The Axis Bank credit card balance transfer facility is available on a range of credit cards. By opting for Axis Bank balance transfer, you can consolidate your dues from different credit cards into one card. This facility can help you to avoid debt accumulation, thereby allowing you to manage your finances efficiently. Here’s a look at the key highlights of Axis credit card balance transfer.
Balance transfer in Axis Bank credit card helps consolidate debt from different credit cards into one card
Axis Bank credit card balance transfer EMI option comes with a nominal interest rate of 1%-2% per month
Axis Bank credit card balance transfer charges include a low processing fee
To convert your statement balance into EMI, you must call the Axis Bank credit card customer care number:
The helpline number for Axis Bank customer care is 1860 419 5555 or 1860 500 5555.
Note: The credit card balance transfer facility must be opted 5 days before the payment due date in the current bill or within 15 days of the current statement due date.
The basic eligibility criteria for the Axis Bank Balance Transfer facility are mentioned below:
You must an existing Axis Bank customer
You must hold an Axis Bank credit card
You must have a good repayment history
Note: When you apply for the Axis Bank balance transfer facility, the bank will assess your available credit card limit and its internal policies. Remember, you do not need to submit any documents to enjoy the balance transfer facility.
However, new users who want to opt for the Axis Bank Balance transfer facility must meet the Axis Bank credit card eligibility criteria as set against different credit cards. The general Axis Bank credit card eligibility criteria are as follows:
The applicant/primary cardholder must be a resident of India
The applicant/primary cardholder must have a regular source of income
The applicant/primary cardholder must be minimum 18 years of age at the time of credit card application
The maximum age for credit card application is 70 years
In case the applicant/primary cardholder is applying for an add-on Axis Bank credit card, the add-on cardholder should be at least 18 years of age
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The features of Axis Bank credit card balance transfer are as follows:
A minimum of ₹5,000 can be transferred to Axis Bank credit card from credit cards of other banks by opting for the Axis Bank balance transfer option
From the date of issuance of the balance transfer draft, you must pay interest as applicable on your Axis Bank credit card balance transfer EMI
In case the balance transfer account amount is not repaid on time, the balance would be carried over to the statement of next month, and the prevailing interest rate would be applicable to the total amount
Now that you know the features of Axis Bank credit card balance transfer let’s learn about the benefits of opting for the Axis Bank balance transfer facility.
Reduces Financial Strain
Opting for the Axis Bank balance transfer facility helps you lessen the financial strain of clearing multiple dues on different credit cards. Once your credit card balance transfer process is approved, the amount is quickly added to your credit card account, which allows you to efficiently manage the funds.
Improves Credit Score
Repeated delays in making credit card payments or financial debt incurred on credit cards can significantly damage your credit score. If you make timely repayments of EMI to pay back the credit card balance transfer amount, you can improve your credit score quickly.
Low Interest Rates
The Axis Bank balance transfer facility comes with low-interest rates starting at 1% per month. Depending on the existing offers at the time of opting for the Axis Bank balance transfer, the bank may also offer an interest-free period on credit card balance transfer.
Following are the interest rate and charges for Axis Bank card balance transfer:
Axis Bank Balance Transfer Interest Rate: 1-2% per month
Axis Bank Balance Transfer Fee: 1.5% of the transferred amount or ₹250, whichever is higher
No, funds on your Axis Bank credit card cannot be transferred to a bank account.
The Axis credit card balance transfer takes place immediately after you place a request to consolidate all the pending payments.
The amount of money you can transfer would depend on the credit limit that you have on your Axis Bank credit card. However, the minimum amount that can be transferred is ₹5,000.
No, the Axis Bank balance transfer facility is not available on corporate credit cards.
Yes, you can easily cancel your Axis Bank balance transfer request post-booking by calling the Axis Bank credit card customer care number on 1860 419 5555 or 1860 500 5555. If you do so within the free-look period (within the first 10 days), you are not required to pay any foreclosure charges. Post this, foreclosure charges would be applicable on your Axis Bank balance transfer request.
If you have applied for the Axis credit card balance transfer facility and have not been provided with the issued amount, you can call the Axis Bank credit card customer care number on 1860 419 5555 or 1860 500 5555 and notify the bank representative about your issue.
No, like most credit card balance transfer facilities, you cannot opt for this facility to clear the outstanding amount on another Axis Bank credit card.
If you wish to foreclose the Axis credit card balance transfer loan, i.e. pay it in full before the Axis Bank balance transfer tenor ends, you can do so within 30 days of receiving the funds. However, you would need to pay a pre-closure charge for the same. The Axis Bank balance transfer foreclosure charge is usually 3% (minimum ₹300) of the principal loan amount outstanding on your credit card.