Standard Chartered Funds Transfer Review: Great to pay off credit card debt

Standard Chartered Credit Card Funds Transfer is a balance transfer facility with 0% flat interest rate for balance transfers for the first 6 months. It also comes with the lowest processing fee of 0.9% in the market, available only on SingSaver. The 0% interest offer and low processing fee helps you avoid paying interest while you pay off debt.

If you’re looking for ways to pay down credit card debt within 6 months, Standard Chartered Credit Card Funds Transferis the best option for you. 

PROS	CONS
0% interest for the first 6 months	Offer only for new Standard Charterd card members
Lowest processing of 0.9% fee, exclusive only to SingSaver	After first 6 months, interest rate reverts to 25.9% p.a
SC Unlimited Credit Card: 1.5% cash back on all spen, 15% cash back on Grab rides
S$270 ($150 cash, $120 cash back) welcome offer offsets processing fee for a loan ip to S$30,000
No annual fee
Free credit report

Summary: Standard Chartered Credit Card Funds Transfer

0% interest offer

Standard Chartered Credit Card Funds Transfer is a balance transfer card that offers 0% interest rate for the first six months. This allows you to transfer and more easily pay off a balance you owe on another card or multiple cards. This balance transfer is done through the Standard Chartered Unlimited Credit Card.

That means if you don't charge any new purchases on the credit card, every dollar you put toward the card will go toward paying down your balance and debt. After that, your interest rate will rise substantially to the nominal credit card interest rate of 25.9% p.a. Ensure you clear your unpaid balance before the 6-month period ends.

Processing fee of 0.9% that can be fully offset

There is an upfront processing fee of 0.9% on the total balance transfer amount. This will be charged to the funds transfer account opened upon approval. This processing fee gets offset fully with the S$150 cash offer and S$120 cash credit upon approval and activation of the Standard Chartered Unlimited Credit card. The processing fee and cash offer are available only on SingSaver.

No annual fee

Standard Chartered Credit Card Funds Transfer has $0 annual fee. As mentioned above, the facility is comes with the Standard Chartered Unlimited Credit Card, which has an annual fee of $192.60 but is waived for the first two years. Not having to pay the annual fee obviously saves you money because you don’t have to pay just to keep them in your wallet.

How Standard Chartered Funds Transfer stacks up

S$5000 LOAN OVER 6 MONTHS
Bank	Annual Flat Interest Rate	EIR	Processing.Annual Fee	Welcome offer	Monthly
SCB	0% p.a	1.85% p.a	S$ 45	S$ 45 cash + S$ 45 cash credit	Min of 1% of upaid balance
Maybank	0% p.a	2.96% p.a	S$ 69	1x pair Adventure Cover Waterpark tix	Min of 3% or $10 of upaid balance
Citibank (new)	0% p.a	3.65% p.a	S$ 79	None	Min of 1-3% of upaid balance
UOB	0% p.a	5.34% p.a	S$ 125	None	Min of 3% or $10 of upaid balance
DBS	0% p.a	5.34% p.a	S$ 125	None	Min of 2.5% or $50 of upaid balance
Citibank (new)	0% p.a	7.87% p.a	S$ 275	None	Min of 1-3% of upaid balance
HSBC	2.5% p.a	4.37% p.a	S$ 88	None	Min of 3% of upaid balance

*Available only on SingSaver platform and not through the banks.