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SBI credit card balance transfer simplifies debt management by offering flexible repayment options, lower interest rates, and quick processing which helps customers consolidate their debt and improve their credit score.
SBI Card provides a convenient balance transfer option, 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.
Here are key features of the SBI credit card balance transfer facility that simplify debt management and offer financial flexibility:
0% Interest for 60 Days
Enjoy an interest-free period on transferred balances for the first 60 days, allowing you to manage your repayments without additional financial burden during this period.
Low Processing Fee
An affordable processing fee of 2% or ₹199, whichever is higher, is applicable on the transfer amount, ensuring this facility remains cost-effective.
Low Interest Rates
After the 60-day interest-free period, enjoy a low interest rate of 1.7% per month (20.4% p.a.) for up to 180 days, helping you repay your outstanding balance easily.
Consolidate Multiple Balances
You can transfer balances from multiple credit cards to your SBI credit card, simplifying debt management by combining everything into one easy-to-manage account.
Easy Payment Options
Choose flexible payment options that allow you to repay the transferred balance over time, reducing the stress of immediate repayment.
Fast Processing
SBI processes balance transfers quickly via NEFT, ensuring that the payment is made directly to your other credit card account within 2-3 working days.
Here is the interest rate and the processing charges for the SBI credit card balance transfer facility:
Particulars |
Details |
|---|---|
For initial 60 days (Interest-free period) |
Processing fee: 2% of the balance transfer amount or ₹199 whichever is higher Interest rate: 0% |
For 180 days |
Processing fee: 0 Interest rate: 1.7% per month or 20.4% per annum |
Here are the eligibility terms to opt for SBI credit card balance transfer:
You must be an Indian resident
You must be the primary holder of an active SBI credit card
You should have an outstanding balance on credit cards issued by other banks (other than SBI Card)
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:
Log in to the SBI Card netbanking portal using your credentials
Click on ‘Benefits’ in the navigation tray on the left-hand side and select the ‘Balance Transfer’ option
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:
Log in to your account on the SBI Card app
Select the ‘Balance Transfer’ option listed under the ‘Benefits’ section
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.
This facility allows you to consolidate multiple outstanding debts on different credit cards into a single one.
This makes it easier for you to manage your debt, track, and settle your dues before the due date.
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It offers flexible payment terms, which allows you to convert your transferred amount into affordable EMIs.
This provides added convenience in managing payments over time without additional financial strain.
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This makes it easier to clear outstanding balances without accumulating heavy interest.
You pay 0% interest for the initial 60 days or 1.7% interest per month (20.4% per annum) for 180 days.
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By consolidating your debt and making repayments on time, you will avoid late fees and penalties from other issuers.
Consistently paying off dues with the help of this facility helps you maintain a healthy credit history and improves your credit score.
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account via NEFT within 2-3 business days, ensuring a seamless and swift process.
Once your balance transfer has been approved, the funds will be directly transferred to your other bank's credit card
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Managing payments for multiple credit cards can be overwhelming, especially when all of them have different due dates and interest rates.
Consolidating all your credit card debt into one account reduces the risk of missed payments and simplifies budgeting.
Read MoreReference 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.
The SBI credit card balance transfer facility allows customers to transfer outstanding balances from other banks' credit cards to their SBI Card at a lower interest rate. If you are looking to apply for an SBI credit card, head over to Bajaj Markets.
Once approved, the issuer will transfer funds to your other credit card issuer through NEFT within 48 to 72 hours. If your balance transfer is cheque-based, it may take up to 3 days if you reside in a metro city and up to 5 days for other locations.
The minimum amount you can transfer to your SBI credit card is ₹5,000, and it can be up to 75% of your credit card's available limit.
SBI offers two plans for the credit card balance transfer facility. The first plan has a tenor of 60 days (2 months) at an interest rate of 0%, with a processing fee of 2% of the transfer amount or ₹199, whichever is higher. The second plan has a tenor of 180 days (6 months) at an interest rate of 1.7% per month (20.4% p.a.), and this plan has zero processing fees.
