IndusInd Credit Card Balance Transfer

There are several other factors to look for when considering credit card balance transfer:

Transfer charges

Transfer charges and processing fee are applicable in case of transferring debts from one card to another card.  One must not forget to consider additional charges as this can increase the amount payable and end up with higher payments in the long run.

Discount Facilities

IndusInd Bank has tie-ups with brands and institutions to offer discounts for its customers. Various banks offer good packages with a reward program to encourage the growth of the economy and benefit credit cardholders at the same time.

Spending Limitation 

The flexibility the cardholder has around the base credit limit, allowing an extra little buffer to spend over the credit limit. The bank offers several flexible options to accommodate their spending habits.  Take note if your new credit card issuer offers unlimited spending or curbed spending and find out the limits.

Credit Agency Verification

Banks offer waivers on bank transfers to the customers who have good credit rating scores.

The rating is imperative for one’s financial stability and a proper credit agency with the correct credentials is necessary to offer an evaluation of each individual’s credit rating score that allows both banks and their cardholders to thrive with extra offers and benefits.

EMIs

Almost all banks cover balance transfer with the option of EMIs. Longer EMIs have higher interest rates, hence, it is important for the customer to choose the bank with higher EMIs and competitive interest rates.

There are several credit cards one can avail for his/her balance transfer, with several advantages as mentioned below:

Each card comes with its respective package featuring several welcome benefits that are available to every customer upon acquisition of the credit card. Tie-ups with several major hotel chains in order to accommodate one’s traveling needs and luxury services that can be availed at that hotel are offered. Each package features a plethora of rewards in the spheres of airline travel, golf facilities, travel assistance, and protection services, along with theatre booking and free movie tickets every month.

One can only transfer to his/her new credit card an amount within its credit limit.  One must consider the pending fee he/she has and the credit limit of the new card to ensure that all money can be transferred.

Make note of the credit limit, the expiration date of the credit card, the credit card number, and the outstanding credit amount before transferring to one’s balance to a new credit card. To facilitate the transfer, one will need the copies of his/her credit card, last 6 payments made on his/her card (credit card statement) and an address proof.

Additional payment on the pending credit card bill is prevented by paying the pending amount via demand draft.  The new company issues this towards one’s old credit card.  Pay off  credit with the new credit issuer within the allotted time to prevent higher interest rates.

The buffer period allotted to pay off outstanding amount has zero to nominal rates of interest.

How long does credit card balance transfer require?
Generally, credit card balance transfer requires 7 to 10 working days to get processed successfully.

How often can you avail this balance transfer option?
Consult the bank you are registered with to find out how many times they allow credit card balance transfers.

What are the eligibility criteria to apply for a credit card?

• The individual in question must be between 21-65 years old
• The individual must have a good CIBIL score
• The individual must be a resident of India or NRI
• The individual should have a regular source of income
• The individual must be employed with an established company or self-employed in their own recognized business