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Transfer your balance and enjoy a convenient payment plan

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Balance transfer business yield enhancing
  • Credit Cards

  • Credit Card Balance Transfer | Credit Card Loan

Transfer your balance and enjoy a convenient payment plan

Balance Transfer

Interest on credit cards can mount up if you’re not careful. If you’re paying high interest rates on a credit card with another bank, transfer the balance to your Standard Chartered credit card and enjoy low interest rates & flexible repayment plan.

Fees & Charges

Fees and charges are subject to change. All fees and charges listed are inclusive of 5% Value Added Tax (VAT), where applicable.

 

Details
Charges
Interest Rate Up to 3% monthly
Processing Fee Up to 4.2%
Early Settlement Charge 2% to 5% or AED 300, whichever is higher
Interest rates may be subject to change at the Bank’s discretion.

FAQs

  • How does this work?

    Step 1. Call us on (+971) 600 5222 88 and give us the details of the card(s) you’re transferring from.
    Step 2. We will transfer the balance and you pay a small processing fee on the amount transferred.
    Step 3. Enjoy a flexible repayment plan.

Terms and Conditions

  • There is no fixed instalment to be paid every month, however payment of minimum amount due as per the statement is required
  • A one-time processing fee will be charged to you credit card account, when the balance transfer amount is debited from the credit card’s available limit.
  • The 180 days will be calculated from the day the loan/finance  amount is debited from the credit card available limit irrespective of your billing and due date
  • After 180 days, the remaining balance loan/finance amount will be added to the card outstanding and normal credit card interest/profit rate will be charged.
  • Any payment towards the credit card within the loan/finance period first pays off any Equal Monthly Instalments (EMI) due in the month ,then, all fees and interest are cleared, followed by 1% of Balance Transfer outstanding, 1% of Smart Payment Plan outstanding and 1% of retail outstanding in that order.
  • The remaining amount of payment will go towards clearing 100% of the Retail outstanding followed by Balance Transfer and Smart Payment plan.
  • The amount taken from the Balance Transfer will be blocked on the credit card. Blocked amount will be released upon each monthly payment made.
  • Balance Transfer will not be processed in case the retail balance is less than the amount for booking at the time of processing the plan. Hence, credit card balance should be maintained till the funds get transferred to your personal account
  • Processing time for the loan/BT offer is approximately 2 to 3 working days
  • Balance Transfer request will be processed subject to clearance at beneficiary Bank
  • The Bank has the sole discretion to accept or reject any Balance Transfer application.
  • The Balance Transfer transaction amount(s) will be debited to the Standard Chartered Credit Card and will be remitted to the other bank within the United Arab Emirates (“UAE”) by way of a Central Bank transfer within 3 working days from the date of approval of the application.
  • Payments to the other banks should continue to be made until the balance has been transferred.
  • The Bank will not be liable for payment of any overdue charges, late payment fees, finance charges, or any other charges/liabilities on other credit cards mentioned above that may occur due to any payment delay.
  • The interest/profit rate applied on the outstanding Balance Transfer amount shall be 0% (Zero %), for a period of six months from approval of the application, where after the prevailing base interest/profit rate will apply. All other outstandings on the credit card account shall continue being levied interest/profit at the prevailing interest/profit rate.
  • The Bank reserves its right to cancel the offer and charge interest on the transferred amount at the prevailing interest/profit rate from the Balance Transfer date, in the event of failure to pay the minimum amount due on the payment due date.
  • It is important to set the monthly “Minimum Amount Due” payment at less than 100% to avail the lower interest/profit rate. Otherwise 100% of the outstanding will be cleared when the standing instruction is executed.
  • These terms and conditions are in addition to the other terms and conditions applicable to all credit card accounts as contained in the Credit Card Terms and Conditions.
  • All credit card transactions made during the tenor of the BT will accrue interest/profit from the transaction date till the payment date, at the card’s interest/profit rate. This will reflect in the following month’s statement. For Saadiq Credit Cards, the discounted rate will be applicable from transaction date to the Card’s payment date and will reflect in the following month’s statement.
  • You have the right to a cooling-off period of 5 business days. The Cooling-off period is the period after agreeing to the Balance Transfer that allows you to reconsider the product and to withdraw from the Contract without suffering any undue costs, obligations, or inconvenience. You may choose to consult other persons including a lawyer or any advisor in order to make an informed decision. On the 6th business day, you must decide to choose to reject or negotiate an amendment to the contract or otherwise the contract may be in force in accordance with its terms and conditions.
  • If you decide not to proceed with the Balance Transfer within the Cooling-off Period, the Bank will refund any related fees net of any reasonable and direct costs already incurred. In the event that you exercise your right in relation to the Cooling-off Period you shall be liable to pay the Bank the full outstanding balance on the Credit Card.
  • Finance charges (interest / profit) are calculated as per the Reducing Balance Method. The bank is not permitted to charge interest/profit on accrued interest. For Saadiq Cards, the profit is calculated at the time of issuance of the card limit and the payment of purchase price is paid as per the agreed terms and conditions.
  • Bank related fees and charges will incur value added tax (VAT) of 5%, where applicable.
  • For Arabic Terms and Conditions Click Here
    • If you do not meet the repayments/payments on your credit card, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future.
    • If you make only the minimum repayment/payment each period, you will pay more in interest/profit/fees and it will take you longer to pay off your outstanding balance.
  • Balance Transfer Amount 10,000
    Period (Months) 6
    Processing Fee : 2% 200
    Interest/Profit Rate over the 6-month period 0%
    Interest/Profit Rate from Month 7 Onwards Annual Interest/Profit Rate: 41.4% Monthly Interest/Profit Rate: 3.45%
    *All Values are in AED
    Outstanding Balance Months Interest/Profit Minimum Amount Due+ Interest/Profit
    10000 Month 1 10000*0% = 0 110 + 0 = 110
    9890 Month 2 9890*0% = 0 110 + 0 = 110
    9780 Month 3 9780*0% = 0 110 + 0 = 110
    9670 Month 4 9670*0% = 0 110 + 0 = 110
    9560 Month 5 9560*0% = 0 110 + 0 = 110
    9450 Month 6 9450*0% = 0 110 + 0 = 110