HDFC Bank gives its customers the facility to transfer their outstanding amount from other credit cards to transfer it to their new HDFC Bank credit card or the existing ones. With HDFC Credit Card Balance Transfer facility, one can easily transfer their outstanding balance or loan to HDFC Bank credit card.
Features of HDFC Bank Credit Card Balance Transfer
Some of the features of credit card balance transfer of HDFC bank are as follows:
Flexibility- Customers of HDFC Bank have a flexibility of setting or fixing their monthly installments to as low as Rs. 27 for every amount of Rs. 10,000/-.
Convert Outstanding Amount to EMIs- Customers can pay their outstanding amount of any bank’s credit card or even loans by transferring it to their HDFC bank credit card. The loan amount which has been transferred gets blocked against the available credit limit which can be paid off in some easy and quick monthly installments.
Easy Repayment Facility-The monthly EMI dues or the amount along with GST will be billed to the customer’s monthly statement which would be generated and this would happen with immediate effect from the billing cycles and some part of the minimum amount which is due would appear in the monthly credit card statement of HDFC Bank. The payment of this minimum amount due is important to keep the card regular and active. All other charges and the interest would be applicable on all the outstanding balance.
No Documentation required- The bank does not ask for any documentation in order to apply for Balance Transfer.
Fast Loan Disbursal- The process of disbursal of loan amount is also quick and easy and they can be drawn through a demand draft which is drawn in favor of any other bank’s name or credit card number or even loan account number.
Flexible Tenure and Competitive Rates- HDFC Bank offers their customers a competitive rate of interest and one also gets an option to select the payment tenure between 9 to 48 months.
Processing Fee– HDFC Balance Transfer processing fee charges 1% of balance transfer or an amount of Rs.250, whichever is higher.
Eligibility and Documents Required for HDFC Credit Card Balance Transfer
In order to apply for Credit Card Balance Transfer with HDFC Bank, it is important to have a good credit history. Credit score is one of the main parameter that the bank considers in case of Balance Transfer. Other than this, you can call the Phone Banking services of HDFC Bank at 011-61606161 and the bank executives will guide you with the process of Balance Transfer.
HDBC Bank does not ask for any documentation if one wants to apply for Credit Card Balance Transfer.
How to do HDFC Credit Card Balance Transfer?
To apply for HDFC credit card balance transfer, you can follow the below mentioned steps:
- Login to your HDFC NetBanking
- Click on the tab “Cards”
- On the left side, under the “Transact” column, click on “Balance Transfer on EMI”
- On clicking that, you need to enter the details of your HDFC Credit Card and other bank’s credit card details
- Once you enter the amount, the balance transfer is done immediately or maximum takes 2-4 hours to reflect in your bank account
HDFC Bank Credit Card Balance Transfer Cancellation
Once the customer’s loan is approved, they can cancel their HDFC bank balance transfer facility within 3 working days from the period when their loan amount has been booked. After 3 working days, the customer will not be able to cancel this facility but they can pre close it. The bank charges customers a pre-closure fee of around 3% on the balance principle amount.
What is meant by “Balance Transfer on EMI”?
Balance Transfer on EMI is a facility where you can transfer the outstanding balance from your other credit card to your existing credit card and repay in the form of EMIs at comparatively lower Interest Rates.
What is the processing fee for credit card balance transfer?
HDFC Bank charges 1% of the amount as processing fee.
Is Internet Banking the only option of balance transfer?
Apart from Netbanking, you can call on the customer care number of HDFC Bank and they can guide you with the process of credit card balance transfer.
How long does Balance Transfer usually take?
Credit Card Balance Transfer is usually done immediately but can also take 5-7 working days in some cases.
How can I know if I am eligible for credit card balance transfer?
To check your eligibility, you can contact the bank’s customer care. Though having a good credit score is a plus point if you want to apply for a credit card balance transfer.