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Previously, I have written that I have applied for a few cards with other banks to get more credit limits for balance transfers.

I also realised that CIMB cards don't offer that option (stupid me).

However, I realised that Maybank offers a rather nice rate (I heard from my dad that they offer one of the best rates as well, it is also lower than what I got, so stupid me twice).



This time I am trying OCBC, as OCBC is running a promotion, for a balance transfer of 8000SGD to purchase shares here.



As this is my first attempt, I would only use a small amount where I am able to cover it in a few months of salary while having all the cash required, however I am curious to see if I can borrow for the longest term for the first time.

Was thinking of using this to gear up slightly and reserve some cash for dips.

However, unfortunately, it seems OCBC balance transfer is rather expensive at 4.5% (with fees), maybe I should have just gotten the 3 months one at 1.8% ^^".

So here's how it went.

 Go to Balance Transfer from the Dropdown menu

Select the duration and plan you want, preferably with the lowest fees. Then input your other bank account and corresponding name and account number with the amount you want. As you want cash, do not transfer it to another credit card.

You'll get a place to review all the information you entered before submitting.

You get confirmation and then you wait.

For me, I had to wait about 3-5 days later before I got an SMS that my application was accepted, and then waited 1 working day for the funds to be transferred in.


And a couple of days later, you will get a letter about the application with the Terms and Conditions too.

Well, that's all about it.

Moving forward, I'll probably look at using it only from Maybank first as it is cheaper in fees. See if there's a way to optimise a little. Hopefully, it helps to grow the portfolio larger in a shorter amount of time. I'm still considering the REIT financing account as well.

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