Kotak Mahindra Bank offers its customers the unique opportunity to transfer all their other Bank Credit Card outstanding amount to the Kotak Credit Card account at low rate of interest through its Balance Transfer Facility.
Other Bank's Credit Card Balance Transfer
Kotak Mahindra Bank charges a processing fee of Rs.349 (plus applicable taxes) for every Rs.10,000 for the Credit Card Balance Transfer facility.
The eligibility criteria for the Kotak Mahindra Bank Credit Card Balance Transfer is a service offered by the bank to its credit card customers. The following criteria have to be met in order to avail the facility:
Kotak Mahindra Bank does not require you to provide any special documentation for the process of the credit card balance transfer.
Customers can avail the Balance Transfer Facility by way of Net Banking, SMS or by contacting the Kotak Mahindra Bank customer care.
In order to avail the balance transfer facility via Net Banking, follow the steps given below:
You can also download the Kotak Mobile Banking application from the Google Play Store (for Android users) or the App Store (For iOS users) and use the same to avail this facility. The steps are mentioned below:
You can avail the balance transfer facility via SMS as well. In order to do so, send an SMS to 5676788 with the text BT. The Bank will contact you with details for processing the Balance Transfer.
You can also contact the Kotak Mahindra Bank customer care that is available around the clock, at 1860 266 2666 in order to place a Balance Transfer request. They will assist you with the same.
The minimum amount for the Kotak Mahindra Bank Credit Card Balance Transfer is Rs.2,500. The maximum amount for the Kotak Mahindra Bank Credit Card Balance Transfer goes up to 75% of the total credit card balance available on the card.
No, Kotak Mahindra Bank does not allow you to cancel the Credit Card Balance Transfer facility once you have booked it.
You can directly get in touch with the bank in this regard and raise your concern. You can use the complaint section under the Net Banking portal, Mobile Banking application, or even through the customer care of the bank.
If you have a credit card which is issued by some other bank, you can check if you are eligible for a credit card balance transfer to that card. In general, banks offer the facility to selected credit cards in their line-up. If your credit card is eligible for the same, you can transfer your Kotak Mahindra Bank credit card balance.
Considering the fact that Kotak Mahindra Bank offers the facility to transfer balance and not charge any interest on the same, it is a smart decision to opt for the balance transfer. However, it should be kept in mind that the interest will not be charged on the balance transfer amount only if it is paid off within 90 days from the date of transfer. In case the full payment is not made within the stipulated time bracket, interest will be charged on the payable amount.
You will be required to pay a processing fee of Rs.349 (plus applicable taxes) for every Rs.10,000 for the Credit Card Balance Transfer facility offered by Kotak Mahindra Bank.
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