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	PVR Platinum
Joining Fees	Nil
Annual Fees	Rs. 999
Condition for waiver of Annual Fees - First Year	NA
Condition for waiver of Annual Fees - Second Year	NA
Addon card Fees	Rs. 299 per Add on card
Interest Charges on outstanding Balances	3.50% (Annualized 42%)
Interest Charges on outstanding Balances	3.50% (Annualized 42%)
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")	Rs. 100 for statement o/s less than or equal to Rs. 500.
	Rs. 500 for statement o/s between Rs. 500.01 to Rs. 10000.
	Rs. 700 for statement o/s greater than Rs. 10,000
Over Limit Charge	Rs. 500
Cheque Bounce Charges	Rs. 500
Foreign Currency Mark Up	3.5%
Railway Booking Surcharge (1.8%/2.5% on transaction amount)	Applicable
Fuel Surcharge	Applicable
Fee for Cash payment at Bank	Rs. 100
Outstation Cheque Processing Fee	Waived
Reissue/ Replacement Card (per issunace)	Rs. 100
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:
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]

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What is a credit card balance transfer?

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What is a credit card balance transfer?

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