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.

Follow the link to check: SBI Credit Card Application Status

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.

Apply SBI Credit Card

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.

Also Apply for: SBI Credit Card Airport Lounge Access

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 Plan0% Interest Option1.70% Interest Option3-Month EMI Plan6-Month EMI Plan
Interest Rate0% for 60 days1.70% per month for 180 days0.75% per month1.27% per month
Processing Fee2% (min ₹199)NoneNot specifiedNot specified
Interest on New Purchases3.35% per month3.35% per monthNot specifiedNot specified

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SBI Credit Card Balance Transfer FAQs

What does the Balance Transfer facility entail?


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.

What are the benefits of using the SBI Credit Card Balance Transfer?


The primary benefit of the SBI Credit Card Balance Transfer facility lies in the potential to secure lower interest rates.

What is the permissible amount for an SBI Credit Card Balance transfer?


Balance Transfers must be at least ₹5,000. The upper limit is set at 75% of the available credit limit on your SBI Card.

Is it possible to transfer balances between my own SBI cards?


No, balance transfers cannot be conducted between different SBI cards owned by the same individual.

How long does a Balance Transfer take to process?


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.

Is there an interest charge on the Balance Transfer amount?


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

Is it possible to avail Balance Transfer on an EMI basis?


Yes, SBI Card does provide the option of Balance Transfer on an EMI basis.

Will I receive an interest-free period on my Balance Transfer?


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.

Can I request a second Balance Transfer on the same SBI Credit Card?


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.

Which plan is more beneficial: the 0% interest for 60 days plan or the 1.7% interest for 180 days plan?


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.