Understanding Credit Card Balance Transfer
Are you over-burdened with mounting credit card overdue balance? Or it is the multiple cards which are bothering you? Or tired of rolling over credit card outstanding dues month on month? Well, if you are stuck in any of these, it seems to be a never-ending process and it’s difficult to get out of it.
Well, you need not stress out for the accumulate interest on your credit card balance. To get out of these burden Credit Card Balance Transfer is the one solution. Going for a credit card balance transfer can overcome such a situation and can make you stress-free.
What is a Credit Card Balance Transfer?
Balance transfer for credit cards means transferring the outstanding amount which you owe on one card to another card or you can say to other card providers. Doing this ends up your existing credit card payments and now you owe that particular amount on your new credit card with another provider.
The best part about a credit card balance transfer is that it can reduce the interest rate which you have to pay. This results in lower EMIs and as a result, you can save a lot on the interest as the interest rate charged for credit cards is always high. One can also go for a credit card balance transfer to avail more benefits as different credit card providers offer different offers and some may tempt you more than the one which you already have.
There are many top credit card providers who offer credit card balance transfer, let us know some of them in detail.
Top 3 Banks for Credit Card Balance Transfer
ICICI Bank
The Credit Card balance transfer facility by ICICI Bank allows you to transfer the outstanding balance of any credit card to ICICI Credit card.
- One can avail low balance transfer interest rate with ICICI credit card balance transfer.
- The interest is charged on the amount transferred and is payable along with the amount transferred same as in the case of a new credit card.
- ICICI bank also offers foreclose of the amount transferred which can be done before the agreement.
- The balance transfer facility is available for credit cards with any bank, but you need to fulfil the eligibility criteria in terms to avail that.
- Special offers to existing ICICI customer, with easy approval and minimal documentation.
- With ICICI credit card balance transfer facility one is eligible to transfer debt up to ₹ 3 Lakh.
- The one who is transferring his/her credit card balance can choose a repayment tenure of from 3 to 6 months.
Axis Bank
Axis Bank is one among the top credit card providers in India, Axis bank provides credit cards with major benefits such as reward points on shopping and other uses. The bank also provides a credit card balance transfer facility to the customers which makes is one of the best credit cards.
- The minimum amount that can be transferred to an Axis bank credit card is ₹ 5,000.
- The tenures period available for the amount transferred is 3 months and 6 months.
- Processing fee charged is 1% of transfer amount or it can be ₹199, whichever be the highest.
Kotak Mahindra Bank
Kotak Mahindra bank also offers balance transfer facilities. The bank offers attractive rates and offers which attracts most of the people to go for a credit card balance transfer with Kotak Mahindra Bank.
- The minimum amount which is allowed to transfer is of ₹2,500.
- Whereas there is no limit on the maximum amount to be transferred, but it should not be more than 75% your credit card limit.
- There is a processing fee charged for the transfer of your credit card balance amount but it can’t be more than ₹1000.
- The process to transfer your credit card balance can be initiated via calls, SMS or filling the online application form available on the bank’s portal.
Bottom Line
There are a number of credit cards available in the market with different lenders and it’s very important to pick one after doing lots of research. As the offer available with one may not be available with other or one may offer you the credit card at an interest rate which is lower than on what others are offering. Well, credit card balance transfer provides you the opportunity to correct your mistake and go for that credit card which is best for you. But before going for a credit card balance transfer still, a lot of research is needed to be done. Choose the best one according to your requirements.
