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Vaishnavi kale
Vaishnavi is a Financial Content Writer at LoansJagat. She holds a B.Sc. and an M.Sc. She has experience in writing SEO-focused content across finance, digital marketing, education, and Ayurveda. Before joining LoansJagat, she worked with digital marketing agencies serving fintech clients and quick-commerce brands like Zepto and blinkit. At LoansJagat, Vaishnavi writes on banking, loans, personal finance, and insurance. Her work involves researching financial topics, understanding user search intent, and creating content that is clear and accurate. She has experience in SEO content writing, keyword research, content optimisation, and AEO. She enjoys simplifying complex topics into practical information that readers can easily understand and use. She believes that well-researched and reliable content plays an important role in helping people make informed financial decisions.
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You can transfer the outstanding balance from other card to the Axis Bank credit card, which helps streamline payments. Sometimes a new credit card can bring a lower interest rate than before. Before going for an Axis Bank credit card balance transfer, one needs to understand the terms, fees, and repayment options. Eligible Cardholders can transfer one balance to the Axis Bank credit card and make easy payments without juggling multiple credit cards. In this article, you will understand all of Axis Bank's balance transfer facility.
Key takeaways
The balance transfer process can be done by calling the Axis Bank customer care number 1860 419 5555 or 1860 500 5555.
Cardholders need to contact customer care within 15 days of the current statement date or 5 days before the current payment due date.
After the balance transfer, interest starts from the next billing cycle. When you call the customer care number, you will be informed of the interest rate and tenure available. This EMI and interest will be the same throughout the tenure.
Even though balance transfer is used to make payments easier for those who are struggling to pay multiple credit card payments. Balance transfers attract interest, fees, and charges.
These changes may appear on next month's credit card bill.
The EMI tenure and Repayment timeline depend on the internal profile. But the EMI tenure normally ranges from 6 to 24 months. On the Axis Bank credit card statement, the EMI is billed.
It is important to pay your scheduled EMI and any pending dues on time. Missing an EMI may result in late payment charges and can negatively affect your credit report. However, if you have sufficient funds, you may choose to pay more than the required EMI amount or prepay the outstanding balance, subject to the lender’s terms and any applicable prepayment charges.
Balance transfer works well for people who are paying high interest somewhere else, but it is not suitable for everyone.
All cardholders can apply for a balance transfer, but eligibility may depend on the cardholder's available credit limit and repayment behaviour.
According to the Axis Bank article, one cannot pay a credit card balance using another credit card without paying fees, but there are some alternative ways which also come with fees.
Multiple EMIs or high amounts of monthly payments can become stressful. Balance transfer helps cardholders transfer their high-interest balance to another credit card and make the payment process smooth. But it helps them only if they follow it with discipline. After a balance transfer, one needs to pay EMIs on time, and they cannot close this card midway.
You can use the balance transfer facility to transfer a credit card balance to the Axis Bank credit card via online mode through internet banking. Axis Bank charges processing fees and an interest rate on this transfer.
After balance transfer credit score may slightly reduce but it can help improve score over time. The dip is because of the hard inquiry, shortened credit history, account closing, and new debt. If you use a credit card responsibly, it can improve the score.
If one is juggling multiple EMIs and high interest, a balance transfer can become a good option for them. It transfers one credit card balance to the Axis credit card; sometimes the interest rate can be lower than the previous one. By doing so, managing EMI is possible.
There are many Indian banks that offer balance transfer credit cards; Standard Chartered India offers a lower interest rate 0.99% per month. Other Indian banks like ICICI, HDFC, and SBI also offer competitive rates.
You may be able to close the balance transfer before the end of its tenure, subject to Axis Bank's applicable terms and foreclosure charges. If you want to close the EMI early, contact Axis Bank to confirm the outstanding amount and applicable charges before making the payment.
The fixed EMI and interest terms during the scheduled tenure do not mean that early closure is free of charges.
Most balance transfer credit cards charge high upfront fees, which is the biggest downside of it. Moreover, your credit score can decrease after the balance transfer.
If the balance transfer fees are more than the interest you pay, in this case you should avoid it. Also when debt is small you should pay it in full without transferring, if your credit score is already on the lower side you should avoid balance transfer.
Paying off a credit card directly is generally better, but if someone is struggling to pay multiple cards and has high interest, they can go for a balance transfer. If you have a small outstanding balance and can afford to pay it off, paying the credit card balance directly may be simpler than transferring it to another card. A balance transfer may be more useful when you are carrying a larger balance at a high interest rate and the transfer terms, any applicable fees and eligibility requirements, are favourable. People with large debt and high interest rates can go for balance transfers.
After a balance transfer, cardholders make some common mistakes like forgetting balance transfer fees, missing deadlines, making new purchases on the card, and stopping payment on old cards.
If you do not pay the balance transfer amount as agreed, the outstanding amount may continue to attract interest according to the applicable terms. Missing an EMI may also result in late payment charges and could negatively affect your credit report.
