SBI Bank Credit Card Balance Transfer 

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.

SBI Bank Credit Card Balance Transfer Interest Rate

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:

1. Plan 1: 0% interest for 2 months

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.

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.

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

SBI Bank Credit Card Balance Transfer Eligibility

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:

  • The cardholder must have a good credit history and credit score. CIBIL is the leading credit information company in India and credit card holders are typically advised to maintain a score of 700 and 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 SBI Credit Card balance transfer.
  • The cardholder must submit required documentation such as income proof, identity proof, address proof, and existing card proof.

How to Apply for SBI Credit Card Balance Transfer

Here are the three ways in which you can apply for  balance transfer in SBI credit cards :

1. Booking through Net Banking:

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.

2. Mobile App:

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.

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.

Important Points About SBI Credit Card Balance Transfer

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:

SBI Bank 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 Rs 199, whichever is higher. The other plan charges no processing fee and offers 1.7% interest over 6 months.
  • It is important to note that SBI Credit card balance transfers can be booked for a minimum amount of Rs 5000 to a maximum of 75% of the available credit limit.

SBI Bank 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 canceled 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 canceled 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.

Frequently Asked Questions 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 Finserv 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 Rs 5000 and can be up to 75% of your available credit limit.