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With the SBI Credit Card balance transfer facility, you can easily transfer the outstanding due of another bank’s card to your SBI Credit Card. The SBI Credit Card balance transfer charges and the interest offered are comparatively lower. This helps you manage your finances better to pay off the credit card dues on the other bank’s card without falling further into debt or damaging your credit score.

What is the Eligibility Criteria for SBI Credit Card Balance Transfer?

The SBI Credit Card balance transfer facility is available to SBI credit cardholders at low-interest rates. Primary SBI credit cardholders don’t have to submit additional documents to enjoy this facility.

 

Below is a list of general SBI Credit Card eligibility criteria that you must meet to avail of the balance transfer facility:

  • You must be a resident of India 

  • You must be a primary SBI credit cardholder

  • You should meet the other requirements as per SBICPSL’s internal policies

How to Apply for SBI Credit Card Balance Transfer?

Here are the three ways in which you can apply for SBI Credit Card balance transfer online or offline :

1. Book through SBI Net Banking

SBI Credit Card balance transfer can be done easily by logging in to the SBI Credit Card Net Banking portal. Here are the steps:

  • Go to the SBI Card Net Banking portal and log in to your account

  • Click on ‘Benefits’ on the left-hand menu, and then select ‘Balance Transfer’

  • Enter the necessary details and confirm the booking

2. Mobile App

Another convenient way is to download the SBI Card mobile application on your phone and apply for the SBI Credit Card balance transfer facility online. Once you have installed the app, here are the steps you must follow:

  • Log in to your account on the SBI Card app

  • Tap on the ‘Benefits’ section and then select ‘Balance Transfer’

  • Enter the necessary details and confirm the booking

3. SMS Service

You can also apply for an SBI Credit Card balance transfer by sending an SMS to the SBI card helpline number. Simply SMS ‘BT’ to 56767. 

4. Call SBI Card Helpline

You can call on the SBI Card helpline at 39-02-02-02 (prefix local STD code) / 1860-180-1290 (from BSNL/MTNL lines) to book your balance transfer

5. Login to Chatbox

SBI provides a virtual chat box on its official website, called ‘Ask ILA’. You can add your query related to applying for an SBI Credit Card balance transfer and follow the guided steps.

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Features and Benefits of SBI Credit Card Balance Transfer

Balance Consolidation

You can consolidate various balances into one by transferring them to your SBI Credit Card. This enhances convenience, as you can easily clear your dues before the due date.

Easy Payment Options

The balance transfer facility extends flexible payment options, including balance transfer on EMIs.

Nominal Interest Rates

You can enjoy nominal interest rates when you opt for the balance transfer facility. You can select from two plans, with the first offering a tenor of 60 days with 0% interest. Simply pay 2% of the balance transfer amount or ₹199 (whichever is higher).  The second plan offers a tenor of 180 days at an interest of 1.7% per month (20.4% per annum). This allows you to clear your dues easily without straining your finances.

Quick Processing Times

Once you book the balance transfer facility, the payment will be made via NEFT to the other bank’s credit card account within 2-3 business days.

Improves Credit Score

By booking the balance transfer option on your SBI Credit Card, you won’t attract late fees or penalty charges on the other bank’s credit card payment. This has a positive impact on your credit score. Read MoreAdditionally, you can improve your credit score by making timely repayments against your outstanding balance through EMIs. Read Less

Interest Rates & Charges

Plan Tenor

Charges

60 days

2% of the balance transfer amount or ₹199 

180 days

1.7% per month (20.4% per annum)

FAQs on SBI Credit Card Balance Transfer

What is an SBI Credit Card balance transfer?

The balance transfer facility from SBI Cards allows credit cardholders from different banks to transfer their outstanding dues to their SBI Card at a lower rate of interest. If you are looking to apply for a credit card online then Bajaj Markets is the best place for you.

How long does an SBI Credit Card balance transfer take to clear?

For SBI Credit Card balance transfers that take place through NEFT, the transfer can clear in 48 hours to 72 hours. For cheque-based balance transfers, it can take 3 days if you live in the metro city and up to 5 days for other locations.

How much money can I transfer at a time using an SBI Credit Card?

The amount that you can transfer to your SBI Credit Card must be a minimum of ₹5,000 and can be up to 75% of your available credit card limit.

 

What is the charge for balance transfer in SBI?

SBI currently offers two plans for balance transfers that offer varying interest rates and charges. Depending on the plan you choose, the SBI Credit Card balance transfer charges can range anywhere between ₹0-199.

 

What is the tenor offered for the SBI credit card balance transfer?

Currently, SBI offers two plans while booking the balance transfer facility. The first plan offers a tenor of 60 days (2 months) with an interest of 0%. Here, you have to pay a processing fee of 2% of the amount or ₹199, whichever is higher. 

 

The second plan offers a tenor of 180 days (6 months) at an interest of 1.7% per month. No processing fee is levied while opting for this tenor.

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