The mechanism for consolidating remaining balance on other banks' credit cards into your SBI card account is known as SBI credit card balance transfer. The SBI card will charge the relocated balance at a low interest rate or can also charge a zero per cent interest rate for a short period. For individuals who fail to pay their remaining balance and experience high penalties and interest, this service is beneficial in general.
Key takeaways of SBI Credit Card balance transfer
- Within 5 working days individuals can receive the payment
- SBI EMI Balance Transfer at 0.75% p.m for 3 months / 1.27% p.m for a total of 6 months respectively.
- Zero processing charge for some plans
- Various options of repayment to pick from
- Also, available in the 0% Interest Balance Transfer alternative
- Interest free period is also available on purchases post balance transfer
Key benefits of SBI Credit Card balance transfer service
- Compared to credit card interest rates that can climb as high as 3.5 percent a month, balance transfers incur a smaller rate of interest. In this way, the use of balance transfer will substantially decrease the overall interest load.
- You can restore your credit score and also strengthen it if you render regular payments of your balance transfer EMIs. That's also necessary because, in the context of a low interest rate and interest-free period, you will get ease. Consolidating remaining balance from several credit card accounts into one will also facilitate and simplify regular payment.
- And after they have used the credit card balance transfer, customers continue to receive interest-free period for new transactions based on the applied terms and conditions.
- From time to time, SBI Card also provides certain promotional rates or special deals. These advantages can include periods that are free of interest, lower interest rates, etc.
Documents and eligibility required to apply for SBI Credit Card balance transfer facility
- For balance transfer service, customers who are existing SBI Credit Cardholders can conveniently apply.
- However, the eligibility requirements set for a certain credit card variant must be satisfied by customers requesting a new SBI credit card to allow use of the balance transfer facility. You can find the SBI credit card eligibility specifics here.
SBI Credit Card Balance Transfer Charges And Interest Rates
The interest rate and processing fees based on different transfer plans for the SBI credit card balance are as follows:
Remember that the cardholder will have to pay a pre-closure charge of 3% of the outstanding balance if he or she exits from the service before the end of tenure.
|ROI per month||Processing fees||Tenure|
|0%||2% / Rs.199||60 days|
|1.70%||Rs. 0||180 Days|
|0.75%||1.5% / Rs.199||3 Months|
|1.27%||1.5% / Rs.199||6 Months|
Procedure to apply for SBI Credit Card balance transfer service
In order to apply for SBI Credit Card balance transfer facility you can follow the below listed ways:
Via SBI Net Banking
Follow the steps listed below to apply for an SBI credit card balance transfer through net banking:
- Visit SBI Net Banking portal and sign in to your account using the required credentials i.e. Username and Password.
- Now under the left-hand side click on the 'Benefits' link and then click on the 'Balance Transfer' option.
- Now enter the required specifics, verify the same and confirm.
Via SBI Card Mobile App
Follow the steps below to apply for an SBI credit card balance transfer through the SBI Card Mobile App:
- Open the SBI Card Mobile App in your mobile phone and sign in to your mobile banking account.
- Tap on 'Benefits' and select the 'Balance Transfer' option.
- Enter the required specifics, verify the same and confirm.
You can also send an SMS in order to apply for an SBI credit card balance transfer facility. Type BT and send it to 56767.
Via Customer Care service
You can also call on SBI Credit Card Customer Care numbers 39 02 02 02/1860 180 1290 in order to apply for SBI Credit Card balance transfer facility.