HDFC Credit Card Balance Transfer

The credit card balance transfer is the transfer of one credit card balance amount to another; many lenders (banks) use this method to get customers to switch credit cards. In order to take advantage of the low interest rate and prevent credit card debt on the current card, balance transfers are usually made.

Customers of HDFC Bank have the option to move outstanding balances from other credit cards to either their new or current HDFC Bank credit card. It's simple to move a loan or outstanding balance to an HDFC Bank credit card with the HDFC Credit Card Balance Transfer option. Through the Balance Transfer on EMI feature, customers may simply make these types of loan transfers and convert their higher monthly instalment amounts into relatively lesser amounts. The transferred loan amount will be evaluated with respect to the customer's credit limit.

How to do HDFC Credit Card Balance Transfer?

You can apply for an HDFC credit card balance transfer by following the instructions listed below:

  • Sign in your HDFC NetBanking.
  • Go to the "Cards" tab.
  • Click "Balance Transfer on EMI" in the "Transact" column on the left.
  • After clicking that, you'll be asked to enter the information for both your HDFC credit card and credit card from another bank.
  • The balance transfer is completed instantly once you enter the amount, or it may take up to two to four hours to appear in your bank account.

HDFC Bank Credit Card Balance Transfer Cancellation

Within three working days of the loan amount being booked, customers can cancel their HDFC bank balance transfer service once their loan has been approved. The customer can pre-close this facility, but they won't be able to cancel it after three working days. Customers must pay a pre-closure fee to the bank, which is approximately 3% of the remaining principle amount.

Features of HDFC Bank Credit Card Balance Transfer

The following are some of the characteristics of HDFC Bank's credit card balance transfer:

Processing Fee

The processing cost for HDFC Balance Transfer is 1% of the balance transfer or Rs. 250, whichever is greater.

No Documentation required

When submitting an application for a balance transfer, the bank does not require any documentation.

Flexibility

Customers of HDFC Bank are able to choose to fix or create their monthly installments at just Rs. 27 for each Rs. 10,000 in available funds.

Fast Loan Disbursal

Quick and simple steps can be taken to disburse the loan amount by a demand draft made in the name of any other bank, credit card number, or loan account number.

Flexible Tenure and Competitive Rates

Customers of HDFC Bank have access to attractive interest rates as well as a choice of payment terms, ranging from nine to forty-eight months.

Multiple Transfer

Transferring all current credit card debt to the new card makes more sense, and most banks allow doing this. The borrower can now settle all of their bills in one location.

Incentives

Incentives associated with transferring credit card balances, such as interest-free periods and reduced interest rates, can provide relief to borrowers.

Convert Outstanding Amount to EMIs

Users can use their HDFC bank credit card to transfer any outstanding balances from credit cards issued by other banks, including loans. The transferred loan amount is blocked against the credit limit that is accessible for repayment in a few convenient, fast payments each month.

Easy Repayment Facility

With immediate effect from the billing cycles, the monthly EMI dues or the amount plus GST will be billed to the customer's monthly statement that is generated. A portion of the minimum amount that is due will also appear in the monthly credit card statement of HDFC Bank. To maintain the card regular and active, you must pay the minimum amount owed. Any remaining balance would be subject to interest and all additional fees.

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Eligibility and Documents Required for HDFC Credit Card Balance Transfer

Eligibility

A strong credit history is necessary in order to apply for a Credit Card Balance Transfer with HDFC Bank. One of the primary factors the bank takes into account when deciding whether to transfer a balance is credit score.

Customers can use phone banking to verify their eligibility or you can contact HDFC Bank's phone banking services at 011-61606161, and bank representatives will walk you through the balance transfer process. Additionally, they can use Net Banking or SMS Banking to see if they qualify.

Documentation Required

If someone wishes to apply for a credit card balance transfer, HDFC Bank does not require any paperwork.

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Modes of Fund Transfer

Money would be sent by demand draft or NEFT. For NEFT, the client must email HDFC Bank with the other bank's name, the client's name according to other bank details, and the credit card number of the other bank where the balance transfer is to be made.

HDFC Credit cards

FAQs on HDFC Credit Card Balance Transfer

1% of the total is charged as a processing fee by HDFC Bank.

With the balance transfer option on EMI, you can pay back the outstanding balance on your other credit card with comparably lower interest rates by transferring it to your current credit card in the form of EMIs.

While credit card balance transfers are typically completed instantly, they can take five to seven business days.

You can get in touch with the bank's customer service to find out if you eligible. However, if you wish to apply for a credit card balance transfer, having a strong credit score is must.

In addition to Netbanking, you can get assistance with the credit card balance transfer process by calling HDFC Bank's customer service hotline.

The balance of your credit card from one bank is usually transferred instantly to your HDFC Bank credit card. On your HDFC account, it could, however, take up to two or four hours in specific circumstances.

Balance transfers are a bank-specific feature. To find out if you qualify for the transfer, you will need to check with the other bank.

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Please click the links below to find details and instructions related to HDFC Credit Cards that can help you in easily managing your card:

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