Axis Bank offers the credit card balance transfer facility on a range of credit cards. By availing this facility, you can consolidate the outstanding dues from different credit cards into one card. The facility is especially helpful if you want to prevent pilling of debt. To get a better understanding of the Axis balance transfer facility, let us take a look at the features and benefits, charges involved, interest rates, and other frequently asked questions about Axis Bank credit card balance transfer.
Balance transfer from Axis credit card helps consolidate debt from different credit cards into one card
Axis Bank Credit Card Balance Transfer EMI option comes with attractive interest rates of 1%-2% per month
Axis Balance Transfer charges include a nominal processing fee
To convert your statement balance into Axis Bank credit card balance transfer EMI, you would need to 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: Axis credit card balance transfer facility must be availed five days before the payment due date on the current bill or within 15 days of the current statement due date.
The features of Axis credit card balance transfer are as follows:
A minimum of ₹5,000 can be transferred to Axis Bank credit card from other banks’ credit cards using the Axis credit card balance transfer
From the date of issuance of the balance transfer draft, you will be eligible to pay interest, starting from 1% per month, 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 next month’s statement and the prevailing interest rate would be applicable on the total
Reduces Financial Strain
Availing the Axis balance transfer facility can help lessen your financial strain of clearing multiple dues on your credit card. Once your credit card balance transfer process is approved, the amount is quickly added to your account, thereby making fund management a quick and hassle-free process.
Protects Credit Score
Any financial debt incurred on your credit cards or repeated delays in making credit card payments can significantly damage your credit score. Availing the Axis Bank balance transfer facility could help avoid this damage. Moreover, if you make timely repayments on the EMI instalments to pay back the credit card balance transfer amount, you can improve your credit score.
Low Interest Rates
The Axis Bank balance transfer facility comes with low interest rates ranging between 1%-2% per month. Depending on the existing offers at the time of balance transfer, the bank may also offer an interest-free period on credit card balance transfer.
The basic eligibility criteria for Axis Bank Balance Transfer facility is:
You need to be an existing Axis Bank customer
You need to hold an Axis Bank credit card
A good track record of paying all your dues on time offers added advantage
If you are an existing Axis Bank credit cardholder, you can opt to apply for the balance transfer facility. However, whether you can apply for the same depends on the available credit limit on your card, your past repayment behaviour, and the internal policies of the bank. You do not need to submit any documents to enjoy the Axis Bank credit card balance transfer facility.
However, new users who want to avail the Axis Bank Balance transfer facility will need to fulfil the Axis Bank credit card eligibility criteria as set for the specific Axis card variant. The general Axis Bank credit card eligibility criteria are as follows:
The applicant/primary cardholder must be minimum 18 years of age at the time of credit card application
The applicant/primary cardholder must not be over 70 years of age at the time of credit card application
The applicant/primary cardholder must be a resident of India
The applicant/primary cardholder must have a regular source of income
In case the applicant/primary cardholder is applying for an add-on cardholder, they should be at least 15 years of age
Browse the Bajaj MARKETS website to choose from a host of Axis Bank credit card options available and apply for a new Axis credit card today!
Axis Bank Balance Transfer Interest Rate
1-2% per month
Axis Balance Transfer Fees
1.5% of the transferred amount or ₹250, whichever is higher
3% (minimum ₹300) of the total amount
The interest rate you are charged on Axis Bank credit card balance transfer EMI option will depend on the internal policies of the bank. It usually varies between 1% and 2% per month. Similarly, when you opt for Axis credit card balance transfer, a processing fee is levied against your request. This processing fee depends on your repayment tenor and amount. It is decided by the bank and is subject to change. Currently, the processing fee is 1.5% of the transferred amount or ₹250, whichever is higher.
You can contact Axis Bank customer care numbers at 1860 419 5555 or 1860 500 5555 to request the cancellation of the Axis Credit Card Balance transfer process
However, if you wish to cancel the process, you can do so within the free look-up period to avoid foreclosure charges. This is within the first ten days from the date of booking. Once you pass the free look-up period, foreclosure charges are applied on Axis Bank balance transfer on your credit card.
If you wish to foreclose the Axis Bank credit card balance transfer loan, i.e. pay it in full before the end of the tenor, you can choose to do so within 30 days of receiving the funds. However, you would need to pay a pre-closure charge for the same. The Axis balance transfer foreclosure charge is usually 3% (minimum ₹300) of the principal loan amount outstanding on your credit card.
No, funds on your Axis Bank credit card cannot be transferred to a bank account directly.
Once you place a request, consolidating all the pending payments, the Axis credit card balance transfer takes place immediately.
The amount of money you can transfer would depend on the credit limit on your Axis Bank credit card. However, the minimum amount that can be transferred is ₹5,000.
No, the Axis Bank balance transfer facility does not extend to corporate credit cards.
Yes, you can easily cancel your Axis Bank balance transfer request post booking. If you do so within the free-look period (within the first ten 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 availed the balance transfer from Axis credit card 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 avail the facility to clear the outstanding amount on another Axis Bank credit card.