17 January 2017 12:00 am
Credit cards can be a vital tool in managing one’s personal financials and its popularity has grown tremendously in recent times aided by attractive seasonal promotions offered by most credit card issuers. Unfortunately, this has also results in many individuals spending way above their income levels and then finding themselves struggling to pay off their credit card debts. Since the credit card interest rates generally tend to be higher than that of most types of credit facilities, carrying credit card debt can become a severe burden to the card holder.
As a practical and viable solution to ease the credit card burden, Pan Asia Bank has introduced balance transfer facility along with its range of low interest credit cards.
This facility allows cardholders to pay off their accumulated credit card debt in full over a specific period of time under a low interest rate.
Pan Asia Bank’s balance transfer facility enables cardholders to transfer their existing credit card balances to a Pan Asia Bank credit card without additional charges and pay it off in instalments. They also have the option to opt for an open-ended balance transfer under a low interest rate without committing for an instalment payment plan. Either way, this facility offers them an opportunity to consolidate their credit card debt under a low interest rate and pay it off according to a plan that fits their cash flows.
Under the balance transfer instalment plans, Pan Asia Bank offers five different instalment options to customers.
The table illustrates the instalment value for every Rs.100,000 of the transferred balance under each instalment option.
In order to apply for this facility cardholders can simply submit a completed balance transfer application and a Pan Asia Bank credit card application along with required support documentation including the latest statement of his/her existing credit cards.
Pan Asia Bank currently offers three different credit cards catering to three distinctive segments namely Pan Asia World MasterCard, Pan Asia Black MasterCard and Pan Asia Gold MasterCard.
More information on Pan Asia Bank credit cards and balance transfer facility can be obtained from any of the Pan Asia Bank branches islandwide or by contacting Pan Asia Bank 24 hours call centre.