Martin Lee @ Sg
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UOB CashPlus Promotion

I found out yesterday that UOB was offering a 2.88% p.a. promotional interest rate for balance transfers from a CashPlus account. The current market rate for a promotional balance transfer is around 3.88% p.a. There are also interest free offers around but typically these come with an admin fee of 2.0% to 2.2%.

A note of caution:

I’m not asking you to do a balance transfer from your UOB CashPlus account.

Debt is a two edged sword and should always be used with caution. Most people would probably be better off not utilising their line of credits, but there are times when taking on debt might be beneficial.

More on this in tomorrow’s post.

Leave a Comment:

DorisTan says 14 years ago

I would like to know how come i applied for the fundtransfer the money was transferred to my personal account instead of my cashplus account. Pls advise i want the amount to transfer to cashplus account instead of my personal account.

Call me at 65426511 asap

    lioninvestor says 14 years ago

    Hi Doris,

    If you are doing a fund transfer promotion, wouldn’t the money have to be deducted from your cashplus to go into your other account?

    You might want to contact UOB banking hotline directly to sort this out. Or go to their branch to transfer the funds back.

banyan says 15 years ago

HSBC is having a 3-month interest rebate for their Personal Line of Credit. You can check the T&C at HSBC website. Not sure if I still need to pay the minimal amount every month and there is any catch.

Are you aware any good guaranteed return to make use of the interest-free money?

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