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Balance Transfer

 

Why Balance Transfer ?

  • Consolidate all outstanding credit card balances to Bank Islam Card for better financial management.

  • Enjoy low finance charge at 6.0% per year compared to regular charges of 13.5% to 17.5% per year by other cards issuers.

  • No compounding finance charges.

  • Free Takaful coverage on outstanding balance.

  • No processing fee.

  • No early settlement fee.
     

Documents Required

  • Photocopy of other credit card(s) (front only)

  • Photocopies of credit card statements from other banks (last 2 months)
     

Click here to download form
(Promotion is until 31 December 2010) 

* Terms and Conditions apply

 


Terms and Conditions Balance Transfer Programme

  1. The Bank Islam Card 0.5% Per Month (6% Per Annum) Balance Transfer Programme (the Programme) runs from 01 July 2010 to 31 December 2010.

  2. The programme shall be for 12 months from the date the Bank Islam Card Account is debited or up to the expiration of the 3-year Bank Islam Card Account contract period, whichever comes first. Example: If the Bank Islam Card Account is debited on 01 July 2010, the validity period for the transfer shall be up to 30 June 2011. However, if Card Account contract expires on 01 January 2011, this program shall end on the Card Account contract expiry date.

  3. All Principal Bank Islam Visa and / or Bank Islam MasterCard Cardmembers may apply for the Programme to transfer outstanding balance(s) of credit card account(s) with other financial institution(s) to any card account held in their name and issue by Bank Islam Malaysia Berhad (the Bank).

  4. Applications for the Programme are subject to prior approval of the Bank and the terms and conditions contained herein. The Bank reserves the right to approve or decline any application and determine the Outstanding Balance allowed to be transferred (the Approved Amount) at its absolute discretion.

  5. The Bank Islam Card Account must be in current status with sufficient Financing Limit to enable execution of the transfer. More than one transfer may be requested at any one time within the promotion period. Each request may consist of more than one transfer to other financial institutions and the total transfer amount for each request must comply with clause 9.

  6. The latest card statement of the specified card account(s) must be attached with the Balance Transfer Application Form, duly signed and dated.

  7. All requests for the Programme will be executed subject to clause 6. For transfers to be made by the statement due date of the card account to be transferred, the application must be received by the Bank at least 10 days before the statement due date. The Bank shall not be responsible for any charges that may be imposed by the other financial institution(s) due to transfer delays.

  8. Transactions in dispute shall remain the sole responsibility of the Cardmember to resolve with the other financial institution(s) although the Bank will undertake to make the transfer payment as requested.

  9. Subject to available Financing Limit in the Bank Islam Card Account, the Cardmember shall transfer a minimum of RM500.00. The maximum transfer amount shall depend on availability of the Financing Limit.

  10. The Approved Amount shall be part of the total available Financing Limit for all the Bank Islam Card Account(s) of the Cardmember, including Supplementary Card Account(s), if any. There shall be no increase in the Financing Limit equivalent to the Approved Amount. The Approved Amount shall effectively reduce the available Financing Limit of the Bank Islam Card Account accordingly.

  11. A Profit charge of 0.5% per month or 6% per annum shall be applicable for the Approved Amount from the posting date. The standard Profit Charge of 13.5% - 17.5% per annum shall be levied if the Minimum Payment is not paid by the Due Date.

  12. In addition, the Late Payment Compensation Handling Fee (Ta’widh) of 1% of the Outstanding Balance as at statement date shall apply i.e. a minimum of RM5.00 and capped to a maximum of RM50.00, whichever is higher.

  13. Payments received will be allocated to first pay off Balance Transfer transactions in accordance with the transaction date i.e. the earlier transfer will be paid off first.

  14. No Profit Charge shall be applied on the Approved Amount or other such outstanding balances thereof provided the Cardmember pays the amount in full on or before the Due Date. Upon expiration of the 12-month period, the standard Profit Charge of 13.5% - 17.5% per annum shall be applicable.

  15. No Early Settlement Fee will be charged if the Cardmember terminates or opts to discontinue the Programme by making full payment of the Approved Amount or such other outstanding balances thereof prior to the expiry date of the 12-month period.

  16. In the event the Cardmember (who has participated in this Programme) instructs the Bank to cancel the existing Bank Islam Cardmembership or the existing Bank Islam Cardmembership is terminated by the Bank due to any reason as stated in the Card Agreement, the Cardmember is liable to settle in full all of the outstanding balances, including fees and charges which may be imposed by the Bank, upon closure of the Bank Islam Card Account(s) in accordance with the Card Agreement.

  17. Notification will be sent to the Cardmember if the application for the Programme is not successful. If the application is approved, the Bank shall make payment of the Approved Amount to the card account(s) of the Cardmember with other financial institution(s) as instructed in such a manner as the Bank deems fit.

  18. Until payment (refer to clause 7) of the Approved Amount is made by the Bank to the other financial institution(s), the Cardmember shall continue to be liable to make payment to the other credit card account(s) with the other financial institution(s) and in accordance with the terms of payment of the other financial institution(s) and the Bank shall not be liable for any interest on any overdue payment or any other finance chargers or other fees and charges incurred by the Cardmember as a result of the failure of the Cardmember or the delay by the Bank in making payment of the Approved Amount to the other financial institution(s).

  19. The Terms and Conditions herein are in addition to and without prejudice to the Terms and Conditions stated in the Card Agreement. In the event of a conflict between the Terms and Conditions herein and the Terms and Conditions in the Card Agreement, the decision of the Bank as to which the Terms and Conditions shall prevail shall be inclusive.

  20. The Bank reserves the right to cancel, terminate or suspend this Programme without prior notice. For the avoidance of doubt, cancellation, termination or suspension by the Bank of this Programme shall not entitle the Cardmember to any claim or compensation against the Bank for any losses or damages incurred by the Cardmember as a direct or indirect result of the act of cancellation, termination or suspension.

  21. The Bank reserves the right, sole and absolute discretion to amend the Terms and Conditions herein at any time without prior notice to the Cardmember and the duly amended terms and conditions shall become effective on such a date as may be determined by the Bank.

  22. The Bank reserves the right to end the Programme at any time without prior notice to the Cardmember and without assigning any reason whatsoever. The Programme may be replaced in whole or in part by another Programme at the absolute discretion of the Bank.

  23. The Terms and Conditions herein shall be governed by and construed in accordance with the laws of Malaysia.
     

 
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