Reduce Your Credit Card Interest Cost with SBI Credit Card Balance Transfer!

Updated on: 03 Jan 2024 // 4 min read // Credit Cards
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Credit Cards can usually offer you an inexplicable level of financial freedom, allowing you to make payments as well as purchases, which are beyond your present means, only to be paid for at a later stage. If you pay off your credit within a stipulated time of 45-50 days, you don’t have to pay any interest on the amount. However, if you forget to make these payments on time, or are unable to do so, your balance amount will start accruing interest. Since Credit Card payments attract higher interest than regular loans, your liability can exponentially increase within a span of a few months! You need not worry though. There is a simple and easy way to break this circle of debt, and effortlessly enjoy your financial freedom!

All you need to do is avail the SBI Credit Card Balance Transfer facility. Regardless of the banks that your Credit Cards come from, using this facility, you can always transfer your outstanding dues with SBI, and repay them in easy EMIs (Equated Monthly Instalments).

In fact, if you have built up outstanding dues on more than one Credit Cards, you can consolidate them all using this facility. What makes the balance transfer an exciting avenue is that it is offered at a comparatively low rate of interest and offers numerous introductory benefits! To avail this facility, you will be required to pay a minimal processing fee, in turn of which, not only can you enjoy lower interest rates, but in some cases, can also revel in an extended interest-free period!

Also read: Different Types of SBI Debit Card

To opt for SBI Balance Transfer, you ought to have a minimum overdue of 5,000, or a maximum of 75% of the credit limit as directed by SBI. On booking the transfer, you will either get the amount via Visa Money Transfer or through a cheque which will be delivered to you within three working days!

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How to Avail SBI Balance Transfer?

The process of availing this facility is relatively straightforward. All you need to do is follow one of the following methods:

Book Online

Visit the official website of SBI, and log in to your account. After logging in, click on the ‘Benefits’ menu on the left navigation panel, and select ‘Balance Transfer’. Enter the details as required and click on ‘Confirm’ to avail the service.

Book Via SMS

From your registered mobile number, simply SMS BT to 56767. Once you do so, an executive from SBI will get in touch with you and assist you in kick-starting the balance transfer procedure.

Book Via SBI Card Helpline

This is yet another way to start your balance transfer procedure conveniently. To do so, you will need to give a call at 1860-180-1290. Alternatively, you can call at the local number 39020202, which you need to prefix with your city’s STD code (if dialling by mobile number). Once you speak with the executive, they will assist you through the entire process.

Benefits of SBI Credit Card Balance Transfer

SBI Balance Transfer is an exceptional tool that can help you overcome all your troubles related to credit card debts efficiently! Here are some of the benefits that this facility can help you enjoy:

Reduce Your Financial Burden

As an ordinary man, it can be quite a daunting task to manage multiple Credit Cards, while making all the payments well within time. This may, sometimes, result in increased overdue, thereby having an adverse impact on your credit rating. The SBI Balance Transfer Facility can help you consolidate your credit, and make the process of repayment much more comfortable.

Improve Your Credit Score

It shouldn’t come as a surprise that unmonitored use of credit limit can affect your credit score poorly. Managing multiple outstanding balances may lead you to skip or miss one or more payments, thus further impacting your score. Hence, it is better to get all your balances transferred to one card, thereby managing them efficiently while ensuring a healthy credit score.

Enjoy Additional Benefits

With the SBI Balance Transfer card, you can revel in numerous other benefits including but not limited to low interest rates, convenient management of funds, and an interest-free period.

In a bid to benefit most from this exemplary facility, you can choose from either of the two plans listed below:

1. Interest-free 6 Months Plan

This plan will assure you of 6 interest-free months on your transfer. However, you will be required to pay a processing fee of 2% of the balance amount or 199, whichever is higher.

2. Interest @1.7% for 6 Months

With this plan, all you will need to do is pay a minimal interest of 1.7%. Not only will this help you manage your credit efficiently, but will also eliminate the need for any processing fee.

Points to Remember

Before opting for this facility, there are certain aspects that you must be aware of. These are:

  • Balance Transfer Facility is only available for primary cardholders and does not apply on add-on cards.
  • To avail the facility, you must be the primary holder of the card.
  • If you wish, you can repay the amount before the end of your EMI tenure, albeit this will attract an additional fee of 3%, along with GST.

We hope that you now know all that there is to, about the nuances as well as benefits of availing the SBI Credit Card Balance Transfer Facility!

Also Read: Can a Self-Employed Person Get a Credit Card?

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