SBI Credit Card Balance Transfer
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.
Why Opt for SBI Credit Card Balance Transfer?
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.
SBI Credit Card Balance Transfer Fees and Charges
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 |
Key Features of SBI Credit Card Balance Transfer
- Reduced interest rate on transferred balances.
- Chance to consolidate multiple Credit Card balances into your SBI Card.
- Convenient repayment options.
- Transfer process takes three working days for Visa Cards.
- For non-Visa Cards, a cheque is issued within five working days.
Available SBI Credit Card Balance Transfer Plans
SBI offers two plans for balance transfer:
- 0% Interest Plan: This plan offers an interest-free period of 60 days, with a processing fee of 2%, subject to a minimum of ₹199.
- 1.7% Interest Plan: This plan has no processing fee, but balances attract 1.7% per month interest for 180 days, with no interest-free period.
SBI Credit Card Balance Transfer Process
You can complete the transfer through:
- Internet Banking: Log into your SBI internet banking account, select 'Balance Transfer' under 'Benefits', enter required details, and confirm your booking.
- SMS: Text 'BT' to 56767. An SBI relationship manager will contact you for guidance.
- Helpline: Call SBI Card helpline number (STD Code - 39020202 or Toll-free number 1860-180-1290) to seek guidance from the SBI relationship manager.
Alternatively, use ILA, the SBI card Chatbox on the official SBI Card website, and follow the steps to complete the booking.
SBI Credit Card Balance Transfer Important Terms and Conditions
- All Indian citizens holding SBI cards are eligible, except delinquent cardholders.
- Minimum transfer amount is ₹5,000, and the maximum is 75% of the available SBI Card limit.
- No 50-day interest-free period for retail purchases for cardholders who avail a balance transfer. The applicable interest rate for fresh purchases is 3.35% per month.
- Balance Transfer on EMI Plans is also available. A 3-month plan with an interest rate of 0.75% per month on reducing balances, and a 6-month plan with an interest rate of 1.27% per month on reducing balances.
SBI Credit Card Balance Transfer FAQs
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.
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.