Credit card holders can transfer the outstanding balance from their other bank credit cards to a new or existing HDFC Bank credit card and make convenient repayments using monthly instalments. HDFC also offers the flexibility of transferring the outstanding balance from other products like two-wheeler loans, personal loans and car loans to an HDFC credit card. Customers can make these kind of loan transfers easily and convert their higher monthly instalment amounts into comparatively lower amounts through the Balance Transfer on EMI facility. The loan amount that has been transferred will be adjusted against the customer’s credit limit.
Other Bank's Credit Card Balance Transfer
The various features and benefits of HDFC Credit Card balance transfer are given below:
Balance transfer on EMI is only accessible to HDFC bank credit card customers. The bank will charge a balance transfer fee that is a proportion of the total amount being transferred in such circumstances. The current rate for the transfer is 1.10% of the entire amount.
Customers can check their eligibility using phone banking or by registering for a call back from the customer service helpdesk on their registered phone numbers, and then apply for the balance transfer feature. They can also check if they are eligible through Net Banking or SMS Banking.
No documentation is required to apply for HDFC credit card balance transfer.
The process of application for a HDFC Bank Credit Card Balance Transfer on EMI is very simple. You can follow the steps mentioned below to apply for the same:
Step 1: Use any one of the mentioned above to find out if you are eligible for the balance transfer.
Step 2: If you are eligible, you can log in the HDFC Net Banking portal using your login credentials.
Step 3: On the portal, click on the ‘Cards’ tab.
Step 4: You will be redirected to a new section wherein you will be required to enter the details of your HDFC Credit Card and the other credit card for the balance transfer.
Step 5: Once the details are validated, you will be required to enter the amount of the balance which you would like to transfer.
The transfer usually takes place immediately. However, in some cases, it might take up to 2-4 hours to reflect in the account.
Once your loan is approved, you can cancel your HDFC balance transfer facility only within 3 working days from the loan booking date. After three days you cannot cancel the facility but can pre-close it.
In general, the process of transferring credit card balance from one bank’s credit card to your HDFC Bank Credit Card takes place immediately. However, in certain cases, it might take 2 to 4 hours to reflect on your HDFC account.
The eligibility criteria for HDFC Bank credit card balance transfer is decided by the bank and is available to selected customers only as per the discretion of the bank. You can check any one of the prescribed methods to find out if you are eligible to transfer your credit card balance from one of your credit cards to your HDFC Bank credit card.
There are no such rules in this case. As the credit card balance transfer on EMI is a feature which is a pre-approved loan instrument, the decision in regard to your eligibility for the same is solely dependent on the bank. You can get in touch with the bank directly for more information.
The processing fee for credit card balance transfer on EMI is 1% of the loan amount which is subject to a minimum of Rs.350. This amount is exclusive of GST.
You can get in touch with HDFC Bank through Phone Banking, SMS Banking, or Net Banking to know if you are eligible for credit card balance transfer.
The feature of balance transfer is bank-specific. You will be required to check with the other bank to find out if you are eligible for the transfer.
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