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	Kotak Infinite Credit Card
Joining Fees	Nil
Annual Fees	Nil
Condition for waiver of Annual Fees - First Year	NA
Condition for waiver of Annual Fees - Second Year	NA
Addon card Fees	Nil
Interest Charges on outstanding Balances	3.10% (Annualized 37.2%)
Interest Charges on outstanding Balances	3.10% (Annualized 37.2%)
Minimum Amount Due (MAD) (It will reflect in statement in column of minimum amount due)	MAD can be 5% or 10% of TAD as decided by the Bank
ATM Cash Withdrawal/ Call a draft/ Fund Transfer/ Cash Advance per Rs. 10,000 or part thereof	Rs. 300
Late Payment Charges ("LPC")	Due as per last statement (INR)	Late Payment Charges (INR)
	<₹100	0.0
	₹100 - ₹500	100.0
	₹501 - ₹5,000	500.0
	₹5,001 - ₹10,000	600.0
	₹10,001 - ₹25,000	800.0
	₹25,001 - ₹50,000	1000.0
	>₹50,000	1200.0
Over Limit Charge	Waived
Cheque Bounce Charges	Rs. 500
Foreign Currency Mark Up	2%*
Railway Booking Surcharge (on transaction amount)^	Waived
Fuel Surcharge**	Waived
Fee for Cash payment at Bank	Waived
Outstation Cheque Processing Fee	Waived
Reissue/ Replacement Card (per issunace)	Waived
Charge Slip Request	Waived
Machine Surcharge at ATMs	Waived
Balance Enquiry Charges at Non Parent Bank ATM	Waived
Duplicate Statement Request	Waived
Web Pay Service Fee	Waived
Please Note:
All the 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
^Maximum Railway surcharge waiver of Rs. 500 in a calendar year
**Fuel surcharge to be waived only for transactions between values of Rs. 400 - Rs. 4000. Maximum Fuel surcharge waiver of Rs. 4500 in a calendar year
*With effective 16th October 2019, foreign markup fee would be reduced to 2%

Apply for Kotak Infinite Credit Card Online

Kotak Infinite Credit Card

*Fuel Surcharge to be waived only for transactions between INR 400 and INR 7,500 with a maximum of up to INR 4,500 per calendar year.

*Maximum railway surcharge waiver allowed in a calendar year is Rs 500

Eligibility Criteria

Fees & Charges

Reward Redemption

Frequently Asked Questions

What is a credit card balance transfer?

Apply for Kotak Infinite Credit Card Online

Kotak Infinite Credit Card

*Fuel Surcharge to be waived only for transactions between INR 400 and INR 7,500 with a maximum of up to INR 4,500 per calendar year.

*Maximum railway surcharge waiver allowed in a calendar year is Rs 500

Eligibility Criteria

Fees & Charges

Reward Redemption

Frequently Asked Questions

What is a credit card balance transfer?

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