SBI Credit Card Balance Transfer

SBI credit card offers balance transfer, allowing you to transfer outstanding balances from other credit cards to your SBI credit card. With the competitive interest rates offered by the company, you can reduce your financial burden and manage your payments more effectively. This facility helps you consolidate debt and pay off dues manageably, reducing the risk of accumulating further debt or damaging your credit score.

SBI's Credit Card Balance Transfer facility offers a flexible and affordable way to manage and consolidate your credit card debt. Here are the key features and benefits:

0% Interest for 60 Days

Enjoy an interest-free period for the first 60 days on the transferred balance, allowing you to manage your repayments without any additional financial burden..

Low Processing Fee

A nominal processing fee of 2% or ₹199 (whichever is higher) applies on the transfer amount, ensuring the facility remains cost-effective.

Low Interest Rates

After the 60-day interest-free period, enjoy a competitive interest rate of 1.7% per month (20.4% p.a.) for up to 180 days, making it easier to repay your balance.

Balance Consolidation

You can transfer balances from multiple credit cards to your SBI credit card, simplifying debt management by consolidating everything into one account.

Flexible Payment Options

Choose from flexible repayment options that allow you to convert the transferred balance into affordable EMIs, reducing the strain of lump-sum payments.

Quick Processing Time

The balance transfer is processed quickly via NEFT, with payments made directly to the other credit card accounts within 2-3 business days.

Reduced Financial Stress

Consolidating multiple credit card debts into one account helps simplify budgeting, reduce missed payments, and reduce the risk of accumulating late fees from various issuers.

Here is the interest rate and the processing charges for the SBI credit card balance transfer facility:

Here are the eligibility terms to opt for SBI credit card balance transfer:

1. You must be an Indian resident

2. You must be the primary holder of an active SBI credit card

3. You should have an outstanding balance on credit cards issued by other banks (other than SBI Card)

4. You must also fulfil additional eligibility criteria set by SBICPSL's internal policies

Note: The maximum limit for balance transfer is capped at 75% of the available credit limit on the applicant's SBI credit card

Documents required to opt for SBI credit card balance transfer:

Generally, no extensive documentation is required for the balance transfer process. However, you may need to provide personal identification documents, such as your Aadhaar card or PAN card, along with your credit card details for verification purposes.

The process of applying for the SBI credit card balance transfer is simple and straightforward. SBI offers three easy methods to apply:

Apply via NetBanking

You can opt for the SBI credit card balance transfer facility by logging into the SBI credit card netbanking portal. Here are the steps you can follow:

1. Log in to the SBI Card netbanking portal using your credentials

2. Click on ‘Benefits’ in the navigation tray on the left-hand side and select the ‘Balance Transfer’ option

3. Enter the required details and confirm your balance transfer instantly

Apply via the Mobile App

You can download the SBI Card’s mobile application on your phone and apply for the balance transfer facility online. Once you have installed the app, here are the steps you can follow:

1. Log in to your account on the SBI Card app

2. Select the ‘Balance Transfer’ option listed under the ‘Benefits’ section

3. Enter the necessary details and confirm the booking

Apply via SMS

You can apply for or book the SBI credit card balance transfer facility by sending the following SMS: ‘BT to 56767’.

Apply via Helpline

You can reach out through the SBI Card helpline numbers, 39-02-02-02 (prefix with your local STD code) or 1860-180-1290, if calling from BSNL or MTNL lines.

Apply via Chatbot

Log in to the SBI Card account through their website and use the Interactive Line Assistant (ILA) chatbot to raise a query about booking a facility. After raising a request, follow the provided steps.

Before opting for an SBI Credit Card Balance Transfer, consider the following important points:

Pre-Closure Rules

Some balance transfer facilities may charge a penalty if you choose to pre-close your transferred balance before the agreed tenure. Be aware of any applicable charges..

Risk of Missing Payments

Missing a payment could lead to higher interest rates, additional fees, or cancellation of the balance transfer offer. Ensure you set up reminders or automated payments to avoid delays.

Credit Score Impact

While consolidating debt can help improve your credit score by managing repayments, failing to meet payment deadlines may negatively affect your credit score.

Fee Awareness

Be mindful of the processing fee and any additional charges, which could affect the overall cost-effectiveness of the balance transfer.

Understanding these factors will help you make a well-informed decision and avoid any unexpected costs or credit setbacks.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.