Bank Rakyat launched a credit card balance transfer campaign which allows over 200,000 holders of its credit cards to enjoy an annual profit rate of nine percent and a three percent cash rebate.
"This campaign makes it easy for our customers to transfer balances from their other credit cards to Bank Rakyat credit cards," says the cooperative bank's Credit Card Department Manager Khairil Hamzah. "This balance transfer with rebates is the first in the country."
The miminum balance for transfer is RM1,000 while the maximum depends on the limits offered by Bank Rakyat and subject to cardholders' available balances.
The nine percent profit rate is for a year and no processing fee is imposed on the transfer.
In addition, the outstanding balance will be covered by takaful should the cardholder die or permanently disabled.
The campaigh which ends on Dec 21 is expected to increase the amount of balance transfered by 30 percent from the average recorded in the Jan-July period.
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