• Security Bank Credit Card Balance Transfer

    Credit Card Balance Transfer

    Gone are the days when one would use cards purely for making retail purchases and cash advances. A credit card has a plethora of benefits aimed at easing day to day spends, access to exclusive deals, installment payment options and so on. If you’re someone who has been using plastic money for quite some time now, you will be aware of the variety of benefits it has to offer.

    One of the most money saver deal offered by credit cards is the option to transfer outstanding balances from other credit cards upto the extent of the balance credit available and payback in installments of your choice at low interest rates. This benefit helps in consolidating credit for those of you struggling to payback heap of debt on credit cards. It makes absolute sense to have them all under a single window and pay as per convenience. Popularly known as balance transfer, it also helps us in clearing debt on a particular credit card where the interest charges are high.

    Security Bank Credit Cards

    Being a leading brand in the Philippine banking market, Security bank offers a wide range of cards in various categories to such as Travel, Dining & Entertainment. These cards come with world class benefits coupled with latest features, offered at pleasing terms and rates. The bank offers the following cards in the Philippines.

    • Security Bank Classic Mastercard
    • Security Bank Gold Mastercard
    • Security Bank Platinum Mastercard
    • Security Bank Diners Club Credit Cards
    • Security Bank World Mastercard
    • Security Bank Diners Club Seaoil Credit Card

    The banks extends the Balance Transfer benefit on the entire credit card portfolio. Lets look at some of the most visible benefits of using your Security Bank credit cards to transfer outstanding balances from other bank credit cards.

    Security Bank Balance Transfer

    • The bank offers installment options of 3, 6, 9, 12, 18, 24 month installment terms for the customer to choose from as per their financial convenience.
    • The minimum amount required for the transfer is P5,000 from non-Security Bank credit cards.
    • It offers a rate starting 1.91% (applicable for a 12 month tenor) on balance transfers.
    • Security bank is one of the few banks that provide online resources to initiate a balance transfer via official web portal.
    • The transfer can be initiated by following simple steps after which the representatives will contact you for confirmation.

    Interest Rate Table for Various Terms

    Term (months) Monthly Add-On Rate
    3 2.25 percent
    6 2.00 percent
    9 1.93 percent
    12 1.91 percent
    18 2.03 percent
    24 2.06 percent

    Steps to apply for Balance transfer with Security Bank

    As stated earlier, the process can be carried out by following simple steps online. Before initiating a transfer, you will need, Security Bank credit card details, information pertaining to the non-Security bank credit card (the card form which you want to transfer the balance from) and the latest statement.

    Once you have these documents handy, follow the steps below on the dedicated web page to complete the process.

    • Provide you Security Bank credit card details.
    • Upload the statement of account of your non-Security bank credit card and provide the card details in the relevant tabs.
    • Select the balance transfer terms such as the the tenor (comes tagged with a specific rate)
    • Verify the details and submit the application.

    After submitting the application to balance transfer online, you will receive confirmation on submission via relevant communication channels. The bank will keep you posted on the progress and will issue written confirmation once transferred successfully.

    Frequently Asked Questions

    1. Am I allowed to cancel the balance transfer that I just made via online application?
    2. The balance transfer request cannot be revoked once approved. If you’ve recently initiated a transfer and still in pending status, please call the customer service wing to have it cancelled before further processing.

    3. Is there a penalty if I decide to pre-terminate the balance transfer payment on my Security Bank credit card and pay off the balance?
    4. Yes, there is a penalty of P500 billed to your card account if you decide to pre-terminate the contract before the official term concludes. Please call the Customer Service wing for further information.

    5. Please provide the phone number for the Customer Service department of Security Bank, credit cards division.
    6. You can call the Customer Service department on 88-791-88 for any query on credit cards that includes issues on balance transfer.

    7. How much interest would I be paying on the transferred amount if I am choosing an 24-month payment tenor?
    8. The interest charges are billed at the rate of 2.06% for a 24-month payment tenor.

    9. Where do I find the interest rate slab for balance transfers from Security Bank ?
    10. You will find the breakup on the same page where the balance transfer can be initiated on the web portal.

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