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What is Balance Transfer (BT)? |
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Balance transfer is the act of shifting (transferring) balance from the credit card of one bank to the credit card (new or existing) of a different bank at better rates/conditions. Usually the latter bank offers lower interest rate to attract the revolving clients of other banks. This is a good sourcing mechanism to get credit card using, educated customers to build card numbers and revolving book of interest paying customers. |
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Which customers are eligible for BT? |
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Existing credit card holders of other banks who have a revolving credit on their credit cards. Fresh customers, either with no credit cards or with no revolving balances on credit cards in other banks (who see the marketing campaign) are also welcome to apply for ICICI Bank credit cards under normal scheme. |
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What is the documentation required for BT? |
- Copy of passport (notarized for non-residents)
- Front-Back copy of existing credit card
- Latest statement of the credit card
- Complete application form with wire transfer details
- Immigration card (for non-residents only)
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What are the main product features of BT? |
- Visa Gold credit cards
- No annual fee for the first year. (Standard annual fee will apply for subsequent years)
- BT interest rate of 0.99% for 6 months on the BT amount only (Standard interest rate of 1.99% will apply after 6 months period)
- Processing fee of 1.3% (minimum Rub 350) on the BT amount
- Usual product features like free grace period on fresh purchases, 40% cash limit, 1.99% interest on cash and revolved non-BT amount etc will apply.
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Is there a minimum BT amount that can be initiated? |
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Minimum amount eligible to be transferred is Rub 7500 |
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How will limit be assigned in the absence of income papers? |
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Limit will be set at 25% higher than the limit on the other bank card. This is to make the new product more attractive and powerful, even after the BT period is over. Limit setting will be as per standard formula in the absence of income papers. |
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What bank details are required to affect BT amount wire transfer to the other bank? |
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Customer will be required to give bank name, credit card account number (20 digit for FT), due date in other bank and amount to be transferred. |
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Will the customer close the credit card in the previous bank? |
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It is not mandatory for the customer to close the existing credit card. |
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Can existing ICICI Bank Eurasia customers apply for BT? |
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Yes, existing customers of ICICI Bank Eurasia (card and non-card customers) can apply for BT |
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What is the currency of the card? |
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Credit cards from ICICI Bank Eurasia are Rouble denominated. |
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Can BT be initiated on all cards? |
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BT can be initiated only on revolving credit cards from other banks. However, customers not holding other bank credit cards or not revolving on other bank credit card are welcome to apply for ICICI Bank Eurasia credit cards under normal policy. BT is not applicable to Debit card holders. |
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How will Minimum Amount Due (MAD) be calculated? |
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Minimum Amount Due will be calculated as per normal calculation logic. System will charge lesser interest on BT amount. MAD will be calculated and payable as per the product parameterized in the standard ICICI Bank Eurasia Gold credit card. |
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Will the BT amount be eligible for free grace period? |
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There will be no free grace period on BT amount. BT amount will attract 0.99% from the date of transfer. |
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Will the fresh purchases made on the card be eligible of free grace period? |
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Yes, fresh purchases will attract interest free grace period. |
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What is the expected TAT for a BT case? |
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We aim to complete the card issuing and wire transfer the BT amount within 7 working days. |
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What happens incase there is processing delay and the customer gets charged for late fee or interest by his previous bank? |
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Any processing delay in the transfer f the amount to the other bank will be the sole responsibility of the customer. Internally, we will aim to complete the process in 7 working days. The customer will be informed accordingly of the possible date of transfer. Customers will be informed of the processing timeframe and consequences of any delay whatsoever. |
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