Bank Muamalat Credit Card Balance Transfer

Bank Muamalat has a credit card balance transfer service tgat allows cardholders to transfer balances from other credit cards to the Bank Muamalat credit card, often at a lower interest rate. This can help cardholders consolidate their debts and manage them more efficiently, while also saving money on interest.

Bank Muamalat offers a range of credit cards with different benefits and features to cater to the diverse needs of its customers. Rest assured, Bank Muamalat follows Islamic banking principles, ensuring all their products and services are Shariah-compliant.

What are the benefits if I transfer my credit card balance to Bank Muamalat?

Balance transfers can offer a multitude of advantages to credit card users. Here are some key benefits if you transfer your card balance to Bank Muamalat:

Save money on interest payments

By transferring your balance from other bank cards to a Bank Muamalat Credit Card-i with a lower rate, you can save significantly on interest or profit payments.

Accelerate debt payoff

By moving your outstanding balances from a higher interest/profit bearing card to a lower profit rate card, you can potentially pay off your balance faster and reduce your overall credit card debt.

Simplify financial management

Consolidating your multiple credit card balances into one card can streamline your financial management and improve tracking of credit card debt.

What are the balance transfer plans from Bank Muamalat Credit Card-i?

When setting up a new Bank Muamalat Credit Card-i, you can request a balance transfer from your existing card. Bank Muamalat will arrange the transfer for you, provided your account and Bank Muamalat credit card is activated.

Bank Muamalat Credit Card-i offers several balance transfer plans. For a 6-month tenure, the profit rate is 0% with a one-off charge. The minimum transfer required is RM3,000, and the maximum transfer can be up to 70% of the available credit limit. A 12-month tenure option offers a profit rate of 2.5% with a minimum transfer of RM5,000.

What are the balance transfer limits with Bank Muamalat?

The minimum and maximum amounts for the Bank Muamalat Balance Transfer plan depend on the specific plan chosen, but the maximum amount is up to 70% of the available credit limit or the remaining unutilised limit, whichever is lower.

For example, if you have a credit limit of RM10,000 on your Bank Muamalat credit card and you have not used any of it, the maximum amount you can transfer is RM7,000.

If you have used RM3,000 of your credit limit, the remaining unutilised limit is RM7,000, so the maximum amount you can transfer is RM4,900 (which is 70% of RM7,000).

What is the eligibility for the balance transfer plan with Bank Muamalat?

The Balance Transfer plan is open to all principal cardholders of Bank Muamalat Credit Card-i with accounts in good standing and subject to bank approval. Supplementary cardholders are not eligible.

Principal cardholders may apply for multiple plans or balance transfers, provided they do not exceed 70% of their assigned or available limit. Bank Muamalat staff are also eligible.

Is there any early settlement and late payment penalties?

There is no early settlement fee or charge for early payments. However, failure to make balance transfer monthly payments in full will incur a late payment compensation charge of 1% on the outstanding balance of the balance transfer monthly payment (subject to a minimum of RM10 and maximum of RM100).

An annual profit charge of 18% per annum will be imposed for any outstanding amount due and remaining unpaid to the bank under the balance transfer facility.

How to apply for the Bank Muamalat Credit Card-i Balance Transfer Plan?

To apply, your need to download the Balance Transfer Application Form from the Bank Muamalat website.

After that, you need to complete it, attach the latest 2 months credit card statement from your other bank/card issuer, and email it to [email protected]

You can also drop it off at the nearest Bank Muamalat branch.

How long is the processing time for Bank Muamalat balance transfer application?

Approval may take up to seven working days. It’s important to continue making payments on your non-Bank Muamalat credit cards until your balance transfer has been posted to your Bank Muamalat Credit Card-i account.

How do I check my balance transfer application status with Bank Muamalat?

You’ll be informed of your application status via SMS. Continue making payments on your other bank’s credit card account until the transferred amount has been posted to your Bank Muamalat Credit Card-i account and the balance has been paid.

Why Bank Muamalat declined my balance transfer application?

The bank may decline your application if your Bank Muamalat Credit Card-i account is past due or overlimit, you have exceeded the maximum transfer limit amount, or you are in breach of your Cardholder Agreement with Bank Muamalat Malaysia Berhad.

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