SBI Credit Card Balance Transfer - Process and Charges

State Bank of India (SBI), the premier lending institution in the country, offers an array of Credit Card products to its customers. Apart from introducing new Credit Card products, SBI provides excellent facilities like Balance Transfer on Credit Card on attractive terms and conditions.

Why SBI Credit Card Balance Transfer?

A Credit Card is a wonderful financial instrument, as it allows the user to avail the benefits of a maximum of 50 days interest-free period. However, the rates of interest are as high as 42% per annum if the user carries forward the balances to the subsequent billing cycle. SBI Credit Card Balance Transfer enables you to transfer such Credit Card balances at a lower rate of interest.

SBI Credit Card Balance Transfer - Features

  • Enjoy the benefits of a lower rate of interest when you transfer your other Credit Card balances to SBI Card.
  • You save money and get the opportunity to repay using convenient payment options
  • Facility to consolidate your multiple Credit Card balances into one by transferring them to SBI Credit Card.
  • If you have a Visa Card, then transfer to your SBI Card takes three working days
  • Allow a maximum of five working days to receive the cheque from SBI if you own Credit Cards other than Visa.

SBI Credit Card Balance Transfer - Plans Available

SBI Card offers two plans for transferring your Credit Card balances:

0% interest plan

  • The 0% interest plan enables you to enjoy an interest-free period of 60 days
  • Processing fee of 2% is applicable subject to a minimum of 199

1.7% interest plan

  • The 1.7% interest plan does not entail payment of any processing fee
  • However, there is no interest-free period. The balances attract 1.7% per month for 180 days.

SBI Credit Card Balance Transfer Process

You can complete the SBI Credit Card Balance Transfer process in three ways:

Internet Banking

  • Log in to your SBI internet banking account
  • Click on the 'Benefits' option on the left-hand side navigation
  • Select the option 'Balance Transfer'
  • Enter the details asked for
  • Confirm and complete the booking of the Balance Transfer

SMS

  • SMS BT to 56767
  • Get a call from the State Bank of India relationship manager who will guide you through the Balance Transfer process.

Helpline Number

  • Call the SBI Card helpline number at STD Code - 39020202 or Toll-free number 1860-180-1290
  • Ask to speak to the SBI relationship manager to seek guidance on the SBI Credit Card Balance Transfer procedure.

Alternatively, visit the official website of SBI card and chat with ILA, the SBI card Chatbox. Follow the steps and complete the BT booking.

SBI Credit Card Balance Transfer - Important Terms and Conditions

  • The low-interest-rate offer is open to all Indian citizens holding SBI cards except those who display delinquent behaviour and are ineligible to hold Credit Cards.
  • The minimum balance transfer amount is 5,000, and the maximum permissible amount is 75% of the available Credit Card limit assigned to the SBI Card.
  • The interest-free 50 day period is not available for retail purchases for cardholders who avail a balance transfer. The applicable rate of interest for the fresh purchases made on the card is 3.35% per month.
  • Balance Transfer on EMI Plans is also available. There are two plans:
    • 3-month plan where the applicable rate of interest is 0.75% per month on the reducing balances.
    • 6-month plan with ROI of 1.27% per month on reducing balances

SBI Credit Card Balance Transfer Charges

Balance Transfer Plan

0% interest option

  • No interest for 60 days
  • Processing fees: 2% with a minimum of 199
  • New purchases: 3.35% per month

1.70% interest option

  • Processing fees: Nil
  • Interest for 180 days: 1.70% per month
  • New purchases: 3.35% per month
Balance Transfer on EMI Plan

3-month plan

Rate of interest: 0.75% per month

6-month plan

Rate of interest: 1.27% per month

SBI Credit Card Balance Transfer - Frequently Asked Questions

What is the Balance Transfer facility?

SBI Credit Card Balance Transfer Facility allows SBI and other Credit Cardholders to transfer their Credit Card balances to SBI Card.

What is the advantage of SBI Credit Card Balance Transfer?

The most significant advantage of SBI Credit Card Balance Transfer facility is the opportunity to avail lower rates of interest.

What is the amount of SBI Credit Card Balance transfer permissible?

The minimum amount permissible for Balance Transfer is 5,000. The maximum will be 75% of the available credit limit on your SBI Card.

Can I avail balance transfer facility from one SBI card to another?

No, it is not possible to avail Balance Transfer for any other SBI card that you own.

How much time does it take for a Balance Transfer?

If you have a Visa Card, the Balance Transfer will take a maximum of three days after the approval. If you have a card other than a Visa Card, SBI will issue a cheque within five days after approval of the limit.

Is interest payable on the BT amount?

It depends on the plan you choose. If you opt for the 0% interest for 60 days program, there is no interest payable on the Balance Transfer for 60 days. The other plans have their respective rates of interest.

Can you avail Balance Transfer on EMI basis?

Yes, SBI Card provides this facility of Balance Transfer on EMI basis.

Will I get the interest-free benefit on my Balance Transfer?

No, you will not get the interest-free period of 50 days on any new purchases made using the SBI Balance Transfer Card. However, you can benefit from the same after clearing the amount of Balance Transfer in due course.

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

You can avail a subsequent Balance Transfer on your SBI Credit Card subject to the availability of the limit. In any case, the maximum Balance Transfer amount is restricted to 75% of the Credit Card limit.

Which is the better option, the 0% interest for 60 days plan or the 1.7% interest for 180 days plan?

It depends on the amount you wish to transfer. If the amount is small and manageable within 60 days, the former plan is better. Otherwise, it is a better option to go for the latter program because you get the interest rate protection for 180 days.  

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