Can you live without credit cards? Well, UOB Credit Card is the top choice of many for a reason. The best part of its services is fund transfer.
It seems that most Singaporeans need credit cards for various reasons. Some of us use credit cards to take advantage of rewards and rebates. Others want to build up their credit scores for their future loan applications. Finally, many see the other benefits, such as 0% instalments and fund transfers.
UOB credit cards have not only been packed with various rewards and rebates. Also, it has services you can use to make your financial life more stable. But, of course, this is if you can keep up with terms and conditions.
UOB’s Funds Transfer offers to the Principal Cardmember provided that the cardmember has good credit standing and has never been delinquent in paying bills.
Here are some questions you should ask.
UOB will open an account in your name and debit the approved amount from this new account. The funds transfer outstanding amount, late payment charges, and interest rate will all be reflected in your monthly statement. The due amount is payable whether your card is activated or not.
Naturally, the approved amount, including the processing and other service fees, must not exceed the credit card’s credit limit. That is why the approved amount for funds transfer will be at the bank’s sole discretion. The final decision of the bank will be final and binding.
The amount you can request will depend on the combined credit limit of all your UOB credit cards.
This promotional interest rate is applied when the fund’s transfer has been approved. Also, it continues until the promotional tenor reaches its last day. Or if the fund transfer has been settled. It recognized whichever is earlier.
The bank will not approve your request if you intend to make a transfer to a third-party account. Also, the receiving account must be denominated in Singaporean dollars only.
UOB Funds Transfer for credit cards usually takes five (5) banking days.
You will be liable for the total outstanding amount. Therefore, make sure that you can handle the entire balance left before you decide to close the account.
The required minimum payment is at least 3% of the outstanding balance or $50, whichever is higher.
Getting a personal loan from a trusted and licensed money lender is better if you need some cash for debt consolidation or essential purchases. Cash Mart only takes 30 minutes to get your loan approved and your cash disbursement.