SBI Credit Card Balance Transfer

✓ Fast Processing ✓ Great Discounts & Offers ✓ Easy EMI Facility | Apply for Credit Card from SBI now!

About SBI Card Balance Transfer Process

With the SBI credit card balance transfer facility, you can easily transfer the outstanding balance of any other bank’s credit 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 incurring any debt or damaging your credit score.

Key Highlights of SBI Credit Card Balance Transfer

  • Low-interest rate on balance transfer: 0%-1.7%

  • Funds transferred to cardholder’s account within 2-3 working days of processing request

  • Option to convert balance transfer into easy EMI available

  • Charges as low as Nil-₹199 offered on plans

  • Balance transfer can be booked for minimum ₹5,000 to a maximum of 75% of your available credit limit.

SBI Credit Card Balance Transfer Interest Rate & Charges

There are two main plans offered for a balance transfer to SBI Credit Card, and they both offer different tenures, interest rates, and processing fees. Below are details about SBI Balance Transfer Interest Rates and the associated SBI credit card balance transfer charges for the respective plans:

Plan’s Tenure

SBI CC Balance Transfer Interest Rate

SBI credit card balance transfer Charges

Plan 1: 60 days

0% per month

2% or ₹199 (whichever is higher)

Pan 2: 180 days

1.7% per month

Nil

1. Plan 1: 0% interest for 2 months

This plan offers a balance transfer to an SBI credit card at a rate of 0% per month for a period of 60 days. This makes for an attractive deal for anyone who is looking to substantially reduce their credit debt over a short period of time.

This plan is accompanied by a processing fee of 2%, or ₹199. The cardholder has to pay whichever amount is higher.

2. Plan 2: 1.7% interest for 6 months

This plan for an SBI Credit Card balance transfer accrues interest of 1.7% per month over a period of 6 months. The interest is higher and tenure is longer than the aforementioned plan and it offers an advantage of charging absolutely no processing fees.

SBI Credit Card Balance Transfer on EMI: Interest Rate & Charges

You can also transfer the outstanding balance of your other bank’s credit card to your SBI card and payback with easy EMI. The interest rate for EMI and the charges associated with it are detailed below:

Plan Tenure

Interest Rate

Charges

Plan 1: 3 months

0.75% per month

1.5% or ₹199 (whichever is higher)

Plan 2: 6 months

1.27% per month

1.5% or ₹199 (whichever is higher)

Below listed is a gist of services charges you need to consider while opting for SBI Balance transfer options:

SBI Credit Card Balance Transfer - Service Charges

As a financial institution, SBI provides two plans for credit card holders from different banks of India to avail balance transfer to SBI credit cards. While one of the plans offers 0% interest for 60 days, it levies a processing fee of 2% or ₹199, whichever is higher. The other plan charges no processing fee and offers 1.7% interest over 6 months.

Plan Tenure

Charges

Plan 1: 60 days

2% or ₹199 (whichever is higher)

Pan 2: 180 days

Nil

If you wish to avail Balance Transfer on EMI, the following charges are applicable

Plan Tenure

Charges

Plan 1: 3 months

1.5% or ₹199 (whichever is higher)

Plan 2: 6 months

1.5% or ₹199 (whichever is higher)

Features and Benefits of SBI Credit Card Balance Transfer

Opting for an SBI Credit Credit Card Balance Transfer offers the following advantages:

  • Fast Processing Time: Once the balance transfer amount is successfully booked via NEFT, it would be directly transferred to the customer's other bank credit card within 48-72 hours (excluding Bank Holidays) of the request.

  • Lessens financial burden: With the SBI credit card balance transfer facility, you can consolidate the entire outstanding balance that is due on any other bank’s credit card at a much lower rate. This significantly lessens the financial burden to clear off any dues

  • Low to 0% Interest Rate: SBI Card Balance Transfer offers competitive interest rates that range between 0%-1.7% per month. These low-interest rates make the clearing of dues easier

  • Flexible payment options: SBI Credit Card Balance transfer offers flexible payment options, including EMIs.

  • Improves credit score: By doing a balance transfer on your SBI credit card, you can avoid the incurrence of any debt or penalty on the other bank’s credit card payment. This helps protect your credit score. Moreover, timely repayment of your outstanding payment via EMI or other payment modes could help improve your credit score

SBI Credit Card Balance Transfer Eligibility & Documents Required

If you are an existing SBI credit card holder, you do not need to submit additional documents to avail the facility. However, if you are applying for the SBI credit card for the first time, you will need to fulfil the SBI credit card eligibility and documents criteria as specified for the said SBI card variant.

Below is a list of general SBI credit card eligibility criteria that you must meet:

  • The cardholder must have a good credit history and credit score of 700 or above.

  • The credit card holder must be an Indian citizen.

  • The cardholder must be in the age range of 18 to 60 years.

  • In terms of occupation, both salaried, as well as self-employed individuals, are eligible to apply for an SBI Credit Card balance transfer.

General Documents Required for SBI Credit Card Balance Transfer:

  • Income Proof: ITR of last 2 years, salary slips of last 3 months, bank statements, etc.

  • Identity Proof: Aadhaar Card, PAN Card, Passport

  • Address Proof: Driving Licence, Passport, Electricity/Telephone bill, etc.

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 online. Once you have installed the app, here are the required steps:

- 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. If you wish to opt for the EMI facility, you can type “BTEMI” and send it 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 as ‘Ask ILA’. You can add your query related to applying for an SBI credit card balance transfer and follow the guided steps.

Important Points About SBI Credit Card Balance Transfer

Availing balance transfer in SBI credit card is a prudent option to consolidate your debt since the plans and payment options provided by SBI are varied, convenient, and flexible. However, there are certain essential points about SBI credit card balance transfer that must be kept in mind to ensure a seamless experience: 

  • It is important to note that SBI Credit card balance transfers can be booked for a minimum amount of ₹5000 to a maximum of 75% of the available credit limit.

SBI Credit Card Balance Transfer - Cancellation and Foreclosure

  • If at any point the credit card holder wants to cancel the SBI Credit Card Balance transfer, they can do so by calling one of the following numbers:
    - 1860 180 1290
    - 39 02 02 02 (prefix local STD code)

  • If the balance transfer booking is cancelled within 45 days, all the balance transfer amount, fees, and interest charges paid by the cardholder will be reversed.

  • If the balance transfer booking is cancelled after 45 days, the fees and charges will not be reversed.

  • In the event that the cardholder decides to foreclose the balance transfer facility before the end of tenure, they must pay a foreclosure fee amounting to 3% of the outstanding principal amount.

FAQs about SBI Credit Card Balance Transfer

  • ✔️What is a balance transfer in SBI credit card?

    The Balance Transfer in SBI Credit Cards is a facility that allows cardholders from different banks to transfer their outstanding credit balances from their credit cards to their SBI Card at a lower rate of interest. If you are looking to apply for credit card 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 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 in your SBI Credit Card must be a minimum of ₹5000 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 different 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 Nil-₹199.