How to Do an ICICI Bank Credit Card Balance Transfer

Send an SMS with “BT” to 5676766, or call 1800 1080, and an ICICI Bank executive will process your request. Per ICICI Bank's balance transfer page, you need at least ₹15,000 outstanding on the other card. You can move up to ₹3 lakh, subject to eligibility, and repay in 3 or 6 EMIs.

Key Takeaways

• ICICI pays your other card issuer by NEFT or demand draft. Until that issuer receives the money, you still owe payments on the old card.
• The bank shares the interest rate and processing fee only when it makes your offer. The charges sit in ICICI's MITC document, so read it before you confirm.

This guide is for ICICI Bank credit cardholders who carry an unpaid balance on another bank's card. A balance transfer moves that debt onto your ICICI card, so you repay it in fixed EMIs instead of paying revolving interest. ICICI charges 3.75% a month, or 45% a year, on amounts left unpaid after the due date. You can start a request any time by SMS or phone. Below you'll see how it works, what it costs, who qualifies, and what to check first.

Understanding credit card balance transfer

A balance transfer moves what you owe on another bank's credit card onto your ICICI Bank card. You then repay ICICI instead of the old issuer.

ICICI Bank describes it as a facility that lets its cardholders shift outstanding balances from other banks' cards to their ICICI card, which helps reduce interest payments. You don't get cash in hand. ICICI pays the other issuer directly, and the amount counts against your ICICI credit limit.

Two conditions apply. The transfer is at ICICI Bank's sole discretion, so an offer isn't automatic. The amount also can't exceed your available credit limit.

Cost is the reason most people do this. HDFC Bank, for one, lists card interest up to 3.4% a month, and ICICI's own rate is 3.75%. A transfer swaps that open-ended rate for a fixed repayment plan.

What are the Benefits of Credit Card Balance Transfer?

The main benefit is lower interest. You repay the moved balance in fixed EMIs instead of at the revolving rate.

• Interest cost: The revolving rate on unpaid balances is 3.75% a month. Your transfer offer carries whatever rate ICICI quotes for you, so compare the two before accepting.
• Fixed end date: ICICI offers EMIs of 3 or 6 months, so you know exactly when the debt ends.
• Light paperwork: ICICI says the process needs no lengthy paperwork or extra formalities.
• One statement: The EMI shows on your monthly ICICI statement, so there's one due date to watch.

Here's a simple illustration. Say you owe ₹60,000 on another card and repay ₹10,000 of principal each month.

The 1.5% rate and 2% fee are my assumptions, not ICICI's quoted figures. The table ignores compounding and other charges. Your offer will show the real rate and fee, so plug those in.

How Does ICICI Credit Card Balance Transfer Work?

You request the transfer by SMS or phone, ICICI checks your eligibility and sends an offer, and once you accept, the bank pays your other card.

1. Make the request: SMS "BT" to 5676766 or call customer care. An executive contacts you to process it.
2. Share the details: Give the other card's details and the amount. For NEFT, ICICI's page asks you to email balancetransfer@icicibank.com with those details.
3. Wait for the check: Under the terms and conditions, you consent to a credit bureau check before approval.
4. Confirm the offer: You'll get the rate, fee, and tenure. For EMI transfers, interest starts from the moment you confirm on the service call.
5. Bank pays the other issuer: ICICI sends a demand draft to your registered mailing address or pays by NEFT.
6. Repay in EMIs: ICICI blocks your credit limit by the transferred amount. The full EMI is added to your Minimum Amount Due.
7. Check your statement: A future ICICI statement confirms your other card was credited.

The terms describe two versions of the facility. Here's how they differ.

Interest

Rate in your offer, from the day you confirm

Low rate on the transferred principal for a set period

After the period

EMIs run until the tenure ends

Unpaid amount attracts the standard overdue interest rate

Ask which version your offer is before you say yes, since the repayment rules change with it.

Who can apply for an ICICI credit card balance transfer?

You need an ICICI Bank credit card, a good record with the bank, and at least ₹15,000 outstanding on another bank's card.

• ICICI cardholder: The facility is offered to ICICI credit cardholders. If you don't hold one, you'd need to get the card first.
• Good track record: ICICI offers it based on your credit history, transaction pattern, and payment record.
• Minimum outstanding: The other card must carry at least ₹15,000.
• Amount limit: You can move up to ₹3 lakh, and not more than your available credit limit.
• Internal checks: You must clear the bank's policy checks, and the final call is ICICI's.

Meeting these doesn't guarantee an offer. It only means you're eligible to be considered.

Tips Before You Apply for a Balance Transfer

Keep paying your old card until the transfer lands, read the fee and exit terms, and don't count on reward points for the moved amount.

• Keep paying the old card: You stay liable for its payments until that issuer receives the money. ICICI isn't liable for late fees on the other card.
• Ask about the fee: The processing fee is non-refundable, and taxes apply. Full charges are in the MITC tariff.
• Know the cancellation window: You can cancel within 15 days of the facility being granted, but only if the demand draft isn't encashed. NEFT transfers can't be cancelled.
• Check foreclosure charges: You can foreclose an EMI transfer through 24-hour customer care, and charges come from your offer.
• Expect no reward points: The transferred amount doesn't earn rewards unless ICICI says otherwise in writing.
• Don't miss EMIs: If you miss two consecutive months, the bank can demand full repayment.
• Renew an expiring card: If your card expires during the tenure, renew it, or the bank can call for repayment.
• Look at other routes: If your dues sit across several cards or top ₹3 lakh, a consolidation loan may fit better. LoansJagat lets you compare partner lenders' offers in one place.

Conclusion

A balance transfer pays off when ICICI's quoted rate plus fee costs less than the old card, and when you can clear every EMI on time. Ask for the offer details first, add the processing fee to the interest, and compare that total with staying put. If the numbers are close, or your debt is spread across cards, look at debt consolidation before you decide.

FAQs

How do I start an ICICI Bank credit card balance transfer?

Send an SMS with "BT" to 5676766 or call ICICI Bank customer care, and an executive will contact you to process the request.

What is the minimum amount required on the other bank's card?

Your other bank's credit card must carry at least ₹15,000 in outstanding balance, per ICICI Bank's balance transfer page.

How much can I transfer to my ICICI Bank credit card?

You can transfer up to ₹3 lakh, subject to eligibility, ICICI Bank's internal policy checks, and your available credit limit.

How long do I get to repay the transferred amount?

ICICI Bank lets you repay the transferred balance in EMIs of 3 or 6 months.

How does ICICI Bank pay my other credit card?

The bank sends a demand draft to your registered mailing address or pays your other issuer by NEFT.

Do I still have to pay my old credit card after applying?

Yes, you must keep paying the old card until that issuer receives the transferred amount, as the balance transfer terms state.

Is there a processing fee for an ICICI balance transfer?

Yes, ICICI charges a non-refundable processing fee, plus applicable taxes, and the exact figure appears in your offer and the tariff document.

Can I cancel a balance transfer after it is granted?

You can cancel within 15 days if the transfer went by demand draft and nobody has encashed it, but NEFT transfers can't be cancelled.

Will I earn reward points on the transferred amount?

No, the transferred amount doesn't earn reward points unless ICICI Bank states otherwise in writing.

What happens if I miss my balance transfer EMIs?

If you miss EMIs for two consecutive months, ICICI Bank can call upon you to repay the entire facility at once.