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Anishka Bhadly
Anishka Bhadly is a content writer with a finance and business background. She has completed her bachelor's degree with a specialisation in finance and is currently pursuing an MBA in the finance field too. The knowledge she has gained from her studies and experience working with EdTech companies helped her combine theoretical knowledge with practical industry insight. Her expertise lies in creating well-researched, informative, and reader-friendly content in various banking, personal finance, loans, insurance, and investment-related topics.
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The YES BANK Credit Card Balance Transfer helps cardholders to transfer the outstanding amount from any other credit card to a YES BANK credit card and pay the amount in the form of an EMI. The facility is only available to YES BANK credit card holders who are eligible for the same. Contact YES BANK to confirm your eligibility for this facility. The bank can ask for a recent statement of the credit card from which you want to transfer the amount, and if you are eligible, they will process it for you. After the transfer, an EMI will be reflected on your YES BANK credit card statement. Make sure to check and understand the applicable interest rate, tenor, and other charges before finalising the balance transfer option.
Key Takeaways:
A YES Bank credit card balance transfer allows you to transfer the outstanding amount on another credit card to your YES Bank credit card, subject to the bank's terms and eligibility. Instead of paying dues on multiple cards, you can pay off the transferred amount on a single card. It might be easier to repay, but make sure to consider the interest rate, processing fee, repayment tenor, and other charges for the balance transfer before making a choice. They could differ depending on your card and the offer.
Balance transfer eligibility is determined by the lender's requirements and a borrower's personal details. Age, salary, occupation, work experience, credit history, and repayment ability are some of the factors that might be taken into account before a loan company approves the balance transfer.
There are no universal eligibility criteria for a balance transfer since it may vary between financial institutions. In this case, it is essential to examine the particular bank's or lender's regulation, which fits your loan application and prepare income and other required documents for the balance transfer process.
If you are considering making the payment on your credit card bill by paying it with another credit card, in most cases this will not be possible. However, you may have options like the balance transfer facility or cash withdrawal facility, depending on your card issuer. These options may also involve fees, interest, and eligibility criteria.
A balance transfer facility helps you transfer the amount due on your credit card to another credit card. The card issued by the new card issuer will pay off the amount due to the old card issuer, subject to approvals and any fees. Terms and conditions may apply. For instance, YES BANK’s terms allow eligible cardholders to transfer any outstanding amounts on their credit card bills issued by other banks under the balance-transfer facility.
This is useful if you just need cash to clear your credit card bill with another credit card. However, since cash withdrawal on a credit card is expensive and comes with high interest rates as well as a transaction fee, it may not be the cheapest way to redeem yourself from a defaulted credit card bill. YES BANK’s cardmember agreement says that cash withdrawal attracts a transaction fee and interest charged from the date of withdrawal.
Some digital payment apps might enable you to utilise one credit card to pay off another through an e-wallet.
The process may work out for you as a different mode of credit card payment, but make sure to look into the application’s charges, restrictions, and terms and conditions prior to clearing one credit card with another.
However, these options should be considered very carefully because you will only end up with more debt if the amount owed keeps rising. So before using one credit facility to pay off another one, make sure to read up on the terms and conditions.
Before applying for a credit card balance transfer, it is important to keep in mind documents that may be required during the application. The documents help the lenders to verify your identity, address, income, banking details, and credit card liabilities.
To apply for a balance transfer, you must keep the following documents to support your application:
*T&C Apply
Keeping the necessary documents can help ease the application process for a credit card balance transfer. The documents may vary between lenders, so it is important to check what kind of documents are needed before submitting the balance transfer application.
The process is a fairly standard one, although it is worth remembering that it takes a period of processing before anything appears the moment you ask.
Step 1: Contact Yes Bank and Ask About Eligibility. Look up your Yes Bank card account, current offers, or customer service channels to ensure the facility is in place.
Step 2: Provide the Other Bank's Details. You must provide Yes Bank with another's bank name, your own name as it is listed on file, and the credit card number for the card you wish to use.
Step 3: Provide Proof of the Outstanding Balance. You will need to provide the company with a copy of a recent statement from the other bank identifying their outstanding balance.
Step 4: Approval and Fund Transfer. Once approved, Yes Bank will send the funds from the other bank's card account to the other card's account by way of demand draft or NEFT to cover the amount approved for the transfer.
Step 5: The transferred amount appears as an EMI. The amount approved for transfer would be repaid according to the EMI/payment terms specified by Yes Bank.
None of these events take place on the same day. Unless you are made aware that the balance on the old card is completely paid off or, until you reach some other condition, continue to make the payment due for that card.
A YES BANK credit card balance transfer can help eligible cardholders pay off an outstanding credit card balance with a series of structured monthly payments. The option, however, is not available to all cardholders. Before initiating a balance transfer, you should check your eligibility and compare the interest, tenure, fees, and other terms of the transfer with your current credit card dues. While a lower minimum monthly payment could improve cash flow, the overall quantum of the repayment should be the deciding factor when doing a balance transfer.
It lets eligible YES BANK credit cardholders transfer the due amount from another bank's credit card to their YES BANK credit card and repay it via EMIs, with applicable terms and conditions.
The balance transfer facility is only offered to certain cardholders. You can get in touch with YES BANK customer care to know if you are eligible for the facility.
The amount that can be transferred depends on your eligibility and credit limit. YES BANK can approve, reduce or reject your balance transfer request.
Yes. As per the Balance Transfer on EMI facility, the transferred amount has to be repaid as equated monthly installments over the chosen tenure.
Yes, the EMI for the balance transfer will be visible on your YES BANK credit card statement on a monthly basis.
YES BANK may ask you to provide the latest statement of the other credit card from which you wish to transfer the outstanding amount.
No, you should continue to pay your other credit card till the time the transferred amount is reflected in your YES BANK credit card account.
The transferred amount along with the applicable charges, if any, may reduce your YES BANK credit limit as per the credit card terms and conditions.
You can contact YES BANK customer care to check your eligibility for the balance transfer scheme and other details such as the applicable rate of interest, tenure, charges, etc. before availing of this facility.
Customers can request a balance transfer by verifying eligibility criteria with YES Bank and providing required details of the existing credit card balance. The eligible balance is transferred subject to terms & conditions and applicable fees & charges.
