Axis Bank credit card holders can use the balance transfer facility offered by the bank to consolidate the outstanding amount available on their other bank credit cards. A customer can place single request or multiple requests for Balance Transfer from one other bank or many issuing banks. The maximum number of times that a balance transfer can be made in your Axis Bank credit card account is four.
Features and Benefits of Axis Bank Credit Card Balance Transfer
The minimum amount that can be transferred from other bank credit card to Axis Bank credit card is Rs.5000.
The Demand Draft in favour of the other Bank credit card account will be mailed to the cardholder’s address. The card holders has to submit the same to his/her respective Bank in order to initiate the balance transfer.
The finance charges applicable on the balance transfer is 0.75% for 6 months and 0% for 3 months, from the date of issue of the Balance Transfer draft.
If the amount in the Balance Transfer account is not repaid on time, then the remaining amount will be carried over to the credit card outstanding amount and the prevailing interest rates will be applicable on the same.
The payment of charges, fees and instalments to the other bank credit card account have to be made diligently by the customer, until the Balance Transfer approval letter is received from the bank.
Processing fee will be levied as follows:
2% of the balance transfer amount will be levied as processing fee for a 3 months EMI option. The minimum amount that will be taken as processing fee is Rs.199.
1% of the balance transfer amount will be levied as processing fee for a 6 months EMI option. The minimum amount that will be taken as processing fee is Rs.100.