If you have a pending balance on one of your credit cards, on which you are paying interest to your card issuer, IDFC FIRST Bank has good news for you. Now you can transfer the balance of any of your other bank’s credit cards to your IDFC FIRST credit card and not only enjoy a lower interest rate, but also earn 10X Reward Points (10 Reward Points per Rs. 100) on the transferred amount.

IDFC Credit Card Offer

Offer Details

The Offer Earn 10X Reward Points (10 Reward Points per Rs. 100) on the balance transferred to IDFC FIRST Credit Card.
Processing Fee 1% of the transferred amount (plus GST), subject to a minimum fee of Rs. 99.
Min Value Allowed for Balance Transfer  Rs. 500
Max Value Allowed for Balance Transfer 60% of the available credit limit
Offer Validity Till 30th November 2021

Under this Balance Transfer offer, you earn 10X Reward Points (10 Reward Points per Rs. 100) on the balance amount transferred from any of your other bank’s credit cards to your IDFC FIRST credit card. Since 1 Reward Point is equivalent to Rs. 0.25, you get a value back of 2.5% on availing of the balance transfer facility (the value back =1.5% if we also account for the 1% processing fee) on your IDFC FIRST credit card. The offer is valid till 30th November 2021 and the Reward Points earned under the offer shall be credited within 60 days after the offer end date (i.e. till 29th January 2022).

As an example, let’s say you transfer Rs. 10,000 from one of your other bank’s credit cards to your IDFC FIRST credit card, you will earn 1,000 Reward Points under this offer. Since 1 Reward Point = Rs. 0.25, you get a value back of Rs. 250 on the transferred amount. But since you also paid a processing fee of Rs. 100 (1% of Rs. 10,000), the value back that you effectively get on availing of the Balance Transfer facility of your IDFC FIRST credit card = Rs. 150 (effective reward rate = 1.5%).

Offer Terms & Conditions

  • Balance Transfer facility is available only to select IDFC FIRST credit cardholders deemed eligible by the bank.
  • A processing fee of 1% of the transferred amount (subject to a minimum fee of Rs. 99) plus GST is charged on availing of the Balance Transfer facility on your IDFC FIRST Credit Card.
  • A minimum of Rs. 5,000 must be transferred to your IDFC FIRST Credit Card to avail of the balance transfer facility.
  • The maximum amount that can be transferred under the Balance Transfer facility is capped at 60% of the credit limit available on your IDFC FIRST credit card (to which the balance is to be transferred).
  • The offer is also applicable on Balance Transfer on EMIs (i.e., if the balance transferred to your IDFC FIRST credit card is converted into EMIs.).
  • IDFC FIRST allows EMI conversion across flexible tenures of 3, 6, 9 or 12 months.
  • The offer is valid till 30th November 2021 and the Reward Points earned under the offer are credited to your IDFC FIRST credit card account within 60 days of the offer end date (i.e. till 29th January 2022).
  • For detailed terms and conditions, you may refer to the official offer terms & conditions page on the bank’s website.

Bottom Line

If you are unable to clear your credit card dues and are paying interest on the balance amount, this is a very good opportunity to not only save on the interest that you are currently paying but also earn Reward Points on the transferred amount. Since the 1 Reward Point is monetarily equivalent to Rs. 0.25 and you also pay 1% of the transaction amount at processing fee, you effectively get a reward rate of 1.5% on transferring the balance from one of your other bank’s credit cards to your IDFC FIRST Credit Card.

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