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What is credit card balance transfer?
A credit card balance transfer can be defined as the transfer of one credit card balance amount to another, this can be seen as a method employed by many lenders (banks) to get customers to use or shift to another credit card like ICICI Bank credit cards.
A credit card balance transfer is targeted mainly at those who have considerable credit card debt and are having issues in repayment, these customers could be encouraged to shift to a new lender or another bank who could offer at a lesser interest rate. In this way the credit card holder is able to shift to a better card (in terms of interest rate) and reduce debt burden from existing cards.
There are heavy repercussions in not being able to pay the credit card debt, in an increasing interest rate scenario, debt rises and with every missed payment or minimum balance could affect the overall credit history of the individual. Once the credit score takes a beating it is very difficult to rebuild, especially in times of rising debt and the individual falls into the vicious cycle of debt.
For example, when a customer has a have a credit statement with dues of Rs. 10000, now for this say the minimum amount due is Rs. 1000. Let’s say due to a cash crush the customer pays Rs. 1000 out of which majority say Rs. 700 will go towards the payment of interest for the balance to be paid with Rs. 300 goes towards the principle.
Thus, at the end of the next billing cycle balance of Rs. 9700 apart from interest to be paid and GST provided you had not used your card the previous month. If the customer uses a credit card to purchase items worth say Rs. 3000 then the balance will be Rs. 12700. This will just keep increasing each month.
As it is seen rising credit card will make life difficult for the borrower and a credit card balance transfer would be the way to ease this burden of debt.
A bank looking to acquire a new customer uses different methods to make the customer leave their current credit card and switch to another card, the favourable methods that they use could be in the form of
Following are the benefits that a user gets by making a credit card balance transfer
A transaction fee or a commission is charged by the new credit card issuer when a borrower applies for a credit card, this could typically range between 1-5% of the debt that is about to be transferred. It is best to keep in mind the cost of processing fee while applying for a balance transfer and to opt for the lender that offers the best rate and that which would be completely beneficial to the borrower.
Features of ICICI Bank Credit Card Balance Transfer
The most common question in everyone’s mind would be on how to go about this balance transfer, we have tried to illustrate the process in a few simple steps.
Customers who have had a good track record with ICICI with respect to their credit card spends, transaction pattern and payment history becomes eligible for a balance transfer on credit card from time to time, depending on the internal policies of the bank. The card holder needs to have a minimum outstanding of Rs. 15,000 on the other bank credit card as a pre-requisite for availing a balance transfer facility.
Modes of Fund Transfer:
Funds would be transferred via NEFT or Demand Draft. For NEFT, the customer needs to send an e-mail to balancetransfer[at]icicibank[dot]com with the other bank name, customer’s name as per other bank details and other bank credit card number in which the balance transfer is to be taken.
Call ICICI Bank Credit Card Customer Care or SMS BT to 5676766 or give a Missed call on 7572807807. Their executive will call you back on your registered mobile number.
1. I only have Rs.70000 as the credit limit on my ICICI credit card but have a credit card bill of Rs.85000 on my other credit card. Can I transfer the whole Rs.85000 balance to my ICICI credit card?
You can only transfer Rs.70000 from your other credit card to ICICI credit card, but you can request ICICI bank to increase your credit limit.
2. How long will it take to transfer credit card balance from one bank to my ICICI bank credit card?
The request if you satisfy their eligibility criteria will be taken up immediately and process completed in minimum of 3 days.
3. What is the eligibility criteria for ICICI Bank credit card balance transfer?
4. Can I get a new credit card for the purpose of credit card balance transfer?
If you have a good salary in a stable job and satisfy the criteria set by ICICI bank you will be eligible to get an ICICI credit card for the purpose of balance transfer.
How to apply for ICICI Bank balance transfer credit card?
You can apply for a ICICI Bank balance transfer credit card through
a) Website: You can visit the ICICI Bank website to apply for the credit card
b) Branch: Visit the local ICICI Bank branch to apply for the credit card
c) CreditMantri: Visit www.creditmantri.com to create your credit profile and get the best cards that match your preferences
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