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ICICI credit card balance transfer is a facility offered by the bank to its cardholders through which they can transfer outstanding balances from other banks’ credit cards into their ICICI credit card account. This helps users save on the interest payout and punitive charges on other credit card bills and settle the same at a much lower rate of interest. Details of ICICI Credit Card Balance Transfer are given below.
Key Highlights of ICICI Credit Card Balance Transfer |
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The processing fee and interest rate associated with ICICI credit card balance transfer will be shared at the time of application.
Cardholders who have maintained a good record with ICICI Bank in relation to spending pattern, payment history, etc. are eligible for balance transfer. Also, the minimum amount for ICICI credit card balance transfer is Rs. 15,000.
Do note that the customer will have to meet other internal policies of the bank as well.
Customers who want to apply for a new ICICI Bank credit card in order to transfer balance must meet the eligibility criteria set by the bank. The details can be found here.
Given below are the two ways to apply for ICICI credit card balance transfer:
SMS BT to 5676766
To apply for ICICI credit card balance transfer by contacting ICICI credit card customer care centre, call on 1860 120 7777.
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Balance Transfer Amount – Customers can transfer amount between Rs. 15,000 & Rs. 3 lakh.
No Documentation – The process of applying for ICICI credit card balance transfer is quick and easy and requires no additional documentation.
Financial Ease – Balance transfers usually charge a lower rate of interest in comparison to credit card interest rates. Therefore, customers can save on the interest that they otherwise have to pay to the other credit card providers.
Credit Score Repair – Balance transfer offers reduced rates of interest and interest free periods. This relief helps customers make timely payments which in turn improves their credit score. Customers can also consolidate outstanding amount from different credit card accounts into one account. This will help in making timely payments and improve their credit score.
Interest Free Periods – Cardholders may get interest-free period on new purchases even when they have transferred balance to their card.
What is the mode of fund transfer for ICICI Credit Card Balance Transfer?
ICICI Bank will transfer funds via NEFT or demand draft. In case cardholder wants the funds via NEFT then they will have to send the below given details to balancetransfer@icicibank.com.
Can I get the maximum limit of Rs. 3 lakh for balance transfer?
Yes, the bank may extend Rs. 3 lakh of loan as balance transfer. However, do note that the bank would not issue a balance transfer amount over your credit limit. ICICI Bank generally extends a percentage of the cardholder’s credit limit towards this facility. The amount extended is also blocked against the credit limit.
Can I cancel the Balance Transfer facility post booking?
Yes, you may cancel the Balance Transfer facility after booking if you received the amount via Demand Draft. Also, you must cancel the facility within 15 days of booking. The steps are:
Credit Card Operations,
ICICI Bank Ltd., ICICI Bank Tower, C – Wing , Autumn Estate,
Near Chandivali Studio, Chandivali Farm Road, Opp. Mhada Colony,
Chandivali , Andheri (East),
Mumbai 400072
Can I foreclose the Balance Transfer feature?
Yes, you may foreclose the balance transfer by contacting the ICICI credit card customer care section. But, bear in mind that you must then immediately pay off the full outstanding amount, the interest rates and any other charges in relation to the balance transfer.
Is it possible to book ICICI credit card Balance Transfer facility for outstanding amount on other ICICI Bank Credit Cards?
No, you may transfer outstanding amount from other bank’s credit card to ICICI credit card only.
