Credit Card Balance Transfer
The utility factor of credit cards has witnessed a massive change over the last decade or so. In its formative years, it was mainly used for paying for purchases and cash advances. Over the last couple of years, it is available for settling a plethora of transactions such as installment payments, deals and discounts via promos and of course, the most visible benefit of them all, balance transfer.
Under the balance transfer option, the cardmember can look at consolidating outstanding balances from other credit cards and pay back in installments. If you’re someone who is being troubled by heaps of outstanding debt on other credit cards, using the BT option not only helps in paying off the debt over a definite period of time, but also helps save money by way of low interest charges paid. The charges are much lower than you would be paying for retail transactions.
BDO Credit Cards
Credit cards from BDO are a league of their own when it comes to the products offered. The bank offers the best range of credit cards in association with Visa, Mastercard, American Express, UnionPay and JCB. It offers cards in general categories as well as co-branded cards aimed at providing the maximum benefits to the discerning cardholder. The following are the credit cards offered by BDO in the Philippines.
- BDO Standard Mastercard
- BDO Shopmore Mastercard
- BDO Visa Classic
- BDO Gold Mastercard
- BDO Visa Gold
- BDO Forever 21 Mastercard
- BDO American Express Credit Card
- BDO Bench Mastercard
- BDO Titanium Mastercard
- BDO Lausautogoup Mastercard
- BDO Blue From American Express
- BDO Platinum Mastercard
- BDO Visa Platinum
- BDO Jcb Lucky Cat
- BDO American Express Gold Credit Card
- BDO Cathay Pacific American Express Credit Card
- BDO Jcb Gold
- BDO Unionpay Gold
- BDO American Express Platinum Credit Card
- BDO Cathay Pacific American Express Elite Credit Card
- BDO World Elite Mastercard
As a part of its standard benefits program, BDO offers the option to transfer balances from non-BDO credit cards at affordable rates and terms. One can start at a rate of just 0.59% per month, depending on specific terms.
BDO Balance Transfer
- The most unique feature of the BT offer from BDO is that you can not only transfer outstanding balances from other credit cards, but also from cards of family members and debt from personal or salary loan of self and immediate family members.
- To enable the transfer, the account should be at least 6 months old, current and in active status.
- The minimum amount required to initiate a transfer is P5,000. The proposed amount should fall within the available credit limit in the BDO credit card.
- You can look at moving outstanding debt from up to a maximum of 2 loan accounts. However, the bank will consider enrollment of more than two accounts under an ongoing promo offer.
- Only primary cardholders are allowed to initiate a balance transfer.
- When approved, BDO will directly arrange for a payment with the other credit card. It will deposit a check to the nearest payment center of the other bank/issuer.
- If the cardmember decides to pay off the remaining balance before the actual maturity, a processing fee at the rate of 5% of the outstanding balance in the BT account (subject to a minimum of P300) is applicable. This fee will be billed directly to your card account.
Steps to apply for Balance transfer with BDO
Before applying for a BT with BDO, you’re required to keep handy, latest Statement of Account (SOA) of your non-BDO bank credit card, loan certificate and pay off amount in case of personal/salary loan along with two IDs with principal cardholder's signature. The documents are required only if the cardmembers decides to apply for a BT over physical channels.
BDO is one of the few banks which offers multiple and convenient channels to cardmembers to apply for a BT. The following are the ways to apply for a BT with BDO.
- At any of the designated branches, over the counter.
- By mailing the form and the required documents to the BDO Corporate Center on the address provided.
- By faxing the duly filled form to (02) 702 6881 to 82 along with the documents mentioned.
- By contacting the customer service center on 631-8000 or by sending an email to firstname.lastname@example.org.
- Perhaps, the most recommended method to apply will be over BDO’s online banking.
Frequently Asked Questions
- Please provide the mailing address for the BDO Corporate Center. I would like to mail paperwork relating to a balance transfer.
- I have applied for a BT on my BDO credit card. It seems to have been approved as I received a confirmation email. Can I cancel at this stage?
- Is there any cap on family members whose loan can be considered eligible for a balance transfer on my card?
- Is there a interest rate table I can refer to ?
- Is there a minimum amount I am required to transfer to be eligible for a BT with BDO?
You can mail the documents to 17th floor BDO Corporate Center Ortigas 12 ADB Ave., Ortigas Center, Mandaluyong City 1554. Ensure the required documents stated in the section above is included in the envelope which includes the application form.
Once approved, you will not be able to reverse or cancel the transaction since a check would have already been issued to the non-BDO bank to pay the balance.
Only immediate family members i.e, spouse, children, parents, parents-in-law, children-in-law and siblings are considered (First degree of consanguinity or affinity).
The table below will help you in choosing the right term for your BT repayment.
Rate chart for BT amount of P20,000 and below.
|Term||Interest Rate (Add On Rate)|
Rate chart for BT amount of P20,000 and above.
|Term||Interest Rate (Add On Rate)|
To qualify for a BT, you need to ensure at least P5,000 is being considered for the transaction.