Top 10 Balance Transfer Credit Cards and their Benefits

Struggling with mounting credit card balance 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 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 the new customers who choose CCBT.

Why opt for 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 the favourable terms.

Transfer Consolidating Multiple Card Balance

If you are in a debt trap due to the use of multiple credits 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. ICICI Bank Balance Transfer Credit Card

If you are an existing ICICI customer, you can avail the ICICI Bank Balance Transfer facility with even more ease. While you may have to go through certain policy checks, once you get the approval, you will benefit in the following ways:

• You can enjoy the service without any documentation, whatsoever.
• You will be deemed eligible to transfer debt up to 3 Lakh.
• You can choose a repayment tenure of either 3 or 6 months.
• You can benefit from the low balance transfer interest rate.

The facility is available to other bank cards, subject to eligibility criteria.

2. SBI Balance Transfer for Credit Card

The State Bank of IndiaBalance Transfer Cards offer a myriad of benefits, some of which are stated below –

• You can enjoy 0% interest for a total of 60 days.
• For 180 days, the interest charged on your balance will remain as low as 7%.

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% of your balance transfer value-

• A balance transfer EMI facility.

A loan tenure of 3,6,9,12,18 or 24 months, depending on your financial situation.

Your ability to repay the credit is one of the significant factors for the approval. 

4. HDFC BankBalance 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, whatsoever.

You can choose a monthly instalment ranging from Rs. 27 to Rs. 10,000 depending on your balance, as well as your current financial situation.

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 issuing the card.

5. Kotak Mahindra BankBalance 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 for the same.

6. Axis BankBalance Transfer Credit Card

The key benefits that Balance Transfer Card from Axis Bank will help you reap:

• You can enjoy a Balance Transfer of as low as Rs. 5,000.
• 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 BankBalance Transfer Credit Card

When it comes to offering some great benefits on 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 low as 5% of the transferred amount.
• You can enjoy a Balance Transfer of as high as Rs. 5 lakh.

An astoundingly low monthly interest rate of 0.99% will be charged by the bank for the first six months. Once this period is over, the interest rate may vary depending on the chosen card.

8. PNB Balance Transfer Credit Card

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

• A repayment tenure of 6 months
• A fixed EMI of Rs. 172.50 for every Rs. 1,000 of transfer

A minimum Balance Transfer of Rs. 2,000, while the maximum being 90% of your credit limit

That being said, you must be aware of the processing fee of Rs. 199, or 1% of the transfer amount, whichever is higher.

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 enjoy the service without any documentation, whatsoever.
• You can opt for a repayment tenure of 3, 6 or even 12 months.

10. IDFC 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 fairy lower rates 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.

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!

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