ICICI credit card balance transfer: Process, eligibility and key benefits explained
Let's consider the precautions of transferring a balance using ICICI Bank, as well as the process in greater detail.
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
ICICI Bank credits cardholders who handle the repayment of their credit card balances have the option for this service. At least ₹ 15,000 in unpaid balances on your existing non-ICICI card.
15,000 in unpaid balances on your existing non-ICICI card. A flawless repayment history.
ICICI Bank offers two main types of balance transfers: 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). Interest-free period: up to three months.
You must repay the entire amount within the interest-free time frame to avoid interest. 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. 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. 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. Always check the interest rates and processing fees. Be sure your EMIs or full dues are paid on time to avoid penalties. 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.
Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
First Published: 22 Apr 2025, 12:17 PM IST
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