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Balance transfer between credit cards is a strategy used by many credit card companies. The customer is allowed to transfer all the debt he/she has at higher interest rate credit card to a lower interest rate credit card. This allows one to save money that would normally be paid on his/her interest and pay off the debt while still saving money.
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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:
| IndusInd Bank Credit Card | Features |
| Indulge Credit Card | No pre-set spending limits, 22K gold inlay |
| Crest Credit Card | Travel, dining, and lifestyle benefits |
| Pinnacle Credit Card | Golf privileges, several additional travels, and lifestyle privileges |
| Legend Credit Card | Reward points/bonus points and additional features |
| Signature Credit Card | Accelerated reward card program |
| Nexxt Credit Card | EasyDiner, Satya Paul, Oberoi Hotels, Genesis Luxury Vouchers, and several other rewards |
| DUO Card | Travel assist program, free fuel surcharge, and 24-hour concierge service |
| Iconia Credit Card | Golf, travel, lifestyle benefits |
| Platinum Credit Card | Priority pass, hotel reservations and pre-trip assistance with flight and hotel booking handled by the concierge |
| Platinum Select Credit Card | Auto assist, with Total Protect and Air accident cover |
| Platinum Aura Edge Credit Card | Aura Edge Welcome, Travel, Freedom, and Concierge package |
| Platinum Aura Credit Card | Flexibility bundled with aura package |
| Pioneer Legacy Credit Card | Contactless card with Pioneer Legacy package featuring golf, movie, and foreign currency mark-up waiver |
| Pioneer Heritage Credit Card | Pioneer Heritage plan Three complimentary golf games per month |
| WorldMiles Credit Card | Fly miles anywhere across India, earn miles and enjoy world-class benefits of World Miles Loyalty Program |
| IndusInd Bank PAYBACK Credit Card | Avail rewards every time you pay, with 1000 points as welcome bonus, 10% discount at Big Bazaar, e-Zone, FBB, Brand Factory, and several others |
| Gold Credit Card | Premium lifestyle catering with 5 add on IndusInd Bank Gold Credit Cards for dependents |
| Classic Credit Card | Total protect classic assurance and 5 add on cards for dependents as above |
| Business Gold Credit Card | Add-on cardholders as above |
| IndusInd Bank Credit Card | Features |
| Indulge Credit Card | No pre-set spending limits, 22K gold inlay |
| Crest Credit Card | Travel, dining, and lifestyle benefits |
| Pinnacle Credit Card | Golf privileges, several additional travels, and lifestyle privileges |
| Legend Credit Card | Reward points/bonus points and additional features |
| Signature Credit Card | Accelerated reward card program |
| Nexxt Credit Card | EasyDiner, Satya Paul, Oberoi Hotels, Genesis Luxury Vouchers, and several other rewards |
| DUO Card | Travel assist program, free fuel surcharge, and 24-hour concierge service |
| Iconia Credit Card | Golf, travel, lifestyle benefits |
| Platinum Credit Card | Priority pass, hotel reservations and pre-trip assistance with flight and hotel booking handled by the concierge |
| Platinum Select Credit Card | Auto assist, with Total Protect and Air accident cover |
| Platinum Aura Edge Credit Card | Aura Edge Welcome, Travel, Freedom, and Concierge package |
| Platinum Aura Credit Card | Flexibility bundled with aura package |
| Pioneer Legacy Credit Card | Contactless card with Pioneer Legacy package featuring golf, movie, and foreign currency mark-up waiver |
| Pioneer Heritage Credit Card | Pioneer Heritage plan Three complimentary golf games per month |
| WorldMiles Credit Card | Fly miles anywhere across India, earn miles and enjoy world-class benefits of World Miles Loyalty Program |
| IndusInd Bank PAYBACK Credit Card | Avail rewards every time you pay, with 1000 points as welcome bonus, 10% discount at Big Bazaar, e-Zone, FBB, Brand Factory, and several others |
| Gold Credit Card | Premium lifestyle catering with 5 add on IndusInd Bank Gold Credit Cards for dependents |
| Classic Credit Card | Total protect classic assurance and 5 add on cards for dependents as above |
| Business Gold Credit Card | Add-on cardholders as above |
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?
