best funds transfer rate now?

dao

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I called. They still insist that there is a $50 processing fee. Seems that they don't like me huh?
 

kokchu

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I just received an UOB mailer. 1.88%pa with no processing fee for 6 months. Offer ends 14 Jan 2011.

I am new to this and would appreciate advice.

So it means if I loan $10K, I only have to pay back $10,094? No other hidden charges?

So every month I have to pay UOB $1,682.33?

What happens if I missed 1 payment or make partial payment?

Thanks in advance!
 

dragonsballz

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Hi! In need of $6K cash to pay over six months installment.

1) So far HSBC the lowest and still on-going?

2) Din see such promo on UOB website....meaning no more??
 

civicguy

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a lot depends on your "credit standing" with them (their records).. if it is good, a lot of good offers
 

Thanatos_Wraiths

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CS from BOC called to offer 1.68% PA (for 3 mths) with no processing fee.
According to her, promotion ends this week. Those who has account with BOC may wanna call to check.
 

fortyseven

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just received mailer from OCBC for Easi Credit
1.88% p.a. until end Jun 2011 (~ 5 months)
There is no mention of processing fee in the mailer. Any1 has taken up the offer?
 

hclee01

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For new HSBC Personal Line of Credit customers who applied online, the funds transfer rate is 1.28% per annum for 6 months with no processing fee. You can read the promotion T&C at this website:

https://www.hsbc.com.sg/1/2/!ut/p/k...MUCgtDETOONTdGEDOIdESJB-gW5oSAQUe6oqAgA2666dg!!

HSBC's Personal Line of Credit Fund Transfer terms and conditions

1. This promotion is applicable to all personal line of credit fund transfer applications received by HSBC from 10 January 2011 till 31 March 2011 and approved by HSBC by 15 April 2011.

2. . For new customers who apply for the fund transfer application at the same time that they apply for a personal line of credit account, the promotional fund transfer interest rate is 1.28% p.a. for six months with S$50 processing fee. For online applications received between 10 January 2011 and 31 March 2011, the processing fee of S$50 will be waived
 

coffeeSG

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For new HSBC Personal Line of Credit customers who applied online, the funds transfer rate is 1.28% per annum for 6 months with no processing fee. You can read the promotion T&C at this website:



is this upfront interest rate?

on fund transfer page:

1.88% p.a. for 6 months* with upfront processing fee of S$50 (EIR: 2.62%+)

+ The Effective Interest Rate (EIR) is calculated based on an approved fund transfer of S$10,000 with 3% monthly minimum payment and full payment of the fund transfer amount outstanding at the end of the promotion period. EIR is subjected to compounding if the monthly finance charges are not paid in full.

https://www.hsbc.com.sg/1/2/!ut/p/k...YJp4h-pEoYqbxxqZoQgbxjgiRIP2C3NDQiHJHRQCv4WaB
 

hclee01

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is this upfront interest rate?

on fund transfer page:

1.88% p.a. for 6 months* with upfront processing fee of S$50 (EIR: 2.62%+)

+ The Effective Interest Rate (EIR) is calculated based on an approved fund transfer of S$10,000 with 3% monthly minimum payment and full payment of the fund transfer amount outstanding at the end of the promotion period. EIR is subjected to compounding if the monthly finance charges are not paid in full.

https://www.hsbc.com.sg/1/2/!ut/p/k...YJp4h-pEoYqbxxqZoQgbxjgiRIP2C3NDQiHJHRQCv4WaB

The link you provided is the link to Credit Card Funds Transfer promo. The one i provided earlier is for the credit line, Personal Line of Credit Promo. Both promos are different.

Interest rate is charged on the daily outstanding balance. For example if the outstanding balance for the day is $10K, the interest payable for 1 day will be $10K*0.0128/365days.

Assuming that repayment of $300 is made on Day 2, the outstanding balance is $9,700. Balance interest for Day 2 will be $9.7K*0.0128/365days.

Carry on this method of computation for the whole month and the total amount interest charged to account will be the sum of whole month interest payable computed above.
 

coffeeSG

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yes i know there are different products.
just trying to understand why the so call interest rate may not be the final interest rate in the end, paying more!

1.88%>>2.62%
so 1.28% is actually going to be higher
 
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hclee01

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yes i know there are different products.
just trying to understand why the so call interest rate may not be the final interest rate in the end, paying more!

1.88%>>2.62%
so 1.28% is actually going to be higher

2.62% is because they include $50 processing fee and treat it as "interest payment", thereby increasing the effective interest rate.
 

hclee01

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i see. thanks for explaining. is there any early payment penalty for hsbc offer?

There is no penalty for early repayment. This is just a credit line and each month you will need to make payment of at least 3% of statement outstanding. You can of course pay more and make full payment before the 6-month promotional rate is over.
 

magnifico

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anyone received funds transfer promo from ANZ? Cos from what i saw from e letter, it seems that I don't have to pay a single cent to have funds transferred. 100% savings. ANZ that good?
 
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