HDFC Bank is considered as one of the best private sectors banks offering a wide range of services. If you are using an HDFC credit card, you should know about its Balance transfer facility. In this article, you will learn about HDFC Credit Card Balance Transfer to Another Account.
We will also discuss its features, eligibility, the process to apply for HDFC credit card balance transfer, etc.
But before we will start with the basics…
What is Balance Transfer?
A balance transfer allows you to move your debts such as credit card balances, student loans, home loan medical bills, car loans to a zero or lower interest rate credit card for a promotional or limited period to the other banks or financial institutions.
In simple terms, if you have a notable outstanding balance or dues on your present credit card and you are paying high interest on that amount as well, you can think of balance transfer as an option and transfer the pending dues to other financial institutions that offer you a lower rate of interest.
I hope you got a fair idea about balance transfer. let’s see it in the terms of Credit cards.
What is a Balance Transfer in HDFC Credit Card?
As the name suggests, the transfer of outstanding credit balances from the present credit card, to a different HDFC bank Credit card, that has lower rates of interest is referred to as balance transfer in credit card.
HDFC Bank transfer fees vary from 1%–5% of the transfer amount to attract cardholders. In some cases like promotional or introductory offers, no interest is charged for a period of six to about 18 months on the transferred amount.
The offer solely depends on the HDFC bank as per its terms and conditions.
Features & Benefits of HDFC Credit Card Balance Transfer
- HDFC offers you to set your monthly EMIs as low as Rs. 27 per month for ecery Rs. 10,000.
- It offers an attractive interest rates, among the lowest in the market.
- It provides a tenure from 9 to 48 months to clear your outstanding balances.
- The loan processing and approval is very fast.
- HDFC credit card customers cannot partially repay or close the loan taken under this facility.
- EMI amount, service tax and education cess will be billed in the monthly statement starting from the immediate billing cycle date and it will be apart of minimum due.
Eligibility and Documents Required for HDFC Credit Card Balance Transfer
- If you are already having HDFC Credit card, you can apply for Credit Card Balance transfer.
- You must have a good track record of your credit card score including your card spending and repayment of dues on time.
- To know the eligibility of HDFC credit card balance transfer you can use Net Banking, Mobile Banking or you can call HDFC Phone banking service.
- No document is needed for HDFC credit card balance transfer.
HDFC Bank Credit Card Balance Transfers Fees & Charges
A balance transfer fee is an amount that you will be charged for transferring a balance from one Credit Card to another. This amount generally takes the form of a percentage of the amount being transferred. Currently, HDFC Bank charges 1.10% as a balance transfer fee.
Balance transfer processing charges for credit cards are 1% of the balance transfer amount or Rs. 250, whichever is higher.
How to Apply for a HDFC Bank Credit Card Balance Transfer
After checking your eligibility by the above methods, if you are eligible for an HDFC Credit card balance transfer follow the steps below to proceed.
- Visit HDFC Bank Net Banking Official website.
- Login using your Customer ID and Password.
- Once you log in successfully click on the Cards option on the home page.
- On the left side under the Transact column click on the option Balance Transfer on EMI.
- Now, enter the details of your HDFC Credit Card and other bank’s credit card details for the balance transfer.
- Once the details are verified, you need to enter the amount of the balance which you would like to transfer.
- The balance transfer will bedone immediately or maximum within 2-4 hours to reflect in your bank account.
NOTE: You can do a Balance transfer for a minimum amount of ₹ 5,000 to a maximum of 75% of your available credit limit of the new card. It varies from bank to bank.
HDFC Bank Credit Card Balance Transfer Cancellation
Once your loan is approved, you can cancel their HDFC bank balance transfer facility within 3 working days from the loan booking date.
After 3 working days, you will not be able to cancel this facility but can pre-close it. The bank charges customers a pre-closure fee of around 3% on the balance principle amount.
Conclusion
In this article, we have discussed How to do HDFC Bank Credit Card Balance Transfer. I hope you will find this article useful.
The best thing is to avoid taking loans as much as possible especially the big amount. It can impact your financial stability. and if there is too much-needed choose a bank carefully with a low-interest rate.
FAQs
In most cases, it happens immediately. however, in certain cases, it can take up to 2 to 4 hours.
Yes, You can but make sure your new HDFC credit card limit is more than your outstanding balance. generally, banks offer to transfer up to 75% of the card limit.
To know the eligibility of HDFC credit card balance transfer you can use Net Banking, Mobile Banking or you can call HDFC Phone banking service.
Balance transfer processing charges for credit cards are 1% of the balance transfer amount or Rs. 250, whichever is higher.
No, Balances cannot be transferred between cards with the same bank.
