HDFC Credit Card Balance Transfer Procedure

HDFC Credit Card

Concerned about overshooting the interest free credit period? Unable to pay off the piling credit card debt? Dealing with monstrous interest charges and late payment penalties? Though these can be taken as three different situations, there is something that remains common in all three – the increased number of calls to pay the EMI’s or, else, reap the benefits of Balance Transfer.

For banks and financial institutions, balance transfer primarily means getting new customers on board and expanding their credit card operations base, as the service doesn’t allow users to transfer balance between the credit cards issued by the same bank. This option can only be exercised by transferring outstanding balance within cards issued by two different banks. This facility is sometimes used by the customers to lower their

current interest charges on the outstanding amount, or else, get a better credit limit.

Normally, the issuer, to whom the outstanding balance is to be transferred, would offer several kinds of promotional offers and schemes to the new prospective customers, including zero interest on the transferred amount for a tenure of, say, 6-8 months. However, such schemes might vary from one bank to the other. Among several banks that offer this facility, HDFC has created its unique identity among masses. Here is a quick look into the procedure of transferring the outstanding balance from any card to HDFC credit card.

Balance Transfer Process

As a first step, customers have to express their willingness to transfer the outstanding balance from their existing card to

Apply HDFC Credit Card

HDFC credit card. The bank usually sends a representative, along with a balance transfer form, to the customer, who will take care of all the form filling and documentation process, including filling the details of old credit cards and the piled up dues. It is normally after a period of 7-10 working days that people will receive a Demand Draft from HDFC bank in the name of the old credit card provider. Once this demand draft is submitted to the issuer, the outstanding balance is cleared within a few days. Now, the balance is transferred to the new HDFC credit card, which has to be repaid within the stipulated time period, along with enjoying the promotional benefits.

 Points worth Consideration

When following the procedure of transferring the outstanding balance to HDFC bank credit card, there are certain things that one needs to watch out for closely. Since the process takes 7-10 working days for completion, there are high chances that one might miss another due date of servicing the EMI. So, now that the user didn’t even pay the minimum required amount, this can be treated as a default, which affects the credit score in the long run. Thus, it is advisable to keep on servicing the minimum amount due until HDFC bank sends the demand draft in the favour of the old credit card issuer.On the whole, though balance transfer might appear to be an attractive option to get a new credit card at lower interest rates and increased credit limit, while managing the outstanding debt intelligently, exercising this option too much can get one’s name reported with the credit bureau. So, if hampering the chances of  getting any cash or credit advances in the future is not the ultimate motive, one must use the option of balance transfer in a smart manner.