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SBI Credit Card Balance Transfer- Features, Benefits and Application Process

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SBI credit card balance transfer allows you to transfer outstanding amounts from other banks' credit cards to your SBI card account. The SBI card will charge a low interest rate on the transferred balance or, for a limited time, a 0% interest rate. This is beneficial for customers who are having difficulty repaying their outstanding balance and are facing high punitive charges and interest. You can easily transfer the balance on your other bank's credit card to the SBI credit card. All SBI credit cardholders have access to this one-of-a-kind feature. You can easily repay the outstanding credit with the Balance transfer facility at a lower interest rate. The repayment options are extremely versatile and convenient.

 

What is Balance transfer?

What is Balance transfer?

The Balance Transfer (BT) feature on the SBI Card allows cardholders to transfer outstanding credit balances from any other credit card issued by a different bank to their SBI Card at lower interest rates.

Features
 

Features

  • The SBI Credit Card Balance Transfer facility allows you to consolidate all of your credit card outstanding amounts, making repayment easier.
  • Payment options are extremely flexible and convenient.
  • Because the interest rates are low, you can save more money while repaying your credit card balance.
  • The transfer of the outstanding amount from the other bank's VISA credit card account to the SBI credit card account takes only three working days.
  • If your other bank credit card is not a VISA card, you will receive a cheque within 5 working days.
  • The minimum balance transfer amount is Rs. 5,000, and the maximum amount that can be transferred is 75% of the available credit limit on the SBI credit card.
  • Finance charges on subsequent purchases made with the card will be 3.35% per month.
  • If a customer wishes to cancel the Balance Transfer process, they must do so within 45 days of booking it. The customer will be reimbursed for any fees or charges incurred during the Balance Transfer process. The charges will not be reversed if the customer has received the cheque and it has been cleared and credited to the cardholder's account.
  • Balance transfers processed through VISA Money Transfer cannot be reversed once the request has been processed.
  • This option is only available to the primary cardholder and is not available to additional or supplementary cardholders.
  • The Balance Transfer Cheque issued to the customer is payable at any State Bank of India branch located throughout India.
  • Only Visa Credit Card holders will be able to use the Visa Money Transfer service.
Benefits of Credit Card Balance Transfer

Benefits of Credit Card Balance Transfer

  • Quick and Timely: If the customer meets the eligibility criteria for a balance transfer, State Bank of India will allow the customer to transfer the balance from one credit card of a different bank to a State Bank of India credit card within a short period of time, thus helping to pay off the current credit card debt in a timely manner.
  • Multiple Transfer: Transferring all existing credit card debts to the new card makes more sense, and most banks provide this service. The borrower can now pay off all of his debts in one place.
  • Incentives: A credit card balance transfer may also include benefits such as an interest-free period and lower interest rates, which will provide relief to the borrower.
How to Apply for SBI Credit Card Balance Transfer Step-by-Step Guide?

How to Apply for SBI Credit Card Balance Transfer Step-by-Step Guide?

Through Netbanking

Login in to your SBI Card online account using login credentials.

On the left, click the Benefits link, and then select Balance Transfer.

Enter and confirm the necessary information.

Through SBI Card Mobile App

Download and Install the SBI Card mobile app from Google Play or the Apple App Store.

Sign in to the app.

In the main menu, select Benefits and then Balance Transfer.

Provide the necessary information and confirm

Through SMS

You can also apply for an SBI credit card balance transfer by texting BT to 56767.

FAQS

FAQS

What are the eligibility requirements for transferring the balance on a State Bank of India credit card?

You must have a good track record of repaying IDBI credit card balances, as well as usage and transaction patterns.

What is the smallest and largest amount for which I can apply for a Balance Transfer?

You may apply for a minimum statement balance of Rs. 5,000. The maximum balance transfer amount available is 75% of the SBI credit card's credit limit.

How long will it take to transfer the balance on my credit card from one bank to my State Bank of India credit card?

If you meet their eligibility criteria, your request will be processed immediately and completed in a minimum of three days.

Is it possible to use the SBI Balance Transfer facility to pay off the balance on another SBI Credit Card?

No, you may only transfer outstanding amounts from credit cards issued by other banks to SBI credit cards.

Read more about: sbi credit card
Story first published: Thursday, December 29, 2022, 11:33 [IST]
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