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.