Balance transfer

If you miss a payment, we will ask you to pay it in the next statement cycle together with the upcoming monthly payment. If you fail to make a payment for two consecutive months, your outstanding BT balance will then be converted to a Cash Advance which means it will be added into the total outstanding of your card and will be due in the subsequent monthly statement. Your outstanding amount will be subject to the Cash Advance interest/fee and late payment fees and other charges may apply, which can be found on our Schedule of Services. Your Card Account may also go into arrears and we will report this to credit references agencies which may impact your credit rating and limit your ability to access financing in the future.

The balance transfer amount, any applicable fees and the total interest payable (whether or not this has been billed) as part of this plan will be deducted from your available credit limit.

This means that at any time during the term of the Balance Transfer plan your available credit limit must be enough to cover each of these. As each monthly instalment is paid, the respective amount will be restored to your available credit limit.

Cancelling during your cooling off period

You have a 5 Business Day cooling-off period starting on the Business Day after you enter into the BT Terms. This means that whilst we will immediately process your BT request (including the transfer of funds) as soon as we approve your application, you may cancel the BT during this period and without charge. Before exercising your right to cancel, you must repay your BT balance and any other amounts outstanding in connection with your BT. This means that you will not be able to cancel the BT if there is an outstanding balance. Should you wish to cancel your Balance Transfer, please call us on the number on the back of your card.

Early settlement after your cooling off period

You can fully repay the Balance Transfer amount before the end of your plan by calling the number on the back of your card and making full payment towards your plan’s outstanding balance. You may be subject to early settlement fees which can be found in the Key Facts Statement provided at the time of your application. We can only accept full repayments; any partial overpayments will be treated as a payment towards your credit card and not your BT.

Early Settlement Fee is 0 AED.