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

    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.

    Features and Benefits of HDFC Credit Card Balance Transfer

    • HDFC Bank customers have the flexibility of fixing the monthly instalment amount for as low as Rs.27 for every Rs.10, 000.
    • HDFC Bank offers flexible repayment tenure options for balance transfer transactions.
    • The disbursement of the loan will be done via Demand Draft (DD) by HDFC Bank at the earliest. The DD will be taken in favour of the customer’s other bank name inclusive of the other bank loan account number or credit card number.
    • The loan amount availed through Balance Transfer on EMI should be equal or lesser than the existing credit limit on the HDFC credit card.
    • A processing fee of 1% of the loan amount will be levied by HDFC Bank on Balance Transfer on EMI transactions.
    • The minimum monthly repayment amount has to be done by customers as per the HDFC Bank Credit Card statement.
    • HDFC credit card customers cannot partially repay or close the loan taken under this facility.
    • If the credit card holders choose to pre-close the loan, then a penalty of 3% of the outstanding principal amount will be charged.
    • A service tax of 14% will be levied by HDFC Bank on the interest amount, pre-closure charges and the processing fees.

    Transaction Fee and Charges

    The Balance Transfer on EMI option is available for eligible HDFC Bank credit card customers only. If you are eligible for the same, the bank will allow you to transfer your credit card balance from one credit card to another. In such cases, the bank charges a balance transfer fee which is a percentage of the total amount which is being transferred. The current rate for the transfer is 1.10% of the total amount.

    Eligibility and Documents Required for Balance Transfer on EMI

    The Balance Transfer on EMI can be availed only by select HDFC Bank credit card customers. To check the eligibility, customers can use the Phone Banking service or register for a call back on their registered phone numbers from the customer care helpdesk and then apply for the balance transfer facility. They can also use Net Banking and SMS Banking to find out if they are eligible.

    The Balance Transfer on EMI feature is a form of pre-approved loan and HDFC Bank does not require its customers to provide any documentation for the same.

    How to apply for a HDFC Bank 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.

    Cancellation of HDFC Credit Card Balance Transfer On EMI

    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.

    FAQs on HDFC Credit Card Balance Transfer

    1. How long will it take to transfer credit card balance from one bank to my HDFC Bank credit card?

      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.

    2. What are the eligibility criteria for HDFC Bank credit card balance transfer?

      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.

    3. Can I get a new credit card for the purpose of credit card balance transfer?

      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.

    4. What is the processing fee for credit card balance transfer on EMI?

      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.

    5. How can I know if I am eligible for credit card balance transfer?

      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.

    6. Can I transfer money from HDFC credit card to another bank account?
    7. 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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