Online Balance Transfer
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.
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.
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.
A balance transfer works better than a loan if you owe smaller amounts that you are able to return in shorter periods of time.
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.
