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    Credit Card Balance Transfer

    What are balance transfer cards?

    balance transfer credit card
    Credit Card Balance Transfer

    Before you start thinking of going in for a balance transfer, you need to first know what a credit card balance transfer actually means. To put it in the simplest of terms, balance transfer in credit cards means that you transfer the amount you owe on one card to another card. By doing this you actually end up paying for the first card and owe that amount on the other credit card. One main reason why someone might go in for a balance transfer could be that the other card offers lower interest rates which would mean it would be cheaper to pay it back through the other card.

    Credit cards that offer balance transfer

    There are many banks that offer credit cards that have balance transfer facilities available on them. Some such banks are:

    • ICICI Bank

      The balance transfer facility provided by ICICI Bank allows the balance of any credit card to be transferred to their cards. The repayments for such transfers can be done in either 3 or 6 months’ worth of instalments. There is an interest charged on the amount that is transferred and is payable along with the amount transferred. The bank also offers the option to foreclose the payments provided all the balance amount and interest is paid up.

    • State Bank of India

      The facility for balance transfers of credit cards offered by SBI again follows the same general principle and can be initiated by either logging into the credit card account or sending the bank a specific SMS or even just calling up their customer care facilities. The repayment periods can be 2 months or 6 months however, an interest of 1.7% per month is charged only if the tenure is 6 months.

    • HSBC

      The facility offered by HSBC for balance transfers can be taken for tenures that range from 3 months, all the way up to 24 months. The interest rates are also charged as per the tenure and a processing fee may also be applicable. Just like SBI the balance transfer facility can be utilised by either calling the bank, sending them an SMS or even by simply sending them an SMS. HSBC does offer the facility to foreclose on the balance transfer, for which no extra fee may be charged.

    • Kotak Mahindra Bank

      Even Kotak Mahindra bank offers balance transfer facilities. They will allow a minimum of Rs. 2,500 to be transferred. There is no limit on the maximum amount as long as the amount being transferred is not more than 75% of your credit cards limit. There is a processing fee that will be charged for the options, and it is based on the amount that is being transferred. The application process, once again, can be initiated through calls, SMS or the online portal maintained by the bank.

    • Axis Bank

      Axis Bank too offers this facility and with them, the minimum amount that can be transferred is Rs. 5,000. The tenures available are 3 months and 6 months, with the shorter of the two not attracting any interest while the latter, 6 months, will have an interest charged on the transfer.

    • Standard Chartered Bank

      The facility provided by Standard Chartered Bank allows customers to transfer balances of up to Rs. 5 lakhs to their SC credit cards. The interest rate charged for the first 6 months is about 0.99% a month, after which the interest rates associated with the card will be charged. Customers can also make a payment of a minimum of 5% of the transferred amount each month and the facility can be availed by sending the bank an SMS indicating you wish to avail a balance transfer.

    Comparison of credit card balance transfer offered by top Indian banks

    Here is a table that depicts and compares the credit card balance transfer features offered the topmost credit card issuers in India.

    Credit Card Issuer Processing Fee Rate of Interest per month Applicable Lower Interest Rate Period
    Axis Bank 1% of transfer amount or Rs.199, whichever is higher 0% 3 months
    State Bank of India 2% of transfer amount or Rs. 199 whichever is higher if the period is 60 days and zero if the period is 6 months 0%-1.7% 60 Days-6 Months
    Standard Chartered Bank NA 0.99% 6 Months
    Punjab National Bank Rs.172 or more depending upon the transfer amount 0.99% 6 Months
    Kotak Mahindra Bank Rs. 349 per Rs. 10000 0% NA
    HSBC (Convert due payment to EMI) 1% (minimum Rs. 149) 0.99% for tenures between 3-12 months 1.25% for tenures 18 months and 24 months 3,6,9,12 months

    How to transfer balance from one credit card to another?

    Credit card balance transfer is the best option to pay off huge and pending credit card bills. However, transfer of credit card balance makes sense only when the bank that you are transferring your balance to offers rates that are more lucrative than the original credit card on which you have pending dues.

    The most important point to note about credit card balance transfer is that you can transfer only that amount to your new credit card which is within its credit limit. So, if your second credit card has a limit of Rs.50,000 and your pending dues from previous credit card are Rs.75,000, then only Rs.50,000 can be transferred to the new credit card under the balance transfer scheme.

    There are forms which various banks furnish to facilitate application of credit card balance transfer facility. The following information needs to be furnished while applying for credit card balance transfer.

    • Credit Limit
    • Expiry date of the credit card
    • Outstanding credit amount
    • Credit card number

    Most banks require a few documents to be furnished in order to accept your request for credit card balance transfer.

    • Credit card photocopies
    • Last 3-6 credit card bill statements
    • Address proof

    The most rewarding feature of credit card balance transfer is that the entire pending amount gets paid in the form of a demand draft that is issued by the new credit card company towards your old credit card. This saves you the burden of additional interest payment on the credit card pending bill. The interest now that you will pay will be decided by your new credit card. Generally, the interest charged to avail credit card balance transfer facility is less than what is charged by banks on credit card pending bills. However, this lowered rate of interest is only applicable for a specific period of time after which standard interest rates apply. Thus, it is crucial to pay off your credit to the new credit card issuer within the stipulated time in order to avoid hefty interest rates.

