State Bank of India (SBI), the country's leading bank, offers an excellent facility - the Credit Card Balance Transfer, along with its array of Credit Card products. This facility allows cardholders to transfer existing high-interest credit card balances to an SBI card at a much lower interest rate.
While a Credit Card offers up to 50 days of interest-free period, it might carry high-interest rates (as high as 42% per annum) for balances carried forward to the next billing cycle. With SBI Credit Card Balance Transfer, you can shift these balances at lower interest rates, saving significantly in the process.
Follow the link to check: SBI Credit Card Application Status
SBI offers two plans for balance transfer:
You can complete the transfer through:
Alternatively, use ILA, the SBI card Chatbox on the official SBI Card website, and follow the steps to complete the booking.
Also Apply for: SBI Credit Card Airport Lounge Access
Below are the SBI Credit Card Balance Transfer fee and charges that are applicable under normal and EMI plans
Balance Transfer Plan | 0% Interest Option | 1.70% Interest Option | 3-Month EMI Plan | 6-Month EMI Plan |
Interest Rate | 0% for 60 days | 1.70% per month for 180 days | 0.75% per month | 1.27% per month |
Processing Fee | 2% (min ₹199) | None | Not specified | Not specified |
Interest on New Purchases | 3.35% per month | 3.35% per month | Not specified | Not specified |
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The SBI Credit Card Balance Transfer Facility offers cardholders from SBI or other banks the opportunity to transfer their existing Credit Card balances to an SBI Card.
The primary benefit of the SBI Credit Card Balance Transfer facility lies in the potential to secure lower interest rates.
Balance Transfers must be at least ₹5,000. The upper limit is set at 75% of the available credit limit on your SBI Card.
No, balance transfers cannot be conducted between different SBI cards owned by the same individual.
For Visa Cardholders, the Balance Transfer process will complete within a maximum of three days post-approval. For non-Visa cards, a cheque will be issued by SBI within five days following approval.
The interest rate depends on the selected plan. The 0% interest for 60 days plan does not incur interest for the initial 60 days. Other plans will have their specified interest rates.
Also Check: SBI Credit Card Interest Rate
Yes, SBI Card does provide the option of Balance Transfer on an EMI basis.
No, the usual 50-day interest-free period does not apply to new purchases made with the SBI Balance Transfer Card. However, this benefit may be restored after the Balance Transfer amount is fully repaid.
Yes, subsequent Balance Transfers can be availed on your SBI Credit Card, depending on the availability of your credit limit. Nevertheless, the maximum Balance Transfer amount cannot exceed 75% of the Credit Card limit.
The choice between these two plans hinges on the amount you wish to transfer. If the amount is small and repayable within 60 days, the former plan is preferable. However, if the amount is significant, the 1.7% interest for 180 days plan may be more beneficial due to the extended interest rate protection.