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.
In order to avail the ICICI Bank Balance Transfer facility, all you have to do is contact the ICICI Bank customer care or send an SMS to 5676766 with the message “BT”. 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:
There are two types of repayment option for the credit amount that has been transferred. This has to be chosen at the time of availing the Balance Transfer facility
Under the EMI Balance Transfer facility, the cardholder has to repay the principal + interest in Equated Monthly Instalments. The EMI that has to be paid in a particular month will be reflected in the credit card statement issued by ICICI Bank. The cardholder can authorize the bank to debit the card account automatically, on a monthly basis. Once the payment is made, the credit limit available on the card will be reinstated accordingly. The EMI amount will be added to the prevailing Minimum Amount Due on the ICICI Bank credit Card.
Under this method of repayment, the amount that has been transferred from other Bank credit cards will be added to the EMI amount due or the Total Amount Due on the ICICI Bank credit card. The repayment has to be made as the total amount due. The outstanding amount that has been transferred will be charged at the special interest rate quoted by the Bank for Balance Transfer. Other charges and fees on transactions will have the same interest that is applicable by the Bank on the date of transaction. If the ICICI credit card holder has not repaid the transferred amount within the period specified, then standard rate of interest is applicable on the outstanding amount.
ICICI Credit Card Balance Transfer On EMI Foreclosure
If you wish to pre-close your EMI balance transfer facility before the end of the tenure, you need to pay the entire outstanding along with all interest and other charges with respect to the facility immediately. The bank will levy foreclosure charges as per the terms indicated in the communication received by your at the time of availing the balance transfer facility.
The foreclosure request can be raised at any time by approaching ICICI’s helpline.
Default in payment of two consecutive EMIs may lead to pre-closure of the facility as demanded by the bank. ICICI reserves the right to demand for repayment of outstanding in full along with the interest, for any default in EMI payments.
Cancellation ICICI Credit Card Balance Transfer On EMI
You are eligible to apply for cancellation within 15 days of receiving the balance transfer facility. You can contact the bank’s customer care and ask to cancel the facility.
Once your cancellation request gets approved, you may have to return the demand draft to Credit Card Operations, ICICI Bank Ltd., ICICI Bank Tower, C – Wing, Autumn Estate, Chandivali Farm Road, Chandivali, Andheri (East), Mumbai 400072.
However, if you availed the balance transfer facility through an NEFT, you cannot cancel it.