BT Offer from IDFC

[sjmajumder]

Received a BT offer from IDFC as below.

Transaction Amount	Reward Points
20k-40k	1500 RP
40k-60k	4000 RP
60k-1L	6000 RP
>1L	10000 RP

Charges 1% + GST.

So considering I do a BT of 1 lakh, I will have to pay 1180 as charges and can earn 10,000 reward points value of which is Rs. 2500.

Questions to my esteemed friends:

1. I will be repaying in full so I guess no interest charges - please confirm
2. Any catch?

BT Offer TnC | IDFC FIRST Bank

BT Offer TnC

www.idfcfirstbank.com

 

[helloworld]

Nothing, that's it. Go for it, if you want to avail extra 30 or so days with some value back.

 

[sjmajumder]

Nothing, that's it. Go for it, if you want to avail extra 30 or so days with some value back.

Thanks! I'll go for full 48 days.

Apply the day my IDFC statement is out 🙂

 

[HumorSimpson]

Any Wifi 📶 offers?

 

[sjmajumder]

Did BT of Rs. 100,001 yesterday. Got credited to my ICICI card today.

 

[sjmajumder]

Did BT of Rs. 100,001 yesterday. Got credited to my ICICI card today.

Seems like I struck a gold mine. Got the 10K reward points and additionally got a cashback of Rs. 885.01 with details as "BT 75% Waiver: Jan'24 Republic Day Campaign". Was completely unaware of this campaign when I did the BT and even till now 😀

Finally the wait is over, time to redeem the reward points, use up the credit balance and request for card closure.

Wish me luck for my Wealth Card application.

 

[KGSIPO]

What is BT

 

[Card_Crafter]

What is BT

Balance Transfer from one card to another card.

 

[ccgeek07]

hey @sjmajumder ,

I earlier saw few posts on this forum people suggesting not to use BT. You seems to be benefitted from this. Can you pls elaborate more with your experience on this (also with do's and don'ts).

TIA.

 

[sjmajumder]

hey @sjmajumder ,

I earlier saw few posts on this forum people suggesting not to use BT. You seems to be benefitted from this. Can you pls elaborate more with your experience on this (also with do's and don'ts).

TIA.

They charge for BT. So, the general perception is don't go for it. But in this case the rewards were more than the fees.

The charge was Rs. 1180 and the offer was 10,000 RP = Rs. 2500 Amazon GV and on top of that I got CB of Rs. 885.

So, net profit = (2500+885-1180)= Rs. 2205 + Interest free Rs. 1L for one billing cycle.

 

[ccgeek07]

They charge for BT. So, the general perception is don't go for it. But in this case the rewards were more than the fees.

The charge was Rs. 1180 and the offer was 10,000 RP = Rs. 2000 Amazon GV and on top of that I got CB of Rs. 885.

So, net profit = (2500+885-1180)= Rs. 2205 + Interest free Rs. 1L for one billing cycle.

Interest will be charged only after Payment Due Date? and not from day 1?

Is this the same across all banks including SBI Cards?

 

[sjmajumder]

Interest will be charged only after Payment Due Date? and not from day 1?

Is this the same across all banks including SBI Cards?

I believe so...rules are set by RBI and all banks has to follow.

 

[helloworld]

Interest will be charged only after Payment Due Date? and not from day 1?

Is this the same across all banks including SBI Cards?

balance transfer and missing payment are different things..

If you miss the payment, then interest will be charged from previous settlement date (last whichever statement settled) to now.

Balance transfer is like, take a loan from one bank and paid the bills to another bank, so that you won't miss the due date.

It has processing fee, gst, emi conversion charges. Analyze all and if only benefitted like OP opt for it, otherwise generally you should settle bills with your income. It should not be rotated.

Here, interest will be calculated based on the amount processed in that loan at that time, its like loan or emi that you do emi purchase on online shopping on credit card.