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.

 

[jks]

Thanks for your response but more clarity needed.
however i do not have hdfc debit card.

 

[dungeonMaster]

I have also received same offer with amazon voucher.

 

[helloworld]

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.

Ex:

HDFC Regalia Gold has 1L due in next 10 days.

Pay through IDFC Wealth this month and settle 1L+Charges to IDFC next month.

Charges:

Transferred amount = 1L (in above example)
Processing fee = 1.18% (depends on offer incl. GsT)
If availed EMI = then additional interest (depends on offer)

If its 0% then its definitely beneficial if cleared the balance by next month.

BT generally all banks including sbi, hsbc offered on EMI based only, where you ahve to pay additional interest. Only IDFC offered one time payment without any EMI option.

IDFC cards currently best for only:

- One mnth balance transfer
- 2.36% fee based cash withdrawals from ATM

 

[iamdhamo]

Ex:

HDFC Regalia Gold has 1L due in next 10 days.

Pay through IDFC Wealth this month and settle 1L+Charges to IDFC next month.

Charges:

Transferred amount = 1L (in above example)
Processing fee = 1.18% (depends on offer incl. GsT)
If availed EMI = then additional interest (depends on offer)

If its 0% then its definitely beneficial if cleared the balance by next month.

BT generally all banks including sbi, hsbc offered on EMI based only, where you ahve to pay additional interest. Only IDFC offered one time payment without any EMI option.

IDFC cards currently best for only:

- One mnth balance transfer
- 2.36% fee based cash withdrawals from ATM

Did they change the fee as 2.36% do ca at atm? it was 250rs I think before

 

[helloworld]

Did they change the fee as 2.36% do ca at atm? it was 250rs I think before

Its actually 236rs.(198+GST) for 10k. Not sure if any changes in that 10k but 236rs. as per website.

 

[dungeonMaster]

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

Di you used emi? Was interest charged from day one?

 

[itsds]

I have also received same offer with amazon voucher.

Even I am getting this , did you avail this benefit ? There is NO Emi option as well.

 

[dungeonMaster]

Even I am getting this , did you avail this benefit ? There is NO Emi option as well.

Yes got it confirmed via mail for no emi option and availed the offer. FYI processing fee and voucher will be processed 45 days after offer which ends on 9aug.

 

[helloworld]

Even I am getting this , did you avail this benefit ? There is NO Emi option as well.

Yes got it confirmed via mail for no emi option and availed the offer. FYI processing fee and voucher will be processed 45 days after offer which ends on 9aug.

it was there long time, don't worry idfc credit points or reverse charges (depends on your offer) on-time.

only issue, the more u utilize the less or no offer you'll get later. so suggest to use when needed.

 

[itsds]

Yes got it confirmed via mail for no emi option and availed the offer. FYI processing fee and voucher will be processed 45 days after offer which ends on 9aug.

thanks for confirmation

 

[itsds]

it was there long time, don't worry idfc credit points or reverse charges (depends on your offer) on-time.

only issue, the more u utilize the less or no offer you'll get later. so suggest to use when needed.

thanks for confirmation

 

[Hisoka]

Hey, I received this offer few weeks back but noticed it today. I have a few questions

1. Can I transfer my fund to any IDFC card. Although for safe side I’ll just transfer to my primary IDFC Millenia card.

2. It says minimum 5k to 1L you can transfer. On 5k it’s adding 117rs as processing fee as fee waiver is available on balance transfer of 20k onwards. Which I don’t have on any card as of now. So the condition still gets fulfilled even if I transfer 5k?

3. Suppose my card’s statement is generated today of 15k and I do balance transfer of 20k, will that add excess amount of 5k in that card? If yes then I can use that to buy Amazon gift cards and save upon my excess amount. And if I pay my dues in IDFC card instantly then I’ll get Amazon voucher and any interest will also not be charged, right?

Thanks in advance!

 

[helloworld]

Hey, I received this offer few weeks back but noticed it today. I have a few questions

1. Can I transfer my fund to any IDFC card. Although for safe side I’ll just transfer to my primary IDFC Millenia card.

Its not fund transfer, its paying your other credit card bills with idfc card with provessing fee.

Ex: You can pay hdfc bill using idfc card and later pay that amount to idfc.

2. It says minimum 5k to 1L you can transfer. On 5k it’s adding 117rs as processing fee as fee waiver is available on balance transfer of 20k onwards. Which I don’t have on any card as of now. So the condition still gets fulfilled even if I transfer 5k?

This is the tricky part, Idfc never send tncs related to offer popups or emails or whatsapp messages. do check with support about mininum requirement.

3. Suppose my card’s statement is generated today of 15k and I do balance transfer of 20k, will that add excess amount of 5k in that card? If yes then I can use that to buy Amazon gift cards and save upon my excess amount. And if I pay my dues in IDFC card instantly then I’ll get Amazon voucher and any interest will also not be charged, right?

Thanks in advance!

ex: IDFC card statement generated. Bill: 2000, due date 10th Sep.

... pay bill as usual using any provided credit card payment option.

HDFC card bill: 5000, due date 15th sep
Axis card bill: 7000, due date 12th Sep
ICIC card bill: 4000, due date 15th sep

then you can pay all three bills using IDFC balance transfer and settle them.

In next month, IDFC bill will be (5000+7000+4000) 16000

... pay bill as usual using any provided credit card payment option.