanking. Foreigners will have to begin their application through DBS’s digibot on their website.
Supporting documents
- NRIC (front and back)
- Salaried employees: 3 months payslip, or latest Income Tax Notice of Assessment with 1 month payslip, or latest 6 months CPF statement
- Self-employed persons: Last 2 years of Income Tax Notice of Assessment
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Interest rates and fees for DBS Balance Transfer
Tenure | 6 months | 12 months |
|---|---|---|
Processing Fees | 2.5% | 4 . 5% |
Cashline Effective Interest Rate (p.a) | 7.52% / 5.27% (for online application) | 7.12% / 5.06% (for online application) |
Credit Card Effective Interest Rate (p.a) | 7.61% / 5.34% (for online application) | 7.32% / 5.20% (for online application) |
Applied Interest Rate (p.a.) | 0% | 0% |
the lower EIRs are applicable only for online applications
Features: Pros and cons of DBS Balance Transfer
Features & Benefits:
+ Apply via SingSaver to receive instant loan approval and cash disbursement in your DBS/POSB deposit account. Only applicable to existing DBS/POSB cashline/credit card customers or new customers who are crediting salary into a DBS/POSB account.
+ Balance Transfer rate of 0% for 6 or 12 months with processing fee of 2.5% or 4.5%, respectively (EIR of 5.06% p.a for Cashline and 5.2% p.a for Credit Card)
+ Pay a minimum of S$50 or 2.5% of the statement balance, whichever is higher
Lowest Flat Rate: 0%
+ Transfer up to 93% of available credit limit of DBS Credit Card to any other bank account, credit card or line of credit
- Late payment charge: S$100 for personal loan on DBS credit card & S$120 for personal loan on DBS Cashline
Other Fees: what else to look out for?
Minimum monthly repayment: 2.5% of the outstanding balance for DBS Cashline / 3% of the outstanding balance for DBS/POSB Credit Card holders ( or S$50, whichever is greater)
Late payment fee: S$100 for Credit Card / S$120 for Cashline
Late payments are also subjected to additional charges.
Eligibility: who can apply for DBS Balance Transfer?
- Applicants with either a DBS/POSB Credit Card or Cashline Account
Contact DBS Singapore
- Tel: 1800 111 1111
- Visit DBS website for more details about DBS Balance Transfer personal loan.
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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