Credit Card balance transfer is a facility that allows you to consolidate the outstanding balances of different credit cards into one card. It is useful if you are struggling to clear dues on your credit cards and need access to funds immediately to prevent pilling interest charges. Axis Bank too offers the balance transfer facility on its range of credit cards. To get a better understanding of the Axis Bank balance transfer facility, let us take a look at the features and benefits.
The features and benefits of Axis balance transfer are as follows.
A minimum of INR 5000 can be transferred to Axis Bank credit card from other bank’s credit cards, using the balance transfer Axis Bank facility.
To initiate the balance transfer on Axis credit card, you would need to submit the Demand Draft, mailed to you, in favor of the other Bank credit card account, to the respective bank.
From the date of issuance of the balance transfer draft, you will be eligible to pay interest, starting from 1 percent per month on your Axis Bank credit card balance transfer EMI.
In case the Balance Transfer account amount is not paid back 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.
The quick and effortless transfer of funds makes the facility useful when it comes to stabilizing your credit score.
If you are an existing Axis Bank credit cardholder, you can opt to apply for the balance transfer facility. However, whether you can for the same would depend on the available credit limit on your card, your past repayment behavior, and the internal policies of the bank. No documents need to be submitted to enjoy Axis Bank credit card balance transfer facility. If you are a student, you can avail exciting offers on Student Credit Cards.
Axis credit card balance transfer facility must be availed before five days of the payment due date on the current bill or within 15 days of the current statement due date. 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 / 1860 500 5555. Apply for Credit Cards and choose from multiple cards loaded with many amazing offers.
There is an interest rate levied when you avail Axis Bank credit card balance transfer EMI option. The rate which you are charged will depend on the internal policies of the bank. It usually varies between 1 percent and 2 percent.
When you opt for Axis credit card balance transfer, a processing fee is levied against your request. This processing fee depends on your loan tenure and amount. It is decided by the bank and is subject to change. Currently, the processing fee is 1.5 percent of the transferred amount, or INR 250, whichever is higher.
Availing Axis credit card balance transfer facility comes with certain charges. However, if you wish to cancel the process, you can do so within the free lookup period to avoid foreclosure charges. This is within the first ten days from the date of booking. Once you pass the free lookup period, foreclosure charges become applicable 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 tenure, you can choose to do so. However, you would require to pay a pre-closure charge for the same. The Axis Bank credit card balance transfer is usually 3% (minimum INR 300) of the principal amount of the loan, which is outstanding on your credit card.
Yes, funds on Axis Bank credit cards can be transferred. You can use it to clear outstanding dues on your credit cards from other banks.
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 INR 5000.