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  • PNB Credit Card Balance Transfer

    Punjab National Bank provides a convenient balance transfer facility to PNB Global Credit cardholders, through which outstanding balance from another bank credit cards can be transferred to a PNB credit card. Any customer holding a PNB Global Credit card or availing a new card can make use of the Balance Transfer scheme. The interest rate charged on the Balance Transfer scheme is lower than the regular finance charges levied on a credit card.

    Benefits of PNB Credit Card Balance Transfer

    There are many benefits of the balance transfer facility on PNB credit cards. Some of these benefits include:

    Lesser interest rates and charges: The most important feature of a balance transfer facility for Punjab National Bank Credit Cards is that it attracts lesser interest rates. If your current credit card has a higher monthly interest rate, you can transfer the outstanding amount to your PNB credit card for a minimal processing fee and attractive interest rates.

    Quick process: The process of the balance transfer is quick if you are eligible. You can transfer your outstanding balance faster and in an efficient way and overall, it is an effective way to reduce your credit card debt.

    Other benefits: Apart from these benefits, the bank may offer additional benefits such as lower interest rates or interest-free periods, etc.

    Transaction Fee & Charges

    Punjab National Bank charges a transaction fee for all balance transfers. This transaction fee is 1% of the total balance transfer amount of Rs.199, whichever is higher.

    To pay back the balance transfer amount, Punjab National Bank has allowed cardholders to pay back their dues in 6 months in Equated Monthly Installments. For the repayment of the amount in EMIs, the bank will be charging an interest rate of 0.99%.

    Eligibility and Documentation

    To apply for the balance transfer facility of the Punjab National Bank, the cardholder must be eligible. The eligibility criteria for a balance transfer is:

    • The applicant must be the primary cardholder.
    • He or she must be a resident of India.
    • The credit card must not be overlimit or deemed delinquent.

    Punjab National Bank also has an eligibility criterion on the minimum and maximum amount which can be transferred from the other credit card to a PNB credit card. The minimum amount required to avail the balance transfer facility is Rs.2,000 and the maximum is 90% of the card limit.

    How to Apply for PNB Credit Card Balance Transfer

    The credit cardholders of the Punjab National Bank can download the application form for a balance transfer from the website of PNB cards.

    Apart from this, the primary cardholder will also be required to submit their latest bank statements of the other credit card for which the balance transfer facility is required.

    FAQs on PNB Credit Card Balance Transfer

    1. What are the processing charges of PNB credit card balance transfer?

      The processing charges by Punjab National Bank for a credit card balance transfer is 1% of the total balance transfer amount or Rs.199, whichever is higher.

    2. What are the minimum and maximum eligible amount for the balance transfer?

      The minimum eligible amount for the Punjab National Bank credit card balance transfer is Rs.2,000 and the maximum is 90% of the credit card limit.

    3. How can I transfer my PNB credit card balance?

      You can transfer your PNB credit card balance by filling out a form for the balance transfer facility online and submitting the latest bank statement for the credit card for which the transfer facility is required.

    4. Will credit card balance transfer affect my credit?

      Yes, until your total amount due is paid off, your credit limit may be affected. It is advised that you speak to a bank representative before the process begins.

      

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