IDFC Wealth - Credit card Balance transfer at 0% processing charge

[cardwizard]

Hi, recently saw an offer about IDFC Wealth CC allowing balance transfer of other cards to idfc wealth card at 0% processing and 0%Gst.
So just wanted to understand that isn't it similar to paying one credit card bill via another card.
Read in a few of the threads that paying one cc bill using another is not correct, then how is it different from Balance transfer feature of cc? Many Banks are offering this feature.

 

[great]

interest will be charged from day one.

 

[cardwizard]

interest will be charged from day one.

Let's say my other card dues has to be cleared by 1st of the month, but for my IDFC wealth the statement is generated on 21 st of every month, and I did balance transfer on 1st itself, even then the interest will be charged? Shouldn't it be coming as part of my statement on 21 st.

 

[luciferlucifer is verified member.]

Let's say my other card dues has to be cleared by 1st of the month, but for my IDFC wealth the statement is generated on 21 st of every month, and I did balance transfer on 1st itself, even then the interest will be charged? Shouldn't it be coming as part of my statement on 21 st.

interest gets charged from the day you use it and not based on bill generation

 

[cardwizard]

interest gets charged from the day you use it and not based on bill generation

Thanks for the clarification

 

[iamdhamo]

interest gets charged from the day you use it and not based on bill generation

They say interest will not be charged till billing date and also 1% charge for transfer which will be refunded as cashback post 90 days. Seems attractive

 

[iamdhamo]

They say interest will not be charged till billing date and also 1% charge for transfer which will be refunded as cashback post 90 days. Seems attractive

They are reversing the processing fee now only for emi so not worth and they say 1% fee but it's close to 2% plus gst of 18%

 

[anishdacool]

I received a similar offer this month. They are providing reward points for balance transfer at ~2.5% value (e.g. 10k reward points for 1L balance transfer). Processing charge is 1% + GST. So, translates to about 1.07% return. Also, no EMI option is available so I am assuming no interest will be charged until bill generation and payout. Looks like a decent offer. Please let me know if I am missing something.

 

[iamdhamo]

I received a similar offer this month. They are providing reward points for balance transfer at ~2.5% value (e.g. 10k reward points for 1L balance transfer). Processing charge is 1% + GST. So, translates to about 1.07% return. Also, no EMI option is available so I am assuming no interest will be charged until bill generation and payout. Looks like a decent offer. Please let me know if I am missing something.

Can you say how is 2.5% return for 1L transfer? Do they consider balance transfer as online transaction and provide 6x points? This is only for wealth card right? I have select so we get 800 points if it's 1x for 1L which is 200rs and if 6x then 4800 points which is 2200.

1% fees is 1000 and 180 gst so 1180 fees.

We get 2200 if they provide 6x and only 200 if 1x for select variant

Will apply for wealth card soon

 

[anishdacool]

The reward points are part of the offer they have sent me - unrelated to the 6x / 10x offer they usually give for spend. This could be a targeted offer but I am not sure about it. They are giving 4k reward points for 40k ttansfer, 6k for 60k, 10k for 1L and above.

 

[iamdhamo]

Generally there is no reward points for balance transfer on idfc if it's no emi. So did u do n confirmed if u had got 10k points for 1L with no emi

 

[anishdacool]

I haven't done it yet. I tried speaking to the customer care but they had no idea and asked me to drop an email. I emailed them my questions and they just attached the T&Cs without answering any of the questions (like reward points on no emi). Below are the T&Cs for everyone's reference:

BT Offer TnC | IDFC FIRST Bank

BT Offer TnC

www.idfcfirstbank.com

BT Offer TnC | IDFC FIRST Bank

BT Offer TnC

www.idfcfirstbank.com

 

[iamdhamo]

I haven't done it yet. I tried speaking to the customer care but they had no idea and asked me to drop an email. I emailed them my questions and they just attached the T&Cs without answering any of the questions (like reward points on no emi). Below are the T&Cs for everyone's reference:

BT Offer TnC | IDFC FIRST Bank

BT Offer TnC

www.idfcfirstbank.com

BT Offer TnC | IDFC FIRST Bank

BT Offer TnC

www.idfcfirstbank.com

Both links are different. What is the difference they had mentioned in mail. First link says reward points for bt with emi and second seems to be non emi

 

[anishdacool]

They didn't provide any additional details in the email but from the T&Cs, it seems that the first link is for the customers who have availed balnace transfer before while the second one is for new customers.

 

[praveensudhakaran]

Anybody tried this? How it works?

 

[iamdhamo]

I tried using select card twice and waiting for reward points only for first time cos it was offer time. Reward points will come after 90 days I think

 

[anishdacool]

I tried it too. Waiting for reward points. Customer care said that it will take 90 days to credit.

 

[iamdhamo]

I tried it too. Waiting for reward points. Customer care said that it will take 90 days to credit.

How many times u did

 

[jks]

above offer recd from idfc bank with heading "Save BIG & get EXTRA days to pay your credit card dues"
so need advice for same.
thanks for your valuable time and guidance.

 

[iamdhamo]

I guess it might be for first time balance transfer and normally they charge 1% and 18% gst for that 1%

Earlier they gave same offer but it was only on Balance transfer with emi. So pls check this


Also if u have hdfc credit and debit card then u can transfer hdfc due of 75k to idfc for 750 rs with 135rs gst and repay the 75k with hdfc platinum debit card next month to get 750 cashback

Thereby we can get 75k for two months at 135rs which is cheap. Also if they provide reversal of processing fee it's only 750-135 which is 615