Compare credit cards singapore9/23/2023 ![]() After you've decided how long it will take to repay your debt, we recommend that you compare balance transfers on their effective interest rate (EIR). If you will need more than a year to repay your debt, we suggest that you research debt consolidation loans, which charge lower interest rates, albeit without interest-free periods. After this interest-free period, interest rates rise significantly to the "prevailing interest rate", making it important to repay your debt within the interest-free period. This is crucial as balance transfers offer interest-free periods, in which borrowers can repay their existing debt without accruing additional interest costs. First, it is important to set a realistic expectation of how long it will take to repay your existing debt. There are a few key steps to finding an affordable balance transfer loan. As always, we strongly suggest that borrowers make sure to repay as much of their balance as possible since they will incur 20.95% - 26% of annual interest after their 6th month. Citibank's credit card balance transfer also provides a market leading 1% monthly repayment requirement. However, this rate increases to 2.5% if you've had a banking relationship with Citi in the past 12 months, which is well above the market average. New customers can enjoy 6 months of zero interest on balance transfers, with a competitive fee of just 1.58%. If you have not had a banking relationship with Citibank in the past 12 months, then Citibank's Balance Transfer product is also a good option for 6-month interest-free balance transfers. Here is why Citibank Ready Credit Balance Transfer is the best in Singapore for new Citibank members. Best 6-Month Line of Credit Transfer: HSBC Personal Line of Credit Balance Transfer Below are some other transfer loans that might be worth considering based on your preferences. However, in certain circumstances, borrowers may find that other transfers make more sense for their financial needs. The balance transfers listed above represent the most affordable options for most borrowers. Honorable Mention: Other Balance Transfer Loans to Consider The total cost difference is negligible and both products are among the cheapest available in Singapore. UOB offers credit card and CashPlus balance transfer loans, which vary slightly in terms of their total cost and monthly minimum repayment requirement. ![]() UOB is also currently offering a promotional S$50 gift card to Dairy Farm. UOB offers the least expensive balance transfers with interest-free periods of 12 months, due to its special 4.28% processing fee offered to online applicants. In our view, UOB's Balance Transfer product is the best for those who need a long interest-free period to repay their loans. Here is why UOB Balance Transfer is the best in Singapore for 12-Month Balance Transfer Loan.
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