    Important points to watch out for while using credit card balance transfer

    No matter how convenient and lucrative credit card balance transfer sounds it is always a good practice to know all important aspects of it before availing the same. Listed below are some points that significantly affect your decision of availing credit card balance transfer to pay off your existing credit card debt.

    • Availing credit card balance transfer reduces your credit limit in the same proportion. For example, if your have a credit card limit of Rs.75,000 and you have transferred a balance of Rs.50,000 then the effective credit limit available to you for all other credit card transactions is just Rs.25,000.
    • The best way to use credit card balance transfer is to pay off all your dues within the free or nominal interest rate period. After this, standard credit card interest rates apply which require higher payments to be made.
    • The lower interest rate for credit card balance is not applicable to new purchases that you make on your credit card. These transactions fall under standard interest rates offered by the credit card issuer.
    • Balance transfer is generally offered to customers who have been a credit card user for one particular company for at least a year. This is to ensure that credit holders do not keep hopping from one credit issuer to another in order to avail lower rates of interest.
    • While you still may have credit left after transfer of previous credit card balance, it is always a good strategy to refrain from using your credit card until all balance transfer payments are paid and all subsequent charges are cleared.

    Key benefits of Credit Card Balance Transfer

    Credit card balance transfer is a very popular and convenient feature of credit cards. This options helps cardholders get out of circular debt cycles that keep growing worse due to compounding rates of interest. Let us look at some of the most striking benefits of credit card balance transfer.

    • Helps you save on the extra interest amount that you end up paying as a result of accumulated and pending credit card bill
    • Convenient way to get rid of accumulated credit card debt as compared to other means of paying back credit
    • Quick processing for balance transfer makes it easy for customers to avail and get rid of their pending dues
    • Debts from one or more cards can be transferred when making use of credit card balance transfer feature
    • A buffer time is allocated to cardholders to pay off their outstanding amount. This period has zero rate of interest or a very nominal rate of interest

    When you do go in for a balance transfer, you will need to keep a few things in mind. The first being that some banks will offer this facility only if the balance being transferred is for a credit card not issued by them. Most banks don’t pose any restrictions on the type of card for which balance transfers are being availed. There may also be conditions that govern the minimum and maximum amounts that can be transferred. All conditions and rates mentioned here are decided by the banks and could change at any time so it would be best to confirm the same with the bank before actually applying for balance transfer.

    FAQs on Credit Card Balance Transfer

    1. How will I know if I should go for credit card balance transfer facility?

      If you have an existing credit card with balance being charged a high rate of interest then it is advisable to go for credit card balance transfer to save up on interest payment.

    2. How much amount can I transfer to the new credit card?

      You can only transfer an amount equal to the credit limit of the new credit card. For example, if the outstanding credit card balance on your existing credit card is Rs.75,000 and your new credit card has a credit limit of Rs.50,000 then only Rs.50,000 can be used for transferring balance. Rest needs to be paid by the you out of your own pocket.

    3. Is balance transfer helpful?

      How profitable is balance transfer for you depends upon the interest that you are currently paying on our existing credit card versus the rate of interest plus charges being charged by the new credit card. If the difference is substantial then you will surely save some extra money that you might be paying as interest amount.

    4. Does credit card balance transfer take a long time to process?

      No. Credit card balance transfer is a quick and almost hassle-free process. The time taken usually is a few days and varies from bank to bank.

    5. How many times can I transfer my credit card balance?

      It isn’t a good idea to keep transferring your credit card balance. And banks too do not entertain constant balance transfers. As such the number of times you can transfer your balance is a subjective thing which is purely at the discretion of the bank you have in mind.

    Process to Check Credit Card Balance for:

