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

    You can transfer the credit balance outstanding on another bank credit card to your ICICI Bank credit card at an attractively low rate of interest. With this facility, you can save a lot of money on the interest paid out on the credit card and can consolidate the outstanding balance available on your credit cards. Here are more details on the balance transfer facility provided by ICICI Bank Credit Cards.

    Features of ICICI Bank Credit Card Balance Transfer

    The features of ICICI Bank credit card balance transfer is given below:

    • Provides its customers up to Rs.3 lakh in balance transfer.
    • Customers can pay their EMIs is in 3 months or 6 months installment.
    • Offers attractive interest rates and does not involve any documentation process.

    Note:

    • The customer is responsible for any additional charges, overdue amounts, or fees imposed by the other bank.
    • Customers must continue to make payments on the other bank’s credit card account by the due date until the payment from ICICI is received.

    Benefits of ICICI Bank Credit Card Balance Transfer

    The following are the benefits of ICICI bank credit card balance transfers:

    • Enable quick balance transfer within a short period of time
    • Offers multiple transfer facilities
    • Provides various incentives such as lower interest rates and an interest-free period

    Eligibility Criteria for ICICI Credit Card Balance Transfer

    The following are the eligibility criteria to avail a balance transfer service offered by ICICI Bank Credit Cards:

    • Customers with a solid track record with ICICI bank in terms of credit card spending, transaction patterns, and payment history may be eligible for a credit card balance transfer from time to time, depending on the bank’s internal standards.
    • A minimum outstanding balance of Rs.15,000 on the other bank credit card is required to use the balance transfer service.

    Documents Required for ICICI Credit Card Balance Transfer

    ICICI Bank does not require you to provide any form of documentation to be able to use the credit card balance transfer feature. However, the bank will not extend the benefit to you if you do not qualify for the same as per the prescribed eligibility criteria.

    Modes of Fund Transfer offered by ICICI Bank Credit Card

    The bank allows customers to balance transfer through NEFT or Demand Draft (DD). To avail NEFT transfer facility, the customers need to send an e-mail to balancetransfer@icicibank.com mentioning the below details:

    • Other bank name
    • Customer’s name
    • Other bank credit card number (in which balance transfer to be taken)

    You can even call 1860 120 7777 to enquire about the balance transfer procedure.

    How to Apply for Credit Card Balance Transfer with ICICI Bank

    To apply for credit card balance transfer with ICICI bank, you can call the bank’s customer service or text BT to 5676766. A representative of the bank will call you back at the number provided by you.

    Process of ICICI Bank Credit Card Balance Transfer

    In order to proceed with the Balance Transfer, you have to follow any of the two methods given below:

    • The Bank will send a Demand Draft to the cardholder’s mailing address, in favour of the other Bank that has issued the credit card from which you wish to transfer the outstanding amount. This will be credited to the other Bank credit card account of the cardholder. This same amount is then reflected on the ICICI Bank credit card held by the customer.
    • The Bank will initiate a NEFT transfer in favour of the other Bank that has issued the credit card from which you wish to transfer the outstanding amount. This will be credited to the other Bank credit card account of the cardholder. This same amount is then reflected on the ICICI Bank credit card held by the customer.

    FAQs on ICICI Credit Card Balance Transfer

    1. Can I cancel the Balance Transfer facility post booking?

      Yes, you will be able to cancel the ICICI Bank Balance Transfer facility within 15 days from the date when you avail the same. This can be done by getting in touch with the bank through its 24-Hour Customer Care.

    2. Can I foreclose the Balance Transfer feature?

      Yes, you can foreclose the ICICI Bank Balance Transfer facility at any point in time after availing it. In order to initiate the foreclosure, you will be required to get in touch with bank through its 24-Hour Customer Care.

    3. Can I contact ICICI Bank’s customer care to avail myself of the balance transfer option?

      Yes, you can contact ICICI Bank’s customer care to avail yourself of the balance transfer option.

    4. In case I opt for a balance transfer, how many EMIs can it be converted to?

      You can convert the balance transfer amount to a maximum of six EMIs.

    5. How long does it take to transfer balance from my existing credit to ICICI bank credit card?

      It takes around three days to complete the process after approving the request of balance transfer by the bank.

    6. How many times can I do balance transfer on my ICICI Bank Credit Card?

      There is no rule or limit for transferring the balance of your existing credit card to ICICI Bank credit Card. The rules and regulations may vary depending upon bank norms and RBI policies, so make sure to contact the bank before opting for a balance transfer service.

    7. What is the balance transfer fee on ICICI Bank Credit Card?

      ICICI Bank credit card balance transfer service charge imposed on the customer is 1.25%.

    8. Will ICICI Bank Credit Card balance transfer affect my credit score?

      Yes, it may have a minor impact on your credit card score depending upon the type of inquiry recorded. A hard inquiry recorded on credit card remains for two years, while soft inquiry has a very minor impact on credit score.

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