Transferring money from one credit card to another credit card is one of the biggest questions. Typically, we use this facility to lower the bill amount of another credit card when we have don’t have any funds left in cash. It is good. After all, it saves the credit limit, score, and the interest rates charged on due. However, not everyone has access to this facility, and it is only available on the basis of offers banks provide to the customers. Check Credit Card Balance Transfer From One Card to Another steps below.
In case, if you do not have any offer from the bank, then still it is possible to transfer some of the credit limits from one credit card to another. The only problem is the other options and the options from the bank charge some percentage for transferring the credit card balance to another credit card. So, without wasting any more time further let me tell you more about the transferring funds from one credit card to another.
How to Transfer Money From One Credit Card to Another Online?
There will be two procedures which I am going to mention here. Both of the procedures charge some amount for processing credit limit from one credit card to another credit card. The percentage may differ, but It is for sure that the charges will occur. Let me mention the bank process first.
- Find a low rate
- Check the fees
- Understanding the interest rates
- Make the transfer
#1 Find a Low Rate:
The first step is to check with your credit card is the fund transfer facility is available? It will help you to preserve the interest rates and credit limit for a new credit card.
If the option is available, then ask the customer care to lower the charges for transferring the balance from your credit card. If they don’t, then I better suggest you use any other credit card as most of the banks also offer zero processing charges.
#2 Check the Fees:
Most of the credit card banks do ask for a flat fee for transferring the balance from one credit card to the another. Usually, It is around 3 percent or equal to 500 Rs. You can check it out with the bank and the credit card customer care executive for the same.
#3 Understand the Interest Rate:
Make sure to read all the terms and conditions of the processing balance transfer. Sometimes, banks add more interest while transferring the balance from one credit card to another. It happens if the promotional offer is ended or not running. Dramatically, they’ll automatically add some more charges.
#4 Make the Transfer:
If all of the information is clear, then you can process with the balance transfer from your credit card to another credit card. In which, you have some outstanding dues. The only thing you need to do is ask the issuer or login in credit card net banking for doing the same.
Sometimes, the bank may ask for some more information. It is for verification, though. The process of balance transfer usually completed in 7 to 10 working days if you have sufficient credit limit in one of your credit card. During the balance transfer processing time, You need to continue making some payments to avoid penalties and other charges.
This is the process of transferring the balance from one credit card to another. However, this will only work if you got the offer from the bank, and the function is available in your credit card. If you don’t come in any of the above criteria, then you can check out another process for transferring balance using third-party applications.
We know that not everyone gets the function of transferring money from the credit card to another credit card usually from the bank. Therefore, we are adding up the new process for transferring some of the balance at some interest rates.
We know that there are many wallets applications available to download and register. It means you can open a wallet account with them. So, the process is, download any of the wallet application like Paytm. Add the money from your credit card. Remember that you are only able to add some of the amounts like up to 10000. After that, go through the fund transfer option.
You need to enter your bank details, and other information and the 5% fees will be charged for processing a balance transfer from Paytm wallet to the bank. Once the balance is credited in your bank, then you can use internet banking for clearing dues of your another credit card. In this way, you can save yourself from the penalty.
This process only works if your wallet is KYC verified. You cannot follow the same process again in a single day to add money and then transfer to paytm.
Frequently Asked Questions:
We know that everyone has questions related to money transfer from one credit card to another credit card. To be the instance, we have added some of the questions which are repeatedly asked by the users. The questions are:
- Is it legal?
- Is it a better process to save ourself from the penalty?
- How to get a balance transfer option in our credit card?
#1 Is it legal?
Yes, the process is 100% legal. However, you need to face some charges for doing so.
#2 Is it a better process to save ourself from the penalty?
It is not a better process if you have enough cash in your bank account. However, It is if you don’t have enough money to clear your dues.
#3 How to get a balance transfer option in our credit card?
If you want to get this option, then you need to have a good credit history in the past.
Why we opt for transferring money from one credit card to another? Obviously, to save our credit score and to avoid penalties. That is the reason we have added the process of Credit Card Balance Transfer From One Card to Another credit card. This may cost something extra, but you will be able to save yourself from the penalty.
What did we learn?