ICICI credit card balance transfer: Process, eligibility and key benefits explained

Do you have high-interest credit card debt from an earlier bank that's being carried over? An ICICI Bank credit card balance transfer can enable you to reduce your interest costs and facilitate debt consolidation. But, what do you need to keep in mind, and how does this process really work?

Let's consider the precautions of transferring a balance using ICICI Bank, as well as the process in greater detail.

Understanding balance transfer

Balance transfers mean that you transfer outstanding balances from one or more credit card(s) to your ICICI Bank credit card, in such a way that is often at reduced or zero percent interest for a limited amount of time.

You may utilise this service to:

• Reduce expensive interest payments
• Combine many credit card bills into one
• Pay back faster with reasonable EMIs

Who can apply for ICICI balance transfer?

ICICI Bank credits cardholders who handle the repayment of their credit card balances have the option for this service.

You should also have:

• At least ₹15,000 in unpaid balances on your existing non-ICICI card.
• A flawless repayment history.

Balance transfer options available

ICICI Bank offers two main types of balance transfers:

1. EMI balance transfer

• Duration options: three, six, or nine months.
• Has an EMI in place, with monthly fees of interest beginning at 1.25%.
• May have a processing fee (usually either 1% of the balance transferred or a flat fee of ₹199).

2. Interest-free period balance transfer

• Interest-free period: up to three months.
• You must repay the entire amount within the interest-free time frame to avoid interest.

How to apply for ICICI balance transfer?

1) Online via internet banking:

• Visit ICICI internet banking and log in.
• Go to the "credit card" section.
• Click on "balance transfer."
• Fill in the transfer amount and the credit card number from your other bank.

2) Using the iMobile app:

• Open iMobile application of ICICI.
• Pick the credit card you want.
• Tap on the "more options.”
• Select "balance transfer."
• Follow the pop-up screen directions.

3) Using customer service:

• Call 1860 120 7777 for ICICI credit card customer service.
• Ask for a balance transfer.
• Keep your card number and the remaining balance handy.

Typically, the transfer is completed within three to five business days after approval. The money is moved via demand draft or direct credit to your other bank’s credit card account.

Things to remember

1. Always check the interest rates and processing fees.
2. Be sure your EMIs or full dues are paid on time to avoid penalties.
3. Do not use your ICICI card again until the balance transfer has been completed.

In conclusion, if you wish to pay off your credit card debt and reduce your interest payments, take advantage of the ICICI Bank’s balance transfer service. It can be highly beneficial with fast processing and multiple payment options if used wisely.

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