    Credit Card Reviews

    • Standard Chartered Bank Credit Card
      "Good Card to use"
      0.5 4.0/5 "Great!"
      I am having a credit card with SCB from last 1 year, the credit card services are comparatively good than other cards. They did not charge any annual fee at the time of getting this card and i get sms alerts on offers. I am happy with the credit limit in this credit card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • SBI Cards Credit Card
      "Best card to use"
      0.5 5.0/5 "Blown Away!"
      I have a SBI simply save credit card from last 3 years, i am satisfied with the credit limit in this credit card. If i spend Rs 75000 in a year, my annual fee of Rs 499 will be waived off. Offers like reward points are good in this card and i get this offer on shopping and petrol.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • Bank Bazaar Credit Card
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using both mobile application and website of bankbazaar, it is user friendly and easy to use. I know bankbazaar.com from last 4 years and it was a good experience with bankbazaar. so far. Customer service was good, they followed up on time and their response was prompt.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • American Express Credit Card
      "Best card to use"
      0.5 5.0/5 "Blown Away!"
      I am using AMEX credit card from last 8 months, it is a rewards credit card so i get good reward points on all the transactions. I am happy with the credit limit in this credit card and they did not charge any annual fee at the time of getting this credit card. All my transactions are hassle free in this card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • ICICI Bank Credit Card
      "Average card"
      0.5 3.0/5 "Satisfactory"
      I hold a credit card with ICICI bank from last 3.5 years, i pay an annual fee of Rs 199 for this card and it will be waived off if i spend Rs 50000 in this card. I get good payback points in this card and surcharges are waived off on petrol. The type of credit card is Coral card and the credit limit is satisfactory.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • HDFC Bank Credit Card
      "Best card to use"
      0.5 5.0/5 "Blown Away!"
      I have a diners club credit card with HDFC bank from last 4 years, there is no annual fee charged for this credit card and the credit limit value is fine in this card. I get offers like reward points and cash back on flight tickets. I am convenient with the payment options in this card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • Citibank Credit Card
      "Best card to use"
      0.5 5.0/5 "Blown Away!"
      I have a credit card with CITI bank from last 1.5 years, the services provided by this card is pretty good when compared to other credit cards. Annual fee will be waived off if i spend Rs 30000 for this card. Net banking is for making bill payments and i am happy with the credit limit in this card. I have an Indian oil card so i get good reward points in this card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • IndusInd Bank Credit Card
      "One of the best card"
      0.5 5.0/5 "Blown Away!"
      My experience with IndusInd bank credit card was good, the process took 2 months to complete. There is no annual fee charged for this credit card. I get SMS alerts on offers in this credit card. This card is a lifetime free card and i use this card for shopping purpose. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • Axis Bank Credit Card
      "Better card to use"
      0.5 4.0/5 "Great!"
      The Axis bank credit card service is good and I have got the Axis bank buzz credit card around 3 months ago. the customer support service and the response is good with the axis bank. The credit limit value is good with this Axis bank buzz credit card and I am satisfied with it.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • ICICI Bank Credit Card
      "Average card to use"
      0.5 4.0/5 "Great!"
      The benefits and the offers are better with the ICICI bank coral visa credit card . I have got this credit card very recently. I use this ICICI bank coral visa credit card very rarely and the credit limit value is average with this card still , they need to increase the credit limit value.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • IndusInd Bank Credit Card
      "Average card to use"
      0.5 3.0/5 "Satisfactory"
      Got the Indus ind bank aura credit card around 4 months ago. The customer support service is good with the Indus ind bank. They give good response to the customers. The credit limit value is low with this card and still they need to increase the credit limit value,
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • Bank Bazaar Credit Card
      "Good service"
      0.5 4.0/5 "Great!"
      The bank bazaar service is good and I have got the credit card within the promised via bank bazaar. I use the bank bazaar mobile application which is easy to use and user friendly. The customer support service and the responsiveness is prompt with the bank bazaar.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • Kotak Credit Card
      "Good card to use"
      0.5 3.0/5 "Satisfactory"
      I have got the KOTAK PVR GOLD CREDIT CARD within a week time. The customer support service and the response is good with the kotak mahindra bank. the credit limit value is good with this card and I am satisfied with it. I get the benefits reward points and the cash back offers from this credit card.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • Bank Bazaar Credit Card
      "Good service"
      0.5 4.5/5 "Excellent!"
      It is good to know about the financial products with the help of bank bazaar web portal., I know bank bazaar for more than two years.. The customer support service is good with the bank bazaar team and they give good response to their customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • Citibank Credit Card
      "good experience"
      0.5 4.0/5 "Great!"
      I applied and got the Citi bank credit card through a on line partner. The rewards points programme is also good and impressive. I will recommend this card for travel purpose. I am not satisfied by their credit limit which is Rs. 63,000/-. I can contact them after three months to increase my credit limit.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • Bank Bazaar Credit Card
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar from last 1 year, my experience with bankbazaar was good so far. Customer service was good with bankbazaar and their response was prompt. The services provided by bankbazaar is good when compared to other sources. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • HDFC Bank Credit Card
      "Best card to use"
      0.5 5.0/5 "Blown Away!"
      I am having a credit card with HDFC bank from last 11-12 years, offers like cash back are good in this credit card and all my transactions with this credit card is hassle free. I use net banking for making bill payments. This is a lifetime free credit card with sufficient credit limit in this card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • SBI Cards Credit Card
      "Good Card to use"
      0.5 5.0/5 "Blown Away!"
      My credit card application was approved with SBI cards and the experience was good, i am satisfied with the credit limit and i paid an annual fee of Rs 500 for this credit card. I use this card for multipurpose but i did not find any offers on this card. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • SBI Cards Credit Card
      "best experience"
      0.5 5.0/5 "Blown Away!"
      I had taken a credit card from the top most public sector bank State bank of India. I am not satisfied by their credit limit which is Rs, 59,000/-, but i expected around 69,000/-. The customer support is good and well responsive. I can say it is very easy to use the card online and offline transactions too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • HDFC Bank Credit Card
      "Good service"
      0.5 4.5/5 "Excellent!"
      The HDFC bank service i s good in regards to my credit card application . I have got the HDFC BANK DINERS REWARDZ CREDIT CARD within 10 to 15days of time. the credit limit value is good with this card and I am satisfied with it. I have got the HDFC BANK DINERS REWARDZ CREDIT CARD around 2 months ago.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
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