I wanted to transfer the balance on my credit card to another card with another bank, but the latter bank refused stating it is a card from public sector bank. Is this a valid reason?
When you do not settle the credit card dues, you are actually paying up a higher sum by way of interest outgo
I wanted to transfer the balance on my credit card to another card with another bank, but the latter bank refused stating it is a card from public sector bank. Is this a valid reason?
Vijay Kamath, Dharwad
You will be advised not to extend the free credit period on your card and run up large outstanding. When you do not settle the credit card dues, you are actually paying up a higher sum by way of interest outgo. Coming to your problem—there is no such regulation that you cannot transfer your credit card outstanding from one issuer to another as long as they do not reject your case on grounds of poor credit history or any such issue. As your bank is free to decide if it wants to take on the credit that you’ve got from the public sector bank, the choice to decline the transfer also rests with them, something that they must have exercised.