Credit Card Balance Transfer
Credit cards have been redefining the way we buy and pay. Based on the concept of “Buy Now, Pay Later”, they have been simplifying the medium of exchange ever since they were introduced. During the early stages, a credit card was purely used for making purchases and occasionally, cash withdrawals. Over the last decade or so, the “utility” factor of this mobile credit instrument has been witnessing a rapid change. If you’re someone who has been benefited by cards, you will know what we’re talking about.
One of the most prominent benefit it offers is the option to transfer balances from other credit cards, offering you the benefit of low interest rate for doing so. It also ensures financial discipline as you will be paying off the transferred balance in equated monthly amortizations. If you’ve been seriously considering debt consolidation by paying off outstanding debt on cards, this is the most easily accessible option available for you.
Metrobank Credit Cards
Metro Credit Corporation (MCC) is a joint venture between Metropolitan Bank and Trust Corporation (MBTC) and Australia New Zealand Bank (ANZ). A trusted brand in the Philippines, Metrobank cards offers a massive range of cards to suit the requirements of the new age Filipino. It offers cards with heavy duty benefits coupled with features of international standards. The most visible products in its portfolio is its wide range of cards for women and co branded offers. The following cards are offered by Metrobank in the Philippines.
- MetroBank Platinum MasterCard
- MetroBank Credit Card Classic
- MetroBank Credit Card Gold
- MetroBank Femme Visa
- MetroBank Robinsons-Cebu Pacific MasterCard
- MetroBank M Credit Cards
- MetroBank Toyota MasterCard
- MetroBank ON Internet MasterCard
- MetroBank World MasterCard
- MetroBank Dollar MasterCard
- MetroBank Femme Signature Visa
The balance transfer option is available on nearly all the cards in the portfolio. You can read more about various Metrobank credit cards to ascertain if the BT option is available. Under the balance transfer scheme , you can look at moving balances from other bank credit cards at a low interest rate starting at just 0.68 percent per month.
Metrobank Balance Transfer
- The bank lets both primary and supplementary cards holders in good standing to apply for balance transfer from non-MCC credit cards to the extent of available credit.
- The transferred amount can include the entire outstanding amount on other bank credit cards that includes the actual balance, fees and finance charges.
- The minimum amount required to do a BT is P6,000.
- A pre-termination fee of P500 or 5% of the outstanding balance (whichever is higher) is payable if the cardmember decides to pre-close the installment account by paying off the outstanding balance.
Steps to apply for Balance transfer with Metrobank
Metrobank credit card customers can easily access the 24-hour customer service line to initiate a balance transfer. Cardmembers can call 8- 700-700 (Metro Manila) or 1-800-1-888-5775 (Domestic Toll-Free). Before contacting the customer service wing, keep handy information and paperwork such as your MCC credit card number, details and a copy of latest statement of the card where you wish to transfer the balance from and everything else you think is important during the call.
- Once you have the paperwork ready, call the customer service. Only principal cardholders can call and initiate a BT.
- Once approved, you will not be able to cancel the BT request. MCC will make the required arrangement to deliver the payment to the bank/institution where you’re transferring monies from.
- Follow up at regular intervals to check the status of your request. Once completed successfully, MCC will issue a written confirmation via email and SMS channels.
Frequently Asked Questions
- Is there a minimum transfer amount requirement if I would like to initiate a balance transfer with MCC?
- Will I earn rewards points for the balance transferred from the non-MCC credit card?
- What is the interest rate for transferring balance?
- Please list the tenor options available for repayment.
- Is the interest rate same for all the tenor options?
Yes. In order to initiate a BT with MCC, you need to ensure at least P6,000 is being transferred.
No, you will not be eligible to earn reward points since BTs do not qualify.
The rate of interest applicable depends on the card type and the current offer. The rate starts at just 0.68 per month.
MCC offers 6, 9 12, 18, 24 month tenor options. The cardmember is free to choose a tenor of their choice as per their convenience.
The interest rate varies from one tenor to the other. The 0.68% rate is only applicable for 12, 18 and 24 months.