Important Notes Relating to Balance Transfer Facility


  1. The Balance Transfer facility is open to any principal cardmember (the “Principal Cardmember”) of a VISA or MasterCard Credit Card issued by OCBC Bank (the “Card”) whose Card account (the “Card Account”) is in good standing as determined by OCBC Bank.
  2. A Principal Cardmember may apply for a transfer (the “Balance Transfer”) of the outstanding balance(s) in Singapore dollars (the “Applied Balance Transfer Amount”), subject to a minimum amount specified by OCBC Bank, under any credit card/credit line account(s) (the “Other Card/Credit Line Account(s)”) of such Principal Cardmember held with any bank or financial institutions in Singapore, other than OCBC Bank, to the Balance Transfer Account (as defined below). You may also apply for a Balance Transfer of the Balance Transfer Amount (as defined below) from the Balance Transfer Account to a bank account that you maintain with any bank or financial institutions in Singapore acceptable to us. Such Balance Transfer shall only be permitted from time to time as determined by us. A Balance Transfer can only be made to a receiving account denominated in Singapore dollars.
  3. OCBC Bank reserves the right to reject an application for a Balance Transfer in its entirety and/or approve only part of an Applied Balance Transfer Amount (such approved amount shall be referred to as the “Balance Transfer Amount”) at its absolute discretion and without assigning any reason there for.
  4. OCBC Bank may, on its approval of each Balance Transfer application, open an account in the name of the Principal Cardmember (the “Balance Transfer Account”) and charge and debit the Balance Transfer Amount to/from such Balance Transfer Account on the date of the approval letter issued by OCBC Bank or such later date as determined by OCBC Bank.
  5. The Principal Cardmember shall be fully liable to OCBC Bank for any and all amounts charged to and/or debited from its Balance Transfer Account(s).
  6. If approved, the Balance Transfer Amount shall be credited directly into the account stated in this Balance Transfer application form. The Principal Cardmember shall continue to make payments on any Other  Card/Credit Line Account(s) for which he has made a Balance Transfer application until the relevant Card/Credit Line Account is successfully credited. OCBC Bank shall not be liable for any overdue payment or interest or any other fees costs expenses whatsoever and howsoever incurred on such Other Card/Credit Line Account(s).
  7. Each Balance Transfer Amount charged to and debited from any Balance Transfer Account(s) will be treated in the same manner as a charge arising from a Cash Advance in respect of a Card Account under the Cardmember’s Agreement and will be reflected in the monthly statement issued by OCBC Bank to the Principal Cardmember for his/her Balance Transfer Account(s) (the “Balance Transfer Billing Statement”) and payable by such Principal Cardmember in accordance with the terms of the Cardmember’s Agreement and the OCBC Terms and Conditions of Balance Transfer Facility.
  8. A non-refundable processing fee on the Balance Transfer Amount at a rate as determined by OCBC Bank at its discretion will be charged to and debited from the Balance Transfer Account (regardless whether the Balance Transfer facility is terminated at any time by the Principal Cardmember or OCBC Bank) for each successful Balance Transfer.
  9. OCBC Bank may vary the interest rate chargeable, the basis of calculation of interest, fees and charges at any time in OCBC Bank’s sole discretion without any notice and without giving any reason there for.
  10. The outstanding balances to be transferred cannot exceed the available credit limit of the Principal Cardmember’s Card Account.