Hong Leong Balance Transfer
Put all your worries away and start transferring your outstanding balance to your Hong Leong Credit Card to enjoy Greater Savings.
To enjoy an incredible low interest rate for up to 1 year, just transfer your outstanding balance from other credit or charge cards to any Hong Leong Credit Card.
Or, choose to have the loan amount credited into your savings or current account at Hong Leong Bank or at any other banks via cheque or Inter-Bank Giro (IBG).
The balance transfer Program ("Program") is open to all new and existing Principal Cardholder(s) of Hong Leong Bank Credit Card(s) ("Cardholder(s)") aged 21 years and above and who are Principal Cardholder(s) of credit card(s)/charge card(s) issued by another Malaysian financial institutions and / or credit card/charge card companies licensed by Bank Negara Malaysia and approved by Hong Leong Bank Berhad ("HLB") where the billing is in Ringgit Malaysia.
- The Programs ends 30 June 2013, unless otherwise notified.
- New applicant(s) are required to mail the balance transfer application form ("BT Application Form") duly completed to HLB together with the respective credit card application forms. Existing Cardholder (s) are only required to submit the BT / BT Plus application form with supporting documents. BT Plan S is not eligible for BT Plus application.
- HLB reserves the right to approve or reject the application(s) submitted by an applicant or Cardholder(s) under the Program without assigning any reason. Approvals may be subjected to further terms and conditions to be imposed by HLB at its absolute discretion.
- Cardholder(s) may apply to transfer outstanding balances (including principal, accrued interest, finance charges and other charges shown in the latest corresponding account / statement(s)) from no more than three (3) credit card accounts ("Outstanding Balances") held by the Cardholder(s) with other financial institutions and / or credit card companies ("Other Card Account(s)") to the approved balance transfer account with HLB ("BT Account").
- The minimum amount for the balance transfer ("BT") is RM 1,000-00 and the maximum amount will be determined by HLB at its absolute discretion. For BT Plan S, the minimum amount for the BT is RM3,000-00.
- HLB will notify the Cardholder(s) in writing whether his / her BT application has been approved and the approved limit for the BT ("BT Approved Amount"). Once the BT Approved Amount is determined, a corresponding amount of the Cardholder(s)' credit card(s) limit will be earmarked for this purpose and the available credit limit balance will be reduced accordingly.
- A nominal fee ("IBG Transaction Fee") of RM2.00 will be charge for every Interbank GIRO (IBG) transaction.
- The Cardholder(s) can choose any of the Special Interest Rate in item (a), (b), (c), (s) and 6.99% p.a. for life below. Upon transfer of the BT Approved Amount to the Cardholder(s)' BT Account, the Special Interest Rate chosen is calculated on a daily basis will be charged on the BT Approval Amount Balance during the respective Special Interest Period and upon expiry of the Special Interest Period, interest at the rate of 18% per annum will be charged on any balance in the BT Account until the date of full repayment. (a) Plan A: 0.50% per month up to a period of six (6) months from the date of transfer; or (b) Plan B: 0.75% per month up to a period of six (9) months from the date of transfer; or (c) Plan C: 1% per month up to a period of six (12) months from the date of transfer; (s) Plan S: 0.40% per month up to a period of three (3) months from the date of transfer or 6.99% p.a. for life: The interest of 6.99% p.a. will be calculated on daily basis and charged on the BT Account until the date of full repayment.
- The 6.99% p.a. for life special interest rate applies only to the first balance that is transferred to a Cardholder'(s) account. It is not applicable to existing Cardholder(s) who had previously performed other balance transfer transactions. Any other balance transfer transactions made subsequently are subject to HLB's prevailing terms and conditions and standard transfer rate(s).
- During the Program period, the Cardholder(s) shall be obligated to pay the minimum payment due in all credit card account(s) and / or BT Account(s) or RM 50.00, whichever is higher. If the Cardholder(s) fails to make payment on or before the due date, the special interest rate will be retracted and interest at 1.50% per month will be charged on the amount outstanding in the credit card account and / or the BT Account from the date after the due date until full repayment. Failure to comply to the minimum payment obligation will also result in a late payment fee of 1% from the minimum repayment amount or RM5.00, whichever is higher. The late payment fee will be charged accordingly.
- HLB also reserves the right to retract the Special Interest Rate if the Cardholder(s) breach any of the terms and conditions of the Program as well as the prevailing terms and conditions governing HLB Mastercard and / or Visa Card and / or AMEX Cardholder Agreement ("Cardholder Agreement").
- Notwithstanding anything contained in paragraph 9 and 11 above, if at any time, the Cardholder(s)' credit card account(s) and/or BT Account(s) becomes overdue or delinquent, HLB may at its absolute discretion charge on the outstanding balance or a portion thereof finance charges at the usual rate of 18% p.a. notwithstanding that it is still within the BT Program's term.
- Pending the approval of the Cardholder(s)' applications under the Program, the Cardholder(s) shall continue to be liable to make payment to his / her other Credit/Charge Card Account(s) with the respective issuing financial institutions and/or companies in accordance with the terms governing the same. HLB shall not be liable for interest on any overdue payment or any finance or other charges incurred as a result of the Cardholder(s)' and / or HLB's failure or delay in making payment to the other Credit/Charge Card Account(s) with the respective issuing financial institutions and/or companies.
- These terms and conditions are additional to HLB's credit card agreement with the Cardholder, which regulates the provision of credit card facility by the HLB to the Cardholder. In the event of inconsistency of any of these terms and conditions and the Cardholders Agreement, these terms and conditions shall prevail as they apply to this Program.
- If the Cardholder(s) fully settles the BT Amount before the expiry of the chosen Program period, an early settlement penalty of RM70 will be charged to the Cardholder(s)' BT Account.
- Subject to clause 6 above and the total credit limit of the Cardholder(s)' credit card account, the Cardholder(s) may apply for a second balance transfer during the Campaign Period, which again is subject to HLB's approval.
- HLB reserves the right to add, alter, modify, change or vary the terms and conditions contained herein, either in part or whole. HLB may at its discretion mail directly to the Cardholder or notify in the mass media or posting up a notice in HLB's banking hall or HLB's website at www.hlb.com.my or any method which the Bank deems practical
to give prior notice to the Cardholder prior notice to the Cardholder on such additions, modifications or amendments of the terms and conditions.
- The Cardholder(s) would not be able to accumulate reward points for the Balance Transfer Program.
- The Terms and Conditions herein contained shall be governed by and construed in accordance with the laws of Malaysia.
- In addition to the terms stipulated above, the Cardholder agrees that the general terms and conditions in the Cardholder Agreement shall be read together with this terms and conditions as an entire agreement. Any discrepancies between this terms and conditions with the general terms and conditions contained in the Cardholder Agreement, the specific terms above shall prevail.
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