ICICI Bank offers fund transfer services like ICICI credit card balance transfer to its cardholders. Using this facility, outstanding balances of consumers can be transferred from credit cards issued by other banks to their ICICI credit card account. This allows consumers to save money on interest and other punitive penalties on other credit card bills by paying them off at a cheaper interest rate.
Check out the key highlights of ICICI Bank credit card balance transfer here.
Balance transfer of up to Rs. 3 lakh
Attractive interest rate
Availability of 3 and 6 months tenor
No tedious documentation
You can apply for a balance transfer on credit card from ICICI in three ways. They are:
You can use the ICICI Bank Credit Card Net Banking process for the ICICI balance transfer. For that you have to follow the below-mentioned steps.
Visit the ICICI Bank web portal
Log in to your account
Go to the balance transfer option
Enter the details of the card for which you wish to opt for credit card balance transfer
Send an SMS to 5676766 with the message BT. You can also phone 7572807807 and leave a message.
Balance transfer from ICICI credit card can be done by contacting ICICI credit card customer care. You can make a call to 1860 120 7777 for this purpose.
ICICI Bank balance transfer funds can be transferred via NEFT or Demand Draft.
To avail NEFT facility, the customer should send an email to email@example.com with the details like name of the other bank, name of the customer as per other bank details and credit card number issued by other bank from where the balance will be transferred.
Demand draft can be taken directly from the ICICI Bank branch which is payable to the other bank that issued the credit card.
Customers can send money in amounts ranging from Rs. 15,000 to Rs. 3 lakh.
The application for a balance transfer to an ICICI credit card is hasslefree and requires minimal documentation.
ICICI balance transfer interest rate is relatively lower, when compared to credit card interest rates. Customers can save money on interest that they would otherwise have to pay to other credit card companies.
ICICI credit card balance transfers provide lower interest rates and interest-free periods. Customers benefit from this relief because they are able to make regular payments, which enhances their credit score. Customers can also combine unpaid balances from multiple credit card accounts into a single account. This will help them pay their bills on time and boost their credit score.
Even if they have transferred debt on their card, cardholders may qualify for an interest-free period on new purchases.
When a borrower applies for a credit card, the new credit card issuer will levy a transaction fee, which can range from 1 to 5 percent of the debt being transferred. The current ICICI balance transfer interest rate is 1.25%. When you apply for an ICICI credit card amount transfer to a bank account, it is advisable to consider the cost of processing fees.
You can proceed with the Balance Transfer by using one of the two procedures listed below:
ICICI Bank will ship a Demand Draft to the cardholder's mailing address, payable to the other bank that issued the credit card from which you desire to transfer the outstanding balance. This will be credited to the cardholder's other bank credit card account. The same amount is then reflected on the customer's ICICI Bank credit card.
ICICI Bank will make a NEFT transfer to the other bank that issued the credit card from which you want to transfer the outstanding balance. This will be credited to the cardholder's other bank credit card account. The same amount is then reflected on the customer's ICICI Bank credit card.
If you meet their qualifying conditions, your request will be processed right away, and it will take no more than three days to complete.
Yes, using a credit card balance transfer option will have a minor impact on your credit score. A hard inquiry is recorded on your credit report and remains there for approximately two years. The soft inquiry, on the other hand, has a minor impact on your credit score. Continue to pay your payments on time and keep a low credit-to-debt ratio to offset the impact of the hard inquiry.
You would be qualified for an ICICI credit card for debt transfer if you have a good salary and meet the standards given by the bank.