Now a days, mostly all the Credit Card companies offer Balance Transfer from your one Credit Card to another. Balance Transfer (BT) facility is an offer which is open to selected Credit Card Holders with no overdue amount outstanding of more than 60 days. You can transfer the outstanding dues of your one credit card from other banks’ credit card. You can transfer minimum Rs.5000.00 and maximum 80% of the available credit limit. And, pre closure charges are 3% of the outstanding principal amount. There are two options for Balance Transfer (BT) from one Credit Card to another:
You can avail this option for minimum 60 Days and maximum 180 Days. In this option, further you have two choices:
- Rate of Interest is 0%. Processing fee is Rs.199.00 or 2% of the balance transferred, subject to minimum Rs.199.00; and the applicable processing fee would be the highest of both. And, all these are applicable, only if you repay the complete amount in 60 Days.
- Or, if you repay the total amount in 180 Days, in such case, Rate of Interest is 1.7% per month. But, processing fee is “Zero“.
Balance Transfer on EMI:
This option is available for minimum 3 months EMI and maximum 6 months EMI. Few, credit card companies offers BT on 12 months EMI as well, but not all.
- BT on 3 months EMI: Rate of Interest is 0.50% per month and processing fees Rs.199.99 or or 1.5% of the balance transferred, whichever is higher.
- BT on 6 months EMI: Rate of Interest is 0.75% per month and processing fees Rs.199.99 or or 1.5% of the balance transferred, whichever is higher.
Note: Rate of Interest and processing fee vary from one credit card to another.
How to Transfer Balance from one Credit Card to another?
If BT facility is available on your credit card, you will be communicated from your Credit Card issuing Bank or company. Else, if you want to know whether your credit card has BT facility or not, you can call your credit card customer care as well. Now, if you have this facility on your credit card and you want to avail this offer, following are the ways you can book BT:
- Call you credit card customer care and place a request for the BT.
- Login to your credit card website, and book BT request on your own.
- Or, login your credit card mobile app, and book BT request.
Time required for the Balance Transfer:
After you place BT request successfully by any of the above mode, then it may take 3-5 working days for the amount to get transferred depending on your credit card variant. Read below:
- If you transfer the outstanding balance from one Visa Credit Card to another Visa Credit Card, the BT amount will be transferred within 3 working days.
- However, if your other bank card is not a Visa card, you will receive a cheque of the BT amount within 5 working days.
Credit Cards offering Balance Transfer:
SBI Credit Card, HDFC Credit Card, RBL Credit Card, CITI Credit Card, ICICI Credit Card. These are the main credit card issuing banks or companies offering BT facility in India.