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Handling credit cards can be difficult if the dues become heavier and interrupt financial planning every month. A balance transfer can help if you have dues on more than one credit card. It allows you to move the balance from your old credit cards to another card. The new card may offer a lower interest rate on the transferred amount. This can make your credit card dues easier to manage. You can manage the transferred balance through one card instead of several cards. It may also help lower the interest you pay on the transferred amount. The terms and charges can vary based on the card and lender. In this blog, we will learn about the IndusInd Bank credit card balance transfer, including its process and charges.
Key takeaways:
The cost of a credit card balance transfer can depend on the terms of the transfer. Before moving the outstanding balance, it is useful to check whether any processing or transfer-related charges apply. The applicable cost may also depend on the terms provided for the balance transfer.
Checking the charges in advance can give you a clearer idea of the total amount you may need to repay. It can also help you understand whether any other costs are linked to the transfer. So, it is better to review the applicable terms and charges before going ahead with a balance transfer.
A credit card balance transfer can be considered when you have outstanding dues on one or more credit cards. It involves moving the outstanding balance to another credit card, usually under different terms. Depending on the card and the terms offered, a balance transfer may provide some benefits. Some of the main benefits are given below.
A balance transfer may help reduce the interest paid on your credit card dues. You can move your balance to a card that offers a lower interest rate. This may reduce the interest amount on the transferred balance.
A balance transfer can help bring multiple credit card dues together. This can make it easier to manage your payments. It can also help you keep track of your outstanding dues through one card.
A lower interest rate may allow more of your payment to go towards the outstanding balance. This can help you focus on reducing the amount you owe. The time needed to repay the balance can depend on the payment amount and other terms.
Repaying your credit card dues on time may support your credit profile. A balance transfer can also change your credit utilisation ratio. However, your credit score can depend on several factors, including your payment history and credit usage.
A balance transfer can make credit card dues easier to manage in some cases. However, the benefits can depend on the interest rate, charges, and other terms of the card. It is important to check these details before choosing a balance transfer.
Though the IndusInd Bank credit card balance transfer facilitates multiple benefits, one needs to be sure about its risks too.
Some banks may charge a balance transfer fee of 1% to 3% of the transferred amount. This fee adds to the total amount you have to pay. If the fee is high, the benefit of a lower interest rate may be lower.
A balance transfer may offer a lower interest rate for a set period. If you do not clear the balance during this period, a different interest rate may apply. The new rate may be higher than the rate on your old card.
Applying for a new credit card may lead to a hard inquiry on your credit report. This can affect your credit score for some time. Closing your old card may also affect your credit history and, in turn, your credit score.
After a balance transfer, your old card may have available credit again. You may use the card for new purchases, which can increase your total debt. This can make your credit card dues harder to manage.
Hence, these are the cons of the IndusInd Bank balance transfer.
There is a broad difference between credit card balance transfer and balance conversion in terms of goals, function, etc.
*T&C Apply
Hence, these are the differences between credit card balance transfer and conversion.
A credit card balance transfer can help you move your outstanding dues from one card to another. The process may involve various steps.
1. Check Your Credit Card Dues
First, check how much you owe on your existing credit cards. This will help you know how much you want to transfer. Also, check if the new card has enough credit limit for the transfer.
2. Check Balance Transfer Cards
Look for the IndusInd Bank credit card balance transfer facility and check all the terms and conditions before proceeding.
3. Apply for the Card
After checking the available options, apply for the card you choose. Enter the correct details about your existing dues and the amount you want to transfer.
4. Request the Transfer
After the new card is approved, request the balance transfer. You may need to make a request to the card issuer, possibly online or offline, and provide the old credit card details for the balance transfer.
5. Check the Transfer and Pay Your Dues
Check whether the balance transfer has been completed. Until then, continue making any required payments on your old card. After the transfer, make payments towards the balance on your new card.
Following these steps can help you understand the balance transfer process and manage your credit card dues. Always check the applicable fees, interest rate, and other terms before making the transfer.
The IndusInd Bank credit card balance transfer refers to shifting the outstanding credit card due amount to another card. This concept has certain advantages and disadvantages that one needs to know before proceeding with a credit card balance transfer. The charges for a credit card balance transfer may depend on the lender’s assessment.
The IndusInd Bank credit card balance transfer is the process of shifting an outstanding credit card balance to another card.
The credit card balance transfer can be done because of huge credit card debts with higher interest, causing a financial burden.
The major risks one can face are processing fees, additional charges, varying eligibility criteria by the lender, etc.
Yes, a balance transfer may shift your credit card dues to another card, while a settlement may involve an agreement with the lender on the amount to be paid due to financial hardship.
The major benefit of the IndusInd Bank credit card balance transfer is that the borrower may get better terms and conditions to deal with the financial burden caused by credit card debts.
No, they are different. Balance conversion may turn your existing card dues into EMIs, while a balance transfer may move the dues to another credit card.
The credit card balance transfer criteria may vary from one lender to another. Hence, there are no standard criteria for borrowers.
One can also do a personal loan balance transfer at IndusInd Bank. Hence, the balance transfer is a broader concept and is not limited to credit cards.
The credit card balance transfer may depend on the lender’s assessment.
A balance conversion may be considered as an alternative to a balance transfer, depending on your repayment needs and the options offered by the card issuer.
