Top 10 Balance Transfer Credit Cards and Their Benefits

Struggling with mounting credit card balances on multiple cards? Tired of rolling over credit card dues month on month? Well, you need not stress out and accumulate interest on your credit card(s) balance. Instead, look out for ways to reduce your debt burden. 

Almost all the leading credit card issuers provide a Credit Card Balance Transfer (CCBT) facility. A Balance Transfer Credit Card is a new credit card that allows you to transfer the balance of a previous card at a lower interest rate, thereby reducing your overall debt burden. Most lenders use these products as a marketing strategy and also offer better rewards to new customers who choose CCBT.

Following are the top 10 balance transfer credit cards available in India at present:

Why opt for a Credit Card Balance Transfer?

Some of the standard benefits of balance transfer credit cards are:

Lower Rate of Interest

Balance Transfer Cards enable you to transfer your balance from a card levying a higher rate to a new one with a comparatively lower rate, thereby aiding you in dealing with your debt efficiently.

Enhanced Convenience

Balance Transfer offers one of the easiest ways to help you reduce your debt, that too in an almost hassle-free manner. All you need to do is find a credit card provider which readily offers you a credit card on favourable terms.

Transfer Consolidating Multiple Card Balance

If you are in a debt trap due to the use of multiple credit cards simultaneously, that too in a manner where you have accumulated a relatively high balance on all the cards, a balance transfer card can prove to be your answer. You can transfer the balances of all your cards to the new one, and enjoy the perks of lower interest rates and lesser penalties, all in one go.

Buffer Time

Transferring your balance to the new card can and will help you in enjoying some extra buffer time to deal with the late fee penalties and other charges levied by your existing credit card provider. This can significantly help you in reducing your financial as well as mental burden.

Top 10 Balance Transfer Credit Cards in India

If you are looking forward to reaping one or more benefits of Balance Transfer Credit Cards, you must take a close look at the list of top 10 Balance Transfer Credit Cards in India!

1. AU Small Finance Bank Balance Transfer Credit Card

AU BanK balance transfer credit card is designed to help you consolidate your high-interest credit card debt into a single card, offering a low or even 0% introductory rate of interest. This promotional tenure typically lasts between 6 and 24 months.

• You can enjoy a lower interest rate during the promotional period.
• Paying off your high-interest debt can enhance your credit utilization ratio, which is a vital factor in determining your credit score. 
• You can choose a repayment tenure of either 6 or 24 months.
• It will take around 3 working days to complete the balance transfer process.
• Balance transfers can be processed via VISA Money Transfer.
• The Balance transfer cheque will be issued and is payable at any bank branch.

2. SBI Balance Transfer for Credit Card

The State Bank of India Balance Transfer Cards offer a myriad of benefits, some of which are stated below:

• You can enjoy 0% interest for a total of 60 days. A processing fee of 2% or Rs. 199, whichever is higher, will be charged.
• For 180 days, the interest charged on your balance will remain as low as 1.7% p.m. (20.4% p.a.). Zero processing fee will be charged.
• You can transfer a maximum of 75% of your credit limit to the new card, the minimum being Rs. 5,000.

3. HSBC Bank Balance Transfer Credit Card

If you opt for an HSBC Balance Transfer Credit Card, the following benefits will be available to you, albeit after paying a processing fee equivalent to 1.5% (subject to a minimum of Rs. 200) of your balance transfer value:

• You can transfer other credit card outstanding dues above Rs. 5,000.
• Loan tenure of 3, 6, 9, 12, 18 or 24 months, depending on your financial situation.
• The rate of interest varies between 10.99% to 15.99% p.a.
• Your ability to repay the credit is one of the significant factors for the approval. 

4. HDFC Bank Balance Transfer Credit Card

A Balance Transfer Credit Card from HDFC for existing bank customers offers multiple benefits:

• You can enjoy the service without any documentation, as it is pre-approved.
• You can choose a monthly instalment starting from Rs. 27 to Rs. 10,000 depending on your balance and your current financial situation.
• Easy instalments ranging from 9 to 48 months.
• You can check your balance by getting in touch with the helpline offered by the bank.
• For customers from other banks, the eligibility will be assessed prior to issuing the card.

