Enjoy Great Savings with Balance Transfer

2 of my favorite Banks for Balance Transfer is UOB and DBS as I believe that they often offer the lowest processing fee for fund transfer.

Currently UOB CashPlus is offering 6 month funds transfer rate at 0% p.a. with processing fee of 2% for amount approved between S$500-S$9,999 and 1.5% for amount more than S$10,000 till 20 june 2008 and DBS Cashline is offering 6 month funds transfer rate at 0% p.a. with processing fee of 2% till 31 May 2008.

UOB CashPlus is a better deal at only 1.5% for processing fee if your approved amount is greater than S$10,000. Otherwise, they make no difference for amount less than S$10,000.

An example of how it works:
Loan amount: S$1,000
2% Fee          : S$20
Total Loan    : S$1,020

So the total amount you need to clear within 6 months from the transaction date is S$1,020, the interest rate will be adjusted to back to the prevailing interest rate thereafter.

Balance Transfer is good if you suddenly need a large amount of money for some unexpected happenings or you need to clear your outstanding credit card bills.

I discourage the use of money for investing in things such as stocks, as you never know what could happen next and it could lead you to greater debts which happened to some of my friends.

Use money wisely.