Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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.
The eligibility criteria for ICICI Credit Card Balance Transfer are quite simple and straightforward. The same can be summed up as follows:
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 in case you do not qualify for the same as per the prescribed eligibility criteria.
In order to avail the ICICI Bank Balance Transfer facility, all you have to do is contact the ICICI Bank credit card customer care or send an SMS to 5676766 with the message “BTâ€. You can also give a missed call to 7572807807. The customer care will then contact you on the mobile number registered with the Bank.
In order to proceed with the Balance Transfer, you have to follow any of the two methods given below:
ICICI Bank allows a balance transfer of up to Rs.3 lakh. However, the limit will be provided as per the decision of the bank. You have to meet the prescribed eligibility criteria of the bank and on the basis of the same, your maximum limit for balance transfer will be offered.
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.
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.
Yes, your credit score will be affected slightly when you use a credit card balance transfer facility. A hard inquiry appears on your credit report which stays on it for almost 2 years. However, the inquiry does not affect your credit score to a great extent. Continue to pay your bills on time and maintain a good credit utilisation ratio to help neutralise the effect of the hard inquiry.
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