Can I transfer money from my credit card to my bank account?
A direct transfer from your credit card to your bank account is not possible. But with the help of intermediaries like BHIM Kotakpay account, you can transfer the amount from your credit card to your UPI wallet and then to your Kotak bank account.
Although this is not common practise, in some situations this might be helpful. Discretion is advised.
Will I know when I should avail a credit card balance transfer facility?
Usually, you can avail a credit card balance transfer facility if a high interest rate is being charged on your present credit card balance. A transfer to your Kotak Mahindra Credit Card allows you a 90 days’ period free of interest. However, such a credit card balance transfer is possible only if your card was issued over 6 months ago.
You can also avail of Balance Transfer on EMI facility for 6 month tenure. Interest charges for the same are 18% p.a. on reducing balance. No processing fee is applicable for Balance Transfer on EMI
How much can I transfer from one credit card to the new one?
The transfer amount depends on the credit limit on your new card. In the case of Kotak Mahindra Credit Cards, a minimum amount of INR 2500 and maximum of 75% of your credit limit can be transferred from your existing credit card. For such transfers, the Bank takes a fee of INR 349 for every INR 10,000 or part thereof, plus GST.
You can also avail of Balance Transfer on EMI facility for 6 month tenure. Interest charges for the same are 18% p.a. on reducing balance. No processing fee is applicable for Balance Transfer on EMI
Is balance transfer cheaper than taking loans?
A balance transfer works better than a loan if you owe smaller amounts that you are able to return in shorter periods of time.
You are allowed to repay the full amount either for a nominal Processing Fee or as regular installments, both for a specific time duration. So, you are able to reduce your principal amount. But after the specified duration the issuer may start charging interest.
How long does it take for a transaction to happen successfully?
Credit card balance transfer is a fast and easy process. Kotak Credit Card Balance Transfer facility takes between 3 to 5 working days from request submission, subject to internal approval and available credit limit.
From your end, you can focus on promptly completing the necessary steps properly and provide the required information to pace up the entire process.