While credit cards are a useful method of payment in daily life, they are also accompanied by the responsibility of paying bills and accrue interest amounts. However, as a savvy cardholder, there are many convenient methods that you can follow to reduce the overall interest accrued on your credit card.
A balance transfer is essentially a process by which your outstanding credit card balance can be transferred from one card to another, typically a new one offered by a different bank. This is done so to avoid higher interest rates on your previous card. That is why balance transfer in SBI Bank credit cards are a popular option since they offer cardholders preferable, competitive interest rates as well as various other beneficial features.
The most essential reason that encourages cardholders to opt for SBI Credit Card balance transfer is the range of attractive interest rates offered by the bank. There are two main plans offered for a balance transfer to SBI Bank Credit Card, and they both offer different tenures, interest rates, and processing fees:
This plan offers a balance transfer to SBI Bank credit card at a rate of 0% per month for a period of 60 days. This makes for an attractive deal for anyone looking to substantially reduce their credit debt over a short period of time.
This plan is accompanied by a processing fee of 2%, or Rs. 199. The cardholder has to pay whichever amount is higher.
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.
Here is a structured breakdown of the two plans offered for balance transfer in SBI Bank credit cards:
Tenure |
Interest Rate |
Processing Fees |
60 days |
0% per month |
2% or Rs 199, whichever is higher |
6 months |
1.7% per month |
Nil |
These aforementioned plans for a balance transfer to SBI credit cards can help cardholders save a considerable amount of money by paying little to no interest for a fixed period of time. However, before availing these balance transfer plans, it is important to ensure that the cardholder fulfills these eligibility criteria laid down by the financial institution:
Here are the three ways in which you can apply for balance transfer in SBI credit cards :
With the convenience of the internet, this is one of the simplest methods to apply for an SBI credit card balance transfer. This can be done easily by logging in to the Net Banking portal available for SBI Cards. 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.
Another convenient way of making the most of technology is to download the SBI Card 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.
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.
Availing balance transfer in SBI bank credit card is a prudent option to consolidate your debt since the plans and payment options provided by the bank 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:
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 Finserv MARKETS is the best place for you!
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.
The amount that you can transfer in your SBI Credit Card must be a minimum of Rs 5000 and can be up to 75% of your available credit limit.