What is a credit card balance transfer?

Question

Accepted Answer

Credit card balance transfer is the process of transferring owed balance from one credit card account to another. Upon carrying out this process, the debt is owed to the new card issuer as opposed to the original card issuer.

Fee & other Parameters	Privy League - Paid Card		Privy League - Free Card
Joining Fees	Nil		Nil
Annual Fees	2500^		Nil
Addon card Fees	Nil		Nil
Interest Charges on outstanding Balances	3.50% ( Annualised 42.00%)		3.50% ( Annualised 42.00%)
Interest Charges on outstanding Balances	3.50% ( Annualised 42.00%)		3.50% ( Annualised 42.00%)
Minimum Amount Due (MAD) (It will reflect in statement in column of minimum amount due)	Effective 1st June 2025, Minimum Amount Due is calculated as 1% of all purchase transactions & cash advances & 100% of EMI, Finance Charges, Fees/Charges & Tax as applicable, subject to a minimum of ₹100 else up to the TAD amount whichever is lower. It will reflect in your monthly statement in the summary section		Effective 1st June 2025, Minimum Amount Due is calculated as 1% of all purchase transactions & cash advances & 100% of EMI, Finance Charges, Fees/Charges & Tax as applicable, subject to a minimum of ₹100 else up to the TAD amount whichever is lower. It will reflect in your monthly statement in the summary section
ATM Cash Withdrawal/ Call a draft/ Fund Transfer/ Cash Advance per Rs. 10,000 or part thereof	2.5% on advance amount or INR 500 whichever is higher		2.5% on advance amount or INR 500 whichever is higher
Late Payment Charges ("LPC")	Due as per last statement	Late Payment Charges	Due as per last statement	Late Payment Charges
	<₹100	0.0	<₹100	0.0
	₹100 - ₹500	100.0	₹100 - ₹500	100.0
	₹501 - ₹5,000	500.0	₹501 - ₹5,000	500.0
	₹5,001 - ₹10,000	600.0	₹5,001 - ₹10,000	600.0
	₹10,001 - ₹25,000	800.0	₹10,001 - ₹25,000	800.0
	₹25,001 - ₹50,000	1000.0	₹25,001 - ₹50,000	1000.0
	>₹50,000	1200.0	>₹50,000	1200.0
Over Limit Charge	Rs. 500		Rs. 500
Cheque Bounce Charges	Rs. 500		Rs. 500
Foreign Currency Mark Up	2%		3.5%
Railway Booking Surcharge ( on transaction amount)*	Waived		Waived
Fuel Surcharge**	Waived		Waived
Fee for Cash payment at Bank	Rs.100		Rs.100
Outstation Cheque Processing Fee	Waived		Waived
Reissue/ Replacement Card (per issunace)	Rs. 100		Rs. 100
Charge Slip Request	Waived		Waived
Machine Surcharge at ATMs	Waived		Waived
Balance Enquiry Charges at Non Parent Bank ATM	Waived		Waived
Duplicate Statement Request	Waived		Waived
Web Pay Service Fee	Waived		Waived
Please Note:
GST/Applicable taxes, would be charged as per the rates approved in the Finance Act each year on all interest & fees and other charges levied on your Credit Card
^Annual fee of Rs. 2,500 can be waived either by maintaining Black or Platinum Banking^^ Relationship or by spending Rs. 5 lakhs in previous year
*Maximum Railway surcharge waiver of Rs. 500 in a calendar year
**Please note, w.e.f. 01st June 2025, a 1% fuel surcharge waiver on transactions between ₹400 and ₹7,500. Maximum fuel surcharge waiver of Rs. 7500 in a calendar year (Free variant) and Rs. 300 per month (Paid variant)
^^Criteria of Platinum Banking relationship: (1) Relationship Value of Rs. 30 lakhs with an average monthly balae (AMB) of over Rs. 1 lakh in savings or current account. (2) AMB of over Rs. 10 lakhs in savings account (3) AMB of over Rs. 15 lakhs in current account
Disclaimer: we have discontinued the free variant (Free Card) of this product for new sourcing and the information above is displayed for existing cardholders only. We are sure that our large bouquet of active products with attractive features and offers will match your expectation. Thank you for understanding.

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What is a credit card balance transfer?

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What is a credit card balance transfer?