5. Kotak Mahindra Bank Balance Transfer Credit Card

Yet another trustworthy bank, which can help you deal with your mounting Credit Card Debt, is Kotak Mahindra. It offers the following benefits:

• You can transfer a maximum of 75% of your credit limit to the new card, the minimum being Rs. 2, 500.
• You can make use of the net banking facility to initiate your Transfer Credit Card.
• You must, however, remember that every time you transfer a balance to this card, you will be charged a processing fee of Rs. 349 + GST per Rs 10,000 for the same.

6. Axis Bank Balance Transfer Credit Card

The key benefits of Balance Transfer Card from Axis Bank are:

• You can enjoy a Balance Transfer of as low as Rs. 5,000.
• Interest rate starts from 1% p.m.
• A processing fee of 1.5% (minimum Rs. 250) will be charged.
• You can choose a repayment tenure of either 3 or 6 months.
• In this case, it is crucial for you to note that both, the interest rate, as well as the processing fee, may vary depending on your financial health.

7. Standard Chartered Bank Balance Transfer Credit Card

When it comes to offering some great benefits on a balance transfer facility, Standard Chartered Bank does a brilliant job. Take a look below to know for yourself:

• You can make a monthly payment of as little as 5% of the transferred amount.
• You can enjoy a Balance Transfer of as high as Rs. 5 Lakhs from any bank credit card to your Standard Chartered credit card.
• An astoundingly low monthly interest rate of 0.99% will be charged by the bank for the first 6 months. Once this period is over, your normal credit card interest rate will be applicable.
• Zero documentation is required.
• NEFT disbursement in 3 working days.
• Pay just 5% of the outstanding balance each month.

8. YES Bank Balance Transfer Credit Card

In case you opt for a YES Bank Credit Card for Balance Transfer, you can expect to enjoy some impeccable benefits such as:

• Interest rate ranges from 12% to 15% p.a.
• Flexible repayment tenure.
• A minimum balance transfer of Rs. 2,500 is allowed.
• Up to 5% of the balance transfer amount is levied as a transaction fee.

9. RBL Balance Transfer Credit Card

Apart from some expected features such as instant transfer and multiple tenure options, the RBL Credit Card also offers some other crucial benefits, which are:

• You can opt for a repayment tenure of 3, 6 or even 12 months.
• This product comes with zero documentation. It is a pre-approved facility that allows you to transfer the outstanding balance of another Credit Card to an RBL Credit Card.
• Zero-interest EMI for 3 months.
• Interest rate starts from 11.73% p.a.
• A processing fee of Rs. 499 to 2.99% will be charged.
• You can repay the amount before the tenure ends with a fee of 3% on the outstanding principal + GST. 

10. IDFC FIRST Bank Balance Transfer Credit Card

When it comes to offering benefits on its balance transfer credit card, IDFC leaves no stone unturned and provides the following advantages.

• You can merge all your existing credit card balances into one.
• You can pay off the balance in convenient EMIs at a fairly lower rate of interest.
• You can opt from one of the various alternatives available such as Simple Personal Loan or Smart Personal Loan for enhanced convenience during repayment of the balance.
• The applicant must have an IDFC First Credit Card in their name.
• Flexible tenures of 3, 6, 9, 12 months are offered.
• A processing fee of 1% (minimum Rs. 99) + GST will be applicable.

Points to Remember

• While a Balance Transfer Credit Card can help resolve a vast majority of your problems related to mounting credit card debt, you must take into consideration the following aspects, before making the final call in this regard.
• The interest rate levied by your new card must be lower than your current card, to help you save money and reduce your overall debt.
• The card issuer of your new card and that of your old card must be different.
• The minimum and maximum transfer allowed by the credit card issuer must be in accordance with your needs.

With this handy information, we are sure that you are ready to take a step forward in the direction of living a debt free life!

Also Read: Reduce Your Credit Card Interest Cost with SBI Credit Card Balance Transfer!