50+ Credit Cards from Top Banks
Compare Best Offers
Completely Digital Process
Using Kotak Credit Card Balance Transfer feature, users can transfer outstanding balances from other credit cards to their Kotak credit card. The interest rate on balance transfers is much lower compared to credit card finance charges, which is why it is a good way to clear the debt. More details on Kotak Credit Card Balance Transfer are given below.
Key Highlights of Kotak Credit Card Balance Transfer |
Eligibility | Benefits | Apply | FAQs |
The Kotak Credit Card Balance Transfer Charges are:
Processing Fee – The processing fee is Rs. 349 + GST per Rs. 10,000. So, if you transfer Rs. 30,000 from other bank’s credit card, the processing fee will be Rs. 1,047(exclusive of GST).
Interest Rate – Kotak credit card balance transfer can be availed at 0% interest rate for 90 days. Interest rate on longer term loan will be shared at the time of application.
Those who already have Kotak Mahindra Bank credit card may avail the balance transfer facility. The bank may ask for certain documents from the cardholder at the time of application.
On the other hand, customers who are applying for a new Kotak Mahindra Bank credit to transfer balances from other cards must meet the eligibility criteria set by the bank. The basic eligibility criteria can be found here. However, it is also subject to the card variant, applicant’s profile and other internal policies of the bank. KYC documents will be needed.
Two ways to apply for Kotak Mahindra Credit Card Balance Transfer are:
The steps to apply for Kotak credit card balance transfer online are:
The steps to apply for Kotak credit card balance transfer through mobile banking are:
Kotak Mahindra Bank will be transferring the amount to the other bank’s credit card via NEFT. The amount will be transferred within 2 to 3 working days from the date of request. Alternatively, the bank may send a cheque which will reach the customer within 4 to 5 working days.
Suggested Read: How to Get Out of Credit Card Debt
Reduced Financial Burden – As Kotak Bank balance transfer rate is lower than credit card interest rates which are usually around 3.5% p.m., users will suffer relatively less financial burden.
Credit Score – Timely payments will stabilize the cardholder’s credit score and help improve it. It is easier to make timely payments if the user is charged lower interest rates. Moreover, they can consolidate their entire amount into one credit card account. This will ensure that they do not forget to make payments.
0% Interest Rate – Kotak Mahindra Bank credit card balance transfer can be availed at 0% interest for 90 days.
Additional Benefits – The bank sometimes provides promotional offers on Kotak Bank credit card balance transfer. These benefits may include longer interest-free periods, lower interest rates, and so on.
Can I transfer outstanding balances from more than one credit card?
Yes; however, you must place the request for all the balance transfers at the same time. This means you cannot avail balance transfer facility and then at a later date transfer funds from other accounts. Also note, the balance transfer will not be processed for credit card accounts with overdue status or where the cardholder has exceeded the credit limit.
What is the minimum & maximum amount for Kotak Credit Card Balance Transfer?
The minimum amount is Rs. 2,500. The maximum amount is 75% of the credit limit.
Can I cancel the Balance Transfer facility post booking?
No, Kotak Mahindra Bank does not allow cancellation of Balance Transfer post approval. Also, if the credit card account is closed before payment of all the instalments have been made then outstanding balance will get debited to the card account in its entirety.
I have applied for Kotak Mahindra Bank balance transfer but did not receive the amount?
If you haven’t received the amount or any information regarding the same from the Bank then you should contact Kotak Mahindra Bank credit card customer centre. The number is 1860 266 2666.
Is it possible to avail Kotak Mahindra Bank Balance Transfer facility to clear outstanding amount on another Kotak Mahindra Bank Credit Card?
No, Kotak Mahindra Bank does not allow customers the ability to transfer outstanding amount from one Kotak credit card to another Kotak credit card.
