Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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  • Credit Card Reviews

    • Bank Bazaar Customer Support
      "User friendly"
      0.5 5.0/5 "Blown Away!"
      Hi I am very much happy with this app , its very easy to find credit cards, loan, home loans , etc personal loan really good response which was provided by customer care , very good response, very well tried , it's looks lovely , with in a minute we can apply for loan credit cards and it is very much user friendly, thank you so much.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I got a very good response from bankbazaar .com I am very much happy to get associated with you. Thanks to you all for Making me a part of bankbazaar.com and also I wish that you will be the Best in the Nation and in the globe. Once again thanking you..
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Good and easy process"
      0.5 5.0/5 "Blown Away!"
      It is a very easy and good process for application for getting the credit card. Even very easy and free to get your credit score online. I already tried once and I got my credit score on my mail Id. I will suggest all my near and dear friend about this site.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 5.0/5 "Blown Away!"
      Use ful service provided by Bankbazaar.com, very very useful bank related good service. Every one can use this Bank bazaar .com thanks for your support bank bazaar team thank you so much. Nice and good service continue doing the same thank you bank bazaar .com.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Online Application for Credit Card"
      0.5 5.0/5 "Blown Away!"
      Its really amazing. I have applied online for Credit Card. Also, all the required documents uploaded smoothly online. Really excellent service. The entire process of applying is very userfriendly and easy to handle. Size of the uploading documents was maximum 3 MB which is more than requirement. This becomes hasslefree experince in uploading the documents without any trouble like excess size, excess dimention etc.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Happy about bank bazaar "
      0.5 5.0/5 "Blown Away!"
      It is a good to know about the fast response of the bank bazaar and through them our details regarding personal loan credit card etc. Wish many happy days ahead with bank bazaar. I want to apply for the personal loan and vehicle loan. If I am eligible please let me know about it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Nice"
      0.5 5.0/5 "Blown Away!"
      Use ful service provided by Bankbazaar.com, very very useful bank related good service. Every one can use this Bankbazaar .com thanks for your support bank bazaar team thank you so much. Nice and good service continue doing the same thank you bank bazaar .com.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Asked for Confidential Details"
      0.5 2.5/5 "Just OK"
      I dont wish to share my confidential details such as User ID and password of my salary bank account. Instead of the same, I would like to share with you my soft copy of my bank statement. I can share with you Password protected Statement which directly comes from the bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Meaningful Information"
      0.5 5.0/5 "Blown Away!"
      I would like to say that the information provided by Bankbazaar is more than enough. I was able to gather the information what I was actually looking out for. I appreciate to receive such a meaningful information within a short time frame. Would like to thank you again for the same !!
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Easy Access Software Application (EASA)"
      0.5 4.0/5 "Great!"
      Fast and easy process filling the form , credit card and other service provide by bank bazar.com , automatic step by step guidance, very fast reply through mail. call center service also very good. initially I hesitate and fear to fill the form but when I inquired about bankbazaar reputation. I came know that bankbazaar.com is very good. Manogaran .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Best service"
      0.5 4.0/5 "Great!"
      Good service, no paper work bank bazaar provides good service to all people, also the site is good for me and my friend recommended me to use this site. I guess this site is best for me and for all people. I would suggest everyone to use this app ... Mateen Samani
      Was this review helpful? 0
      , lucknow
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Regarding Credit Card application "
      0.5 4.5/5 "Excellent!"
      It was a simple and great experience . tele service was very good . they guided me very clearly . I uploaded all my documents and every thing very clearly but still site was very fast to upload the documents . Their application is really good . Thanks to American Express Credit Card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Awesome service, I am very much happy"
      0.5 5.0/5 "Blown Away!"
      Excellent service, I like your service very much and I am very much happy ...I support this website....I am really attracted to this website... awesome service we are very much satisified with your service..I hope in future you will come up with many good services...I like it ...I share it...
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Simple process to apply for CC"
      0.5 3.5/5 "Pretty good"
      Good role played by bank Bazaar , it is very easy to find different credit and loan products by comparing which I liked it . It is very much time saving without putting in too much of effort. I have applied for one credit card application and waiting for response, I think it will work . Thank you!!!
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Credit card applying way"
      0.5 5.0/5 "Blown Away!"
      Very useful for me thanks, very few easy steps to finish the work. Better way of applying credit card through this site. Thank you Bank bazaar.com also we expect more from you. Compare with other websites and apps this is the best option to apply . Bye!!!
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Good service, no paper work bank bazaaar provides good service to all people, also the site is good for me and my friend reccomended me to use this site. I guess this site is best for me and for all people. I would suggest everyone to use this app.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 19, 2017
    • HDFC Bank Credit Card
      "Good card to use"
      0.5 5.0/5 "Blown Away!"
      I am having a HDFC bank money back credit card for more than a year. The customer service and the response is good with HDFC bank. I also get money back offer, fuel surcharge waiver and some reward points with this money back card. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Am so impressed with bankbazaar.com"
      0.5 5.0/5 "Blown Away!"
      Be it Savings Account, Credit Card, Fixed Deposit etc., and/or Insurance products like Term Life Insurance, Health Insurance and Car Insurance etc this is a perfect place / option to get the banking related consultation and apply for loan Cards or any other investment. This is a perfect place to compare and also to make sure your application is complete.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "User friendly"
      0.5 3.0/5 "Satisfactory"
      The interface is user friendly. Like in minutes you can apply foh the card without any paperwork. I would appreciate it if you even manage a callback just in case if the application is rejected. Have applied foh a citi card now. Lets see how this goes!
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 4.0/5 "Great!"
      It was very easy to apply, will see how it works, but I am yet to receive a confirmation on the previous applied cards , but this application works good for easy pick of credit facilities give it try it is not waste of time , waiting to see the best use, with the help of this web.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 18, 2017
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    Credit Card Balance Transfer is Rated as "Excellent!" by 36247 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Credit Card BYTES FROM OUR KITCHEN

    What are balance transfer cards?

    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.

    News About Credit Card Balance Transfer

    • Balance Transfers of Credit Card Debt to Personal Loan is Now an Easy Process

      Earlier personal loans used to be solicited by consumers for instances like wedding, education etc. But nowadays, more and more people are applying for personal loans to clear credit card debts. Consolidating all credit card debt into a single personal loan allows users to pay off the dues at a lower rate of interest and get a longer tenure to payoff the debts in.

      The process of getting personal loan for clearing credit card debt has become much easier now with banks offering balance transfer option. For a consumer unable to repay the monthly payment due on the card, balance transfer to a personal loan is the best available good option.

      However, just balance transfer is not enough to become debt-free. The consumer must be disciplined in their future expenditures to ensure they don’t end up accumulating more debt, while they pay of the existing debt in 12 to 18 months.

      Also, interest rates on credit cards are somewhere between 24% to 48% p.a., whereas a personal loan can be availed at 18% to 24%, depending on the credit score of the borrower. So, getting a balance transfer loan at 24% for a credit card debt calculated at the rate of 48%, can directly save on interests payments of up to 24%.

      Further, balance transfer also helps the borrower to improve their credit score, as they are shifting to a cheaper loan from an expensive one.

      1st June 2017

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