Money on the table. Are you taking it?

Free 1.2% interest p.a. (+$60 cashback) with this balance transfer

If you are not an existing ANZ credit card holder, this is for you.

ANZ is running a promotion that offers you:
1. $60 cashback on a minimum $10 spend within the next calendar month
2. Balance transfer for 6 months at 0% p.a. with 0% processing fee

What point 2 offers you is essentially to take a “cash advance” with no interest charged if you repay this in 6 months. This is free cash for half a year, and what can you do with it?

This is essentially an investment question, but there are risk free investment possibilities with this.

These are personal suggestions:
A) The UOB One Account offers you a decent interest (1% to 3.33%) if you satisfy certain conditions.
B) CIMB runs the highest fixed deposit interest rates now at about 1.2%.

How much free interest you take is very dependent on the credit limit that ANZ grants you that allows you to transfer the balance out.

If you’re up for a little hassle, and can potentially take some money for half a year’s wait, grab your card and balance transfer before the promo ends!

3 thoughts on “Money on the table. Are you taking it?

  1. Looks like the 0% transfer could not be directly used like how you described: in its T&C:

    “Balance transfer is applicable for transfers in Singapore dollars to your Credit Card or Line of Credit account held with other banks or financial institutions in Singapore.”

    Misleading post

    1. Hi Jimmy, thanks for your comments.
      I’m not sure how you understood my article, I admit I’m not the best writer around.
      However, I am able to transfer the money to my UOB One account directly, and I am earning 1% interest on that account. Of course, I will have to ensure I pay up the full amount to ANZ within 6 months.
      The T&Cs are misleading, because it seems we may need to move the funds to a line of credit account. However, if you proceed far enough in the application, you’d realise they are asking you for the account that you’d like to deposit the funds in. It could really be any current or savings account with any bank